Idaho Mortgage Credit Certificate (MCC) Program Checklist
A step-by-step checklist for consumers applying for the Idaho Mortgage Credit Certificate (MCC) Program in 2025.
Confirm Your Eligibility
- Ensure your household income is within the program’s limits, which vary based on county and family size.
- Verify that your credit score meets the program’s minimum requirement, typically 640 or higher. Your assigned Loan Officer may provide additional guidance based on your situation.
- Confirm that the property you plan to purchase will serve as your primary residence and falls within the program’s price limits.
- Check if you meet other program criteria, such as being a first-time homebuyer or purchasing in a targeted area.
Prepare Necessary Documentation
- Collect proof of income, such as recent pay stubs, W-2 forms, or other earnings verification documents.
- Gather your tax returns for the past three years, including all schedules and attachments.
- Obtain recent bank statements covering the last two to three months for all financial accounts.
- Prepare property details, such as the address, purchase agreement, and sale price.
- Compile any additional documents requested by your Loan Officer, such as verification of assets, liabilities, or debts.
Work with Your Assigned Loan Officer
- Your assigned Loan Officer will assist you in navigating the Idaho Mortgage Credit Certificate Program application process.
- Schedule a meeting or call with your Loan Officer to confirm eligibility, review program details, and outline the steps required to complete your application.
- Ask any questions about the program benefits, required documentation, or application timelines.
- Follow your Loan Officer’s instructions to gather and submit all required materials promptly and accurately.
Complete Your Application
- Collaborate with your Loan Officer to accurately complete your application for the Mortgage Credit Certificate Program.
- Submit all necessary documents to verify your eligibility for the program.
- Review the application with your Loan Officer to ensure all information is complete and error-free before submission.
- If necessary, attend a homebuyer education course to fulfill program requirements.
Finalize Your Enrollment
- Sign all required documents provided by your Loan Officer to finalize your participation in the program.
- Be prepared to cover any additional costs not included in the program, such as closing fees or prepaid items.
- Receive confirmation of your enrollment and instructions on how to claim the mortgage credit on your tax returns.
Maintain Compliance with Program Terms
- Ensure that the purchased property remains your primary residence to continue benefiting from the Mortgage Credit Certificate.
- Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as these actions could impact your program benefits.
- Retain all relevant documentation and stay updated on program requirements or changes to ensure compliance and maintain your tax credit eligibility.