Fillable INSTRUCTIONS FOR REQUESTING REISSUANCE OF MORTGAGE CREDIT CERTIFICATES

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INSTRUCTIONS FOR REQUESTING REISSUANCE OF MORTGAGE CREDIT CERTIFICATES

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INSTRUCTIONS FOR REQUESTING REISSUANCE OF MORTGAGE CREDIT
CERTIFICATES (MCC)
CRITERIA FOR REISSUANCE OF MORTGAGE CREDIT CERTIFICATE
The MCC may be reissued at the sole discretion of the Iowa Finance Authority if the
Mortgagor refinances; however, the credit may not be taken beyond the term of the original
mortgage. A certificate is considered validly reissued only if all the following conditions are
met:
1) The Mortgage being refinanced has a valid MCC at the time of closing on the financing
for which the reissuance is requested.
2) The Mortgagor continues to occupy the property as a principal residence.
3) IFA receives a complete application for reissuance within 45 days of closing on the
financing for which the reissuance is requested.
4) The MCC must be requested by the lending institution offering the refinance and that
entity is responsible for fulfilling all IRS reporting and recordkeeping obligations.
5) The reissued certificate will be, in effect, a continuation of the existing MCC and there
shall be no increase in the amount of credit, nor an extension of the term beyond the
maturity date of the original mortgage.
INSTRUCTIONS
1) Complete Form MCC10-Reissuance Affidavit and attach the following:
a) The original Mortgage Credit Certificate or original Reissued Mortgage Credit
Certificate
b) A copy of a bona fide Payoff Statement/Certificate from the previous mortgage
lender (loan being refinanced)
c) A copy of the new executed Note and Mortgage
d) Executed copy of Closing Disclosure
e) Copy of executed Application, FNMA Form 1003
2) Email all documentation to:
Iowa Finance Authority
Single Family Division
1963 Bell Avenue, Suite 200
Des Moines, IA 50315
3) Once package is received, IFA will send invoice for $250 processing fee to be paid
electronically following the instructions provided on the invoice.
4) Allow a minimum of 30 days processing time. Incomplete packages may take additional
time.
March 2019
Form MCC 10 Page 1 of 3
March 2019
MORTGAGE CREDIT CERTIFICATE
PROGRAM REISSUANCE AFFIDAVIT
I, t
he undersigned, acknowledge and understand that this Affidavit will be relied upon for purposes of
determining my eligibility for a Reissued Mortgage Credit Certificate (MCC). I acknowledge that a
material misstatement negligently made in this Affidavit or in any other statement made by me in
connection with the MCC will constitute a federal violation punishable by a fine of up to $1,000; and a
material misstatement fraudulently made in this Affidavit or in any other statement made by me in
connection with the MCC will constitute a federal violation punishable by a fine of $10,000.00,
revocation of the Certificate, and any other criminal penalty imposed by law.
I have previously been issued a Mortgage Credit Certificate (MCC) or one or more Re-issued MCCs,
the original of the most recent Certificate of which is attached to this Affidavit.
MCC #
________________________________________
Original Purchase Closing Date of Initial Mortgage ________________________________________
Original Certified Indebtedness Amount ________________________________________
Maturity Date of Original Mortgage ________________________________________
Name of Mortgagor(s) ________________________________________
Property Addres
s ________________________________________
________________________________________
I have subs
equently refinanced the mortgage loan for which the above referenced MCC applied.
Date of Closing of Refinancing ________________________________________
Principal Balance Owed on Prior Mortgage ________________________________________
New Mortgage Amount ________________________________________
I certify with respect to my request for a Reissued MCC as follows:
1. The proper
ty for which I am requesting a Reissued MCC is the same property for which I was
previously issued a MCC, and such property continues to be my principal residence.
2. I understand that my existing MCC or RMCC no longer will be in effect for interest payable on
the new mortgage. If I receive a Reissued MCC, it will entirely replace my existing MCC as of
the date of the refinancing.
3. I unders
tand that the Reissued MCC cannot be for a Certified Indebtedness Amount which is
greater than the Certified Indebtedness Amount remaining on my previous mortgage on the
date of the most recent refinancing, after giving effect to principal amortization attributable to
that amount nor greater than the amount attributable to the original mortgage. The balance
owed on my prior mortgage shown above is accurate and may be relied upon by the Authority
to establish the certified indebtedness amount on the Reissued MCC.
Form MCC 10 Page 2 of 3
March 2019
4. I understand that the Certificate credit rate on the Reissued MCC cannot be greater than the
Certificate credit rate on my original MCC.
5. I
understand that I cannot take tax credits in any year which is later than the maturity date of
my original mortgage. I affirm that the maturity date of my original mortgage shown above is
accurate and agree that I will not attempt to take any tax credits under a Reissued MCC after
that date.
6
. I understand that I am not entitled to take tax credits under the Reissued MCC in an amount
that exceeds the amount I could have taken under the Original MCC and original loan had
such original loan remained outstanding.
7
. I understand that if the Certificate Credit Rate on my Reissued MCC exceeds 20%, I cannot
take more than $2000 in tax credits in any one year.
8
. I understand that the calculation to determine my annual tax credit under the Reissued MCC
will be determined by reference to IRS Form 8396 and the applicable instructions thereto,
together with IRS Publication 530, Tax Information for Homeowners.
9
. I understand that my right to take credits will end on the earlier of the maturity date of the
original mortgage, the date the refinanced mortgage is paid off, or the date on which I no
longer live in the property.
Signature of Mortgagor(s):
(Typed Name of Mortgagor) (Typed Name of Mortgagor)
____________________________________________________________________________
_
Email address (Mortgagor)
State of Iowa }
} SS
County of }
Subscribed and sworn to and acknowledged before me this ____ day of _____________,
20___.
____________________________________
__________________________________
Notary Public in and for said State Notary # and Expiration Date
Form MCC 10 Page 3 of 3
March 2019
Lender Certification:
On behalf of the lender, I certify that I have reviewed the above information and certification of the
Mortgagor(s) and have found them to be true and correct. This Affidavit has been submitted as an
application for a Reissued Mortgage Credit Certificate for a property which previously had a Mortgage
Credit Certificate (#_______________).
On behalf of the lender, I understand that MCC reissuances must be reported to the Internal Revenue
Service in accordance with current published guidance.
I have attached the following items to this Reissuance Affidavit:
1. ____The original Mortgage Credit Certificate or original re-issued Mortgage Credit Certificate.
2. ____A copy of a bona fide Payoff Statement/Certificate from the previous mortgage lender
(loan being refinanced)
3. ____A copy of the new executed Note and Mortgage.
4. ____Closing Disclosure, executed copy
5. ____Copy of executed Application, FNMA form 1003.
________________________________ ________________________________________________
Date Typed Name & Address of Lending Institution
________________________________ ________________________________________________
Phone # City, State, Zip Code
________________________________ By:
___
Email address Signature of Authorized Representative
Its: __________________________________________
Title
Form MCC 10 Distribution:
Original to IFA, Copy to Mortgagor, Copy to Lender
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INSTRUCTIONS FOR REQUESTING REISSUANCE OF MORTGAGE CREDIT CERTIFICATES

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Completed 20 July 2020

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