Beginning in 1993, MCC holders can refinance their mortgage loans without voiding their current Mortgage Credit Certificates by applying for a Reissued MCC (RMCC) from a participating lender. For a list of participating funding lenders click here.  IRS regulations allow existing recipients of MCCs to refinance their original mortgage loans on their principal residence and obtain a new MCC with a tax credit rate the same as their original MCC.

The Santa Clara County RMCC program requires that holders of existing MCCs who wish to refinance use a County-approved RMCC participating lender. Existing MCC holders may with to refinance with an MCC approved broker who can work through a participating funding lender. The purpose of refinancing with a participating lender is to ensure that he lender is fully aware of Santa Clara County's RMCC guidelines and will not accidentally disqualify an MCC holder from future tax credits based on their new loan or other criteria. RMCC approved lenders can answer your questions about how to refinance without jeopardizing your existing MCC. Your loan agent will help you submit all of the required RMCC paperwork and answer any other RMCC questions that you may have about the Program. Lenders must submit the RMCC applications to the County in a timely fashion in order to ensure prompt processing of RMCC applications.

Neither Santa Clara County nor the lender can guarantee that any individual will receive a RMCC.

The RMCC Program is limited to persons who have either previously received an original MCC or who plan to refinance their existing MCC. RMCCs are NOT available to persons who did not previously hold an MCC certificate. A Reissued MCC entirely replaces the existing MCC, and the MCC holder cannot retain the existing MCC with respect to any portion of the outstanding balance of the certified indebtedness amount specified on the existing MCC. RMCC applicants are not required to re-qualify for an RMCC on the basis of household income or the property's appraised value.

• Homebuyer Program Forms

• PROGRAM FORMS
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• Reissued MCCs, Frequently Asked Questions
  Some of the most commonly asked questions of County Program Staff:
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