Lender Guidelines: 9.4 Revocations of MCC
Lender Guidelines: 9.4 Revocations of MCC
- Revocation of an MCC will occur when the residence for which the MCC was issued ceases to be the MCC holder’s principal residence.
- Revocation will occur upon discovery by TSAHC or a participating Lender of any material misstatement, whether negligent or intentional, made in connection with the issuance of the MCC.
- Revocation will occur if it is later discovered that the holder did not meet the requirements for an MCC.
- Revocation will occur if the original (first) mortgage loan is refinanced, unless the borrower applies for a re-issued MCC after the refinancing has closed. The tax credit may only be claimed for interest paid to the date of the recording of the refinancing, unless a re-issued MCC has been applied for and issued.
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