Every year, you may claim a dollar-for-dollar reduction of income tax liability on 20 percent of the mortgage interest on your first mortgage, reducing the amount of federal taxes owed.
Borrowers must meet income and purchase price limits, as well as complete a CHFA approved first time homebuyer education class. CHFA FirstStep and CHFA FirstStep Plus loans may be subject to the (CHFA reimbursable) IRS Recapture Tax and may not be used in conjunction with the Mortgage Credit Certificate (MCC) program.
The CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payment and/or closing costs for a single family property. The programs offers market interest rates.