HFA of Palm Beach MCC

HFA of Palm Beach – Mortgage Credit Certificate (MCC) Program

 

 

 

 

Lender/Program Portal

NOte-Program details are available in the Administrator’s Guidelines

 

Note-Program details are available in the Administrator’s Guidelines
PROGRAM FUNDS
  • MCC amount:  $25million
  • Targeted Area Set-Aside:  $5 million
ELIGIBLE AREAS
  • Palm Beach
ELIGIBILITY CRITERIA
  • First-time Homebuyers – All Borrower(s) & Spouses (occupant or non-occupant)
  • Must be able to permanently reside in the U.S.
  • Principal residence
  • Borrower(s) must occupy property within 60 days of closing
  • IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES
  • FHA, VA, FNMA, Freddie Mac, USDA-RD (Special Portfolio Loans)
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Lenders will be notified when funds become available.
INCOME LIMIT CRITERIA  

NEW Effective 6/14

  • Household income is considered for All Borrower(s) , spouses and anyone 18 years or older
  • new limits effective 6/14 – see guidelines
    • thru 6/13 – 1-2 person hhld = $78,720
    • thru 6/13 – 3+  person hhld = $91,840
HOME ACQUISITION LIMITS 

NEW Effective 6/14

  • new limits effective 6/14 – see guidelines
    • thru 6/13 – Non-Target  = $329,269
HOME BUYER EDUCATION
  • Required for all borrowers on Warranty Deed
FICO SCORE REQUIREMENT
  • Follows 1st Mortgage Requirements
CO-SIGNERS
  • Follows 1st Mortgage Requirements
LOAN TIME LINE REQUIREMENTS
  • Reservation to UW Certification 30 days
  • Compliance File Must be delivered within 10 days of closing to the Administrator.
  • All file deficiencies must be cleared within the maximum origination period (Reservation to Compliance Approval of 90 Days)
LENDER PARTICIPATION
  • If you are interested in participating in this program click here.
FORMS
  • Program Forms are available on-line and automated. After you login to Lender Portal, click on FORMS
 

MCC Rate

  • 50% Mortgage Credit; Maximum $2000/yr
  • Term: 15 or 30 Year Amortizing

eHousingPlus is the Program Administrator, and provides some of the following services:

Administrator Guidelines (5/11)     Administrator Guidelines 4/27, 6/9

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency on Program Goals.  Issues MCC Certificates and provides lenders with end of year 8329
  • Need help,  Click here

 

 Pre-Closing (Notices to Buyers) Form form 7-15
 Program Sample Forms form 7-15

 

 

The Following Lenders have been approved to originate loans in this Program:

  • American Financial Network
  • Cornerstone Home Lending
  • Gold Star Mortgage
  • Hamilton Group Funding, Inc.
  • HG Mortgage
  • IberiaBank Mortgage
  • K. Hovnanian American Mortgage, LLC.
  • LendSmart Mortgage (Ideal Lending Solutions)
  • Loandepot.com LLC dba Imortgage
  • PRMG
  • Roost Lending
  • The Mortgage Firm, Inc
  • Universal American Mortgage Company  UAMC /Eagle Home Mortgage
  • Van Dyk Mortgage

Interested in becoming a participating lender? Contact us.

Program Updates
  • 5/11 – revised income and acquisition limits – effective 6/14 – please see guidelines
  • 1/1/2016-The 2015 Program with 25million will start in January.  Pending Loans from previous program will be transferred.
  • 1/1 – Income & acquisition limits increased

 

  • 7/22-updated acquisition (purchase) price limits
  • 6/9-Purchase Price limits effective 7/22
  • 4/10 – reminder loan amount limits – must follow Agency (HFA, VA, etc) guidelines
  • 4/7/15-revised income limits
  • 6/27/14-revised Income and Purchase Price limits
  • 1/6-revised target areas
  • 10/23 – Program start date

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. eHP System Training*
    • After you complete the online Lender Program Training, information is provided as to what happens next.
    • Click here to register for system training

 

Should you have any questions on training, please contact jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.