MCC program update - MCC's are available

Dear Friends of First-time Buyers,

 

MCC Status

The MCC Program currently has 50+ MCCs available.  These should last though the Holidays and most likely into 2014.

 

Please assist your borrowers with information on the MCC Program by familiarizing yourself with the MCC Program and Forms.  Most information can be found on our websites at:

 

OAH Home Page: http://www.sccgov.org/sites/oah/

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Click on FORMS and APPLICATIONS for Program Forms and Applications.

 

Policy on MCC Commitments and Revising Loan Amounts

Do I need a revised MCC Commitment (MCC-007) if the loan amount changes from the amount originally approved by the County.  YES and NO.

 

Policy on:

1.      Reduced Loan Amount:  No change is necessary to the MCC Commitment (MCC-007) if the loan amount is reduced from the original MCC approved loan amount. The MCC does not need to be revised.  Please, do not notify the County every time the loan amount decreases.  

 

 

2.      Increased Loan Amount:  A change IS necessary on the MCC Commitment and the County would need to issue a revised MCC-007.

 

Check This Out:

 

Take a look on the MCC Commitment (MCC-007) under :

 

 

“TERMS and CONDITIONS”

 

2.       An MCC will be issued for up to 15% of the interest on the Certified Indebtedness Amount UP TO $ (mortgage Amount).  

 

The words “UP TO” on the MCC Commitment (MCC-007) allows the loan amount to fluctuate UP TO the original loan amount approved by the MCC Program.

 

For example, if an MCC was issued for $220,000 and a couple weeks later the loan amount is reduced to $210,000, the MCC does not need to be revised because any amount UP TO $220,000 is allowed.  However if the loan amount is increased to $225,000, the MCC would need to revised by the County.

 

MCC POST CLOSING:

How does the County reconcile the final loan amount?

After the loan closes the County receives the HUD-1 Settlement Statement and the MCC-009 Lenders Closing Affidavit listing the final loan amount and updated client information.  The Final MCC will be issued based upon the information listed on the Final HUD-1.

 

 

 

 

 

Thank you,

 

Tracy Cunningham

County of Santa Clara

Sr. Management Analyst

Department of Planning and Development

Office of Affordable Housing

70 West Hedding Street, 7th Floor

San Jose, CA 95110

 

(408) 299-5765  Direct Dial

(408) 299-6709  Fax

Tracy.Cunningham@pln.sccgov.org

 

OAH Home Page: http://www.sccgov.org/sites/oah/

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NOTE:  Click on FORMS and APPLICATIONS for Program Forms and Applications.

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