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MANATEE COUNTY
Housing Finance Authority of Manatee County
Key to Homeownership Program
ELIGIBLE AREAS – Manatee county
ELIGIBILITY CRITERIA* –
KEY TO HOMEOWNERSHIP FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWNPAYMENT ASSISTANCE – Up to $15,000 – assistance is a 0% Interest, 30-year deferred, second mortgage due upon refinance, sale, prepayment of first mortgage loan, at the end of 30-years or when the property ceases to be the principal residence of the mortgagor.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
CREDIT SCORE - FICO mid score must be 660 or higher for FHA loans. And 640 for USDA-RD, VA and Freddie Mac HFA Advantage conventional loans. The maximum debt-to-income (DTI) ratio is 45%.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
FHA, USDA-RD, VA Loans:
All household sizes $148,050
Freddie Mac Loans:
All household sizes $78,960
ELIGIBLE PROPERTY – Residential primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrower’s behalf.
$515,804
Mortgage Credit Certificate Program (MCC)
Please speak with your tax advisor or tax preparer to determine your estimated tax liability and the value of the MCC.
FIRST-TIME BUYERS - Don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Housing Finance Authority of Manatee County! The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK? An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 20% of their annual mortgage interest as a tax credit while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with either of the HFA of Hillsborough County first mortgage programs that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
INCOME LIMITS
1-2 person household: $100,181
3 or more person household: $115,208
PRICE LIMITS
All households : $561,333
FEDERAL INCOME TAX LIABILITY In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal Income tax liability. Just because you received a tax refund does not mean you dont have tax liability. To determine your tax liability look at your IRS 1040 line 37. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
WHAT’S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Click here to view the program flyer and list of loan officers
Haga clic aquí para ver el folleto del programa y la lista de oficiales de crédito
Housing Finance Authority of Manatee County
Key to Homeownership Program
ELIGIBLE AREAS – Manatee county
ELIGIBILITY CRITERIA* –
- Buyers and their spouses need NOT be first-time buyers but must be able to permanently reside in the US.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
KEY TO HOMEOWNERSHIP FIRST MORTGAGE - Qualified buyers will receive a 30-year fixed rate first mortgage from a participating lender. Eligible loan products include FHA, VA, RD and Freddie Mac HFA Advantage Conventional.
DOWNPAYMENT ASSISTANCE – Up to $15,000 – assistance is a 0% Interest, 30-year deferred, second mortgage due upon refinance, sale, prepayment of first mortgage loan, at the end of 30-years or when the property ceases to be the principal residence of the mortgagor.
HOMEBUYER EDUCATION – Required for all borrowers and anyone listed on the deed.
Homebuyer Education Certification is acceptable for a period of one year from issuance. Approved education courses include:
1) Face to face from a HUD approved education provider
2) Online education ONLY from: www.eHomeAmerica.org
Lender provided homebuyer education is unacceptable as is over the phone education. If an education course is not listed on the HUD face-to-face web site, it is not acceptable. The only online education providers are listed above.
CREDIT SCORE - FICO mid score must be 660 or higher for FHA loans. And 640 for USDA-RD, VA and Freddie Mac HFA Advantage conventional loans. The maximum debt-to-income (DTI) ratio is 45%.
INCOME LIMIT CRITERIA – Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
FHA, USDA-RD, VA Loans:
All household sizes $148,050
Freddie Mac Loans:
All household sizes $78,960
ELIGIBLE PROPERTY – Residential primary residences only, new or existing, one to four units, detached or attached, condos, townhomes.
MAXIMUM SALES PRICE LIMIT – Must include everything paid by the borrower or on the borrower’s behalf.
$515,804
Mortgage Credit Certificate Program (MCC)
Please speak with your tax advisor or tax preparer to determine your estimated tax liability and the value of the MCC.
FIRST-TIME BUYERS - Don’t buy that house until you determine if you qualify for a Mortgage Credit Certificate (MCC) offered by the Housing Finance Authority of Manatee County! The MCC could save you THOUSANDS of dollars by reducing the amount of federal income tax you owe. The MCC is not down payment assistance but rather a dollar-for-dollar reduction in your federal tax liability.
SO HOW DOES AN MCC WORK? An MCC is used in conjunction with a first mortgage loan provided by a participating lender. The MCC allows a borrower to take 20% of their annual mortgage interest as a tax credit while continuing to use the balance of the interest as a deduction. The MCC program tax credit maybe used as long as the property remains the borrower(s) principal residence. The MCC benefit may be received one of two ways. 1) Annually when a borrower files their federal income tax returns, or 2) A portion may be claimed with each paycheck by filing a revised W-4 form with the employer adjusting federal income tax withholding. Another added bonus - this MCC program may be used with either of the HFA of Hillsborough County first mortgage programs that offer down payment and closing cost assistance. The Mortgage Credit Certificate program will have the strictest eligibility requirements so those must be followed in order to be combined with the program first mortgage.
INCOME LIMITS
1-2 person household: $100,181
3 or more person household: $115,208
PRICE LIMITS
All households : $561,333
FEDERAL INCOME TAX LIABILITY In order for a borrower to benefit from the Mortgage Credit Certificate they must have Federal Income tax liability. Just because you received a tax refund does not mean you dont have tax liability. To determine your tax liability look at your IRS 1040 line 37. The number indicated on that line is your tax liability. A large number means you are a great fit for the MCC program. Even a small number means you will benefit from the MCC. However, zero indicates you would not be a good fit for the MCC because you have no tax liability.
WHAT’S THE NEXT STEP? If you think you qualify for the program based upon the criteria above, contact a participating loan officer to get pre-approved for a mortgage.
Click here to view the program flyer and list of loan officers
Haga clic aquí para ver el folleto del programa y la lista de oficiales de crédito