Debt Limit Allocation Committee for a Mortgage Credit Certificate
allocation, with the most
These programs, restricted to low and moderate-income residents earning up to 100% of area median income (AMI), provide closing costs grants, 3% simple interest down payment loans fully deferred for 30 years, and mortgage credit certificates
for accessing federal LMI tax credits.
Other Home Possible changes announced at the MBA National Secondary Market Conference will cut the minimum borrower contribution for financing three-to-four-unit properties from 5 percent to 3 percent and enable borrowers to use Mortgage Credit Certificates
(MCCs) and Rural Housing Service (RHS) Leveraged Seconds.
Mortgage credit certificates
- To match Fannie and Freddie's policy, FHA direct endorsement (DE) lenders may now consider the tax credit resulting from mortgage credit certificates
as a direct reduction in housing expense.