FW: Feb 2011 MCC Update and Other Information

This was passed to me by a couple of bank of America lenders I work with.

February 1, 2011 County of Santa Clara

First-Time Home Buyer Program
Updates

Mortgage Credit Certificate's Update:

Applications will be accepted beginning Monday, January 7, 2011

On January 26, 2011, the California Debt Limit Allocation Committee (CDLAC)
awarded Santa Clara County's

Mortgage Credit Certificate Program (MCC) an additional $3,041,670 in MCC
tax credits to be issued to qualified

first-time homebuyer's. The MCC Program is a federal income tax credit
equal up to 15% of the homebuyer's

interest paid on their first loan.

Maximum Income Limits for 2011:

1-2 person household: $103,500

3+ person household: $119,025

Maximum Purchase Price Limits for 2011:

$570,000 for Resale Properties

$630,000 for Newly Constructed Properties

Based on the average MCC loan amount the 2011 Allocation should serve 65-70
households.

SCC40K Downpayment/Closing Cost Program Update:

The County has seven (7) $40,000 Downpayment Assistance loans still
available.

The Downpayment/Closing Cost Program offers qualified first-time buyers a
30- year, deferred loan

at 3% interest for the first 4 years, and 0% interest to year 30.
Properties purchased only in the following jurisdictions qualify:

Qualified Jurisdictions:

Campbell, Los Altos, Los Altos Hills, Los Gatos, Monte Sereno, Morgan Hill,
Saratoga, and the County Unincorporated Areas.

(Properties in the City of San Jose are not eligible for these loans.)


Note: All forms for the first-time homebuyer programs can be downloaded
from

www.sccgov.org/portal/site/oah/

Then click on First-Time Homebuyer Programs

Then click on Applications and Forms

Lender Participation and Renewal Update:

Attached is the current 2011 MCC Participating Lender List. If your Company
is not listed that means

the County has not yet received the 2011 renewal fee along with the
Renewal/Invoice Form.

Attached is a blank Renewal/Invoice form that you may use to send in to the
County.

If your Company has renewed its participation in the 2011 MCC Program than
you may not submit

an MCC application for your client until the County receives the a renewal
fee.

Email or call me if you have any questions. Thank you.

Tracy Cunningham

Management Analyst

Office of Affordable Housing

Department of Planning and Development

County of Santa Clara

Homeownership (MCC/Downpayment) and

Housing Rehab Programs

2310 No. First Street, #100

San Jose, CA 95131

(408) 441-4323 Direct

(408) 441-4332 Fax

<mailto:Tracy.Cunningham@ceo.sccgov.org> Tracy.Cunningham@ceo.sccgov.org

www.sccgov.org/portal/site/oah/

Santa Clara County: www.twitter.com/SCCgov