The Mortgage Credit Certificate is not a mortgage; however, it may be used in conjunction with most fixed rate Federal Housing Administration, Veterans Affaiars', U. S. Department of Agriculture/Rural Housing Services, Fannie Mae or Freddie Mac first mortgage from a participating lender. Borrowers must meet normal mortgage underwriting requirements, which demonstrate credit worthiness, and meet the program's income and home purchase price requirements.
Applicants must be first-time or existing homeowners who have not owned their principal residence for more than three years. This program requirement will be waived for qualified homebuyers who purchased and financed a home on or before December 31, 2010. Additional restrictions will pertain to homes purchased after January 1, 2011.
Household incomes and purchase prices may not exceed the following:
1-2 Family members $95,040
3 + Family members $110,880
New or existing home purchase price may not exceed: $447,154
Ralph Stone, director of the Broward County Housing Finance and Community Development Division and the Housing Finance Authority, estimates that through the program, which is comprised of $12.5 million in Mortgage Credit Certificate capability, lenders will be able to assist approximately 350 to 500 households in Broward County.
"Broward County is pleased to be the first Florida county in recent years to offer this opportunity to its residents. The program provides tremendous benefits to families within our community and we are certain it will be in great demand," said Broward County Mayor Ken Keechl. Affordable housing is a priority goal of the Broward County Commission.