Palm Beach County HFA MCC Program
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the Palm Beach County Housing Finance Authority may make your dream easier to achieve with their ownership program. This program entitles the recipients to take an annual federal income tax credit. A tax credit represents a dollar for dollar reduction of tax liability. Currently the program offers the lesser of 50% of the mortgage interest paid each year as a tax credit or $2,000. The other 50% remains a deduction claimed on Schedule A. The holder of the MCC may use the credit each year the loan is outstanding as long as they continue to live in the home.
This program is available in all of Palm Beach County.
To qualify for the PalmBeach County HFA MCC Program you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer:
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area.
And you must also:
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, one to four unit, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Fees in the program
Lenders are permitted to charge their usual, customary and reasonable fees charged to other buyers of similar fixed-rate products without MCC’s.
At closing, lenders may charge a $375 MCC application fee to buyer or seller (cannot be financed). $100 is retained by the lender. $275 in the form of a corporate check is remitted to eHousingPlus with the Compliance File following closing.
No origination or discount on the HFA Second. Lenders may charge a $75 HFA DPA second mortgage application fee. This fee is retained by the lenders and payable from second mortgage proceeds. Lenders may not charge additional points.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be a party to the mortgage).
 |
1-2 persons |
3 or more persons |
Targeted/Non-Targeted Areas |
$90,480 |
$105,560 |
Purchase Price Limits
Qualified properties in the program have purchase price limits.
|
1 Unit New or Existing |
2 Units Existing Only |
3 Units Existing Only |
4 Units Existing Only |
Non-Targeted Areas |
$381,375 |
$488,205 |
$590,130 |
$733,410 |
Targeted Areas |
$466,125 |
$596,695 |
$721,270 |
$896,390 |
Trained Realtors
( rev. 3-23-12)
Institution |
Name |
Phone Number |
|
Affiliate Services Inc |
Jeffrey Cozzi |
561-212-4833 |
|
American Paradise Properties |
Elaine Stevens |
954-579-6951 |
|
Beachfront Realty Inc |
Moe Yusuf |
954-245-7449 |
|
Century 21 Tenace Realty |
Juan Robles |
561-319-2430 |
|
Consumer Credit Mgmt Svcs |
Kevin Maher |
561-665-9986 |
|
Distinct Estates |
Chuck Nefzger |
561-935-6689 |
|
RE/MAX Advantage Plus |
Irene Zingg |
561-400-7717 |
|
RE/MAX in Motion |
Laura Sanders |
954-650-0827 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program.
(rev. 1-31-12)
Institution |
Name |
Phone Number |
|
Academy Mortgage |
Chad Reidlinger |
954-868-6286 |
|
Academy Mortgage |
Angela Patino |
954-850-4232 |
|
Academy Mortgage |
Erick Cantele |
561-948-3523 |
|
Academy Mortgage |
Manola Kozar |
561-703-5657 |
|
Academy Mortgage |
Rita Kenney |
561-948-4488 |
|
Academy Mortgage |
Shannon Young |
954-369-6171 |
|
Academy Mortgage |
Sharyn Peoples |
954-376-6260 |
|
Gold Star Mortgage |
Brad Ballard |
954-376-6260 |