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AUSTIN HOUSING FINANCE CORPORATION PROCESSING GUIDE FOR THE MCC PROGRAM by guy21

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									                             AUSTIN HOUSING FINANCE CORPORATION
                          PROCESSING GUIDE FOR THE 2006 MCC PROGRAM

1.   Qualify the applicant(s) and the home for the MCC Program. Remember, new homes are no longer
     required to be S.M.A.R.T.® housing certified by the City of Austin. All adults that will occupy the
     property are considered applicants, even if they’re not on the mortgage loan.

     MCC Information Guide - Provide a copy to the borrower and review it.
     MCC Worksheet - Will help determine eligibility and estimate the benefit to the borrower.
     Affidavit of Applicant - This is the borrower's application for the MCC. Complete this document in
     blue ink and notarize this document with the borrower.

2.   Submit completed "Request for MCC Commitment Letter" coversheet to the Administrator, with the
     Affidavit of Applicant and three Worksheets (send originals completed in blue ink & keep copies for
     your records, and copies of tax returns for the last three years; please initial that they are included.
     We can accept either signed copies of the tax returns or the transcript from the IRS. The application
     fee is $50. Include a corporate check or money order made payable to Austin Housing Finance
     Corporation. No personal checks from the borrower, lender, or any other 3rd party will be accepted.

3.   Commitment Letter will be sent to Lender within 5 working days. We will place the original in the mail
     to you, along with a copy for your borrower. Scanned copies will be emailed upon request – please
     indicate this request on the MCC Request for Commitment Coversheet.

4.   After closing (within 15 working days) send the complete Submission Package to Administrator
     including the following (incomplete submissions will result in a $25 resubmission fee):

     MCC Submission Cover Sheet, properly completed
     Income Affidavit, completed in blue ink and signed by the borrower & notarized
     Affidavit of Seller, completed in blue ink and signed by the seller & notarized
     Certificate of Lender, completed in blue ink and signed by the lender
     Closing Affidavit, completed in blue ink and signed by the closing agent or lender’s agent & notarized
     Notice of Potential Recapture Tax, completed in blue ink and signed by borrower
     Copy of the Credit Analysis Worksheet (MCAW) signed & dated by the DE underwriter if FHA (“total
     scorecard” is NOT acceptable as u/w signature); or (B) copy of the 1008 transmittal summary & underwriter final
     underwriting approval signed & dated by the underwriter if conventional
     Copy of the HUD 1 settlement statement stamped & initialed by closing agent as a true & correct copy of the
     original
     Copy of letter or certificate of attendance and completion of the homebuyer education class – City of
     Austin Housing Smarts or Frameworks CDC are the only classes accepted currently
     Check for Issuance Fee: 1% of loan amount plus $175 (payable to Austin Housing Finance Corporation.)
     Late fee of $75, if the submission packet will be received later than 15 business days after closing

5.   Requests for extension must be made if Commitment expires and Certificate has not been issued.
     Complete the Extension Request form and send to us with a check for $75 if prior to closing, $150
     after closing.

6.   The Administrator will review the submission packet and issue the Certificate. The original is sent to
     the borrower and a copy is sent to the Lender.

7.   The Lender should notify the Program Administrator of MCC Commitments to be canceled by
     submitting written notification (use the “Notice of Denial of Eligibility for MCC” form or your own notice)
     and returning the original MCC Commitment Letter.

     All required documents are available on the Austin Housing Finance Corporation website at
     www.cityofaustin.org/ahfc, or from the MCC Administrator, Ryan M. Lozano, by emailing him at
     ryan.lozano@ci.austin.tx.us, or calling 512-974-1045 & specifying the email address for .PDF forms
     to be emailed to.

                   Austin Housing Finance Corporation - 1000 East 11th Street, Suite 200 - Austin, Texas 78702

								
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