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ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
2017 SINGLE FAMILY MORTGAGE CREDIT CERTIFICATION PROGRAM

LENDER SOLICITATION

 

 The Escambia County Housing Finance Authority (the "Issuer") has established a mortgage credit certificate program which provides qualified first-time homebuyers and borrowers of qualified mortgage loans with a federal income tax credit (the "Program").  Under the Program, qualifying homebuyers can receive a mortgage credit certificate entitling homebuyers to reduce their taxes by (10%) to fifty percent (50%) (such percentage to be determined by eHousingPlus, as the Administrator, on a case by case basis) of the amount of interest paid on their home loan (not to exceed $2,000 per year if the credit percentage exceeds 20%).  The tax credit is available each year that the borrower continues to live in the home financed under the Program.

The Issuer is hereby soliciting lenders who are interested in making loans to qualified homebuyers under the Program to participate in the Program.  Any person or entity that is willing to provide financing for the acquisition of a qualified primary residence in Escambia County, Florida (the "County") and within Alachua County, Bay County, Bradford County, Gadsden County, Indian River County, Jackson County, Leon County, Marion County, Martin County, Okaloosa County, Santa Rosa County, St. Lucie County, Wakulla County and Walton County, Florida (each a “Participating County”, and collectively with the County, the “Participating Counties”), completes training provided by the Program Administrator identified below and enters into a Participation Agreement may participate in the Program.  Lenders desiring to participate in the Program should contact the Program Administrator at the address provided below.  A list of participating Lenders may be published or provided by the Program Administrator to qualified homebuyers who request it.  Neither the Issuer nor the Program Administrator will recommend any particular lender to a qualified homebuyer, nor will the Issuer or Program Administrator prohibit a qualified homebuyer from using a lender or his or her choice provided that such lender agrees to comply with the requirements of the Program.  The Program Administrator can be contacted at the following address:


eHousingPlus                  

3588 Lincoln Way                                                               

Cooper City, FL  33026                                                    

Phone: 954-430-6072                                                  

email: patt@ehousing.cc    

 

The general requirements pertaining to qualified homebuyers under the Program are set forth below.  These requirements are subject to change in accordance with federal and state law.

 

1.         Principal Residence.  The homebuyer must occupy the home financed under the Program as his/her principal residence within a reasonable period, not to exceed 60 days, after the financing is provided.  A principal residence is a home occupied primarily for residential purposes.  A principal residence does not include a home used as an investment property, as a recreation home or a home 15 percent or more of the total area of which is used in a trade or business.

2.         First-Time Homebuyer.  Each homebuyer must be a first-time homebuyer.  Any person who has not owned his/her principal residence at any time during the three years prior to closing a loan financed in connection with the Program is considered a first-time homebuyer.  This requirement does not apply to loans in certain areas designated as targeted areas (collectively, the “Targeted Areas”).

3.         Purchase Price.  Under the Program, the purchase price for residences may not exceed 90 percent (110 percent with respect to residences located in Targeted Areas) of the average area purchase price applicable to the residence.  For this purpose, the "average area purchase price" is based upon the average purchase price of single family residences determined pursuant to applicable federal law with respect to both new and existing one unit residences.  The current maximum purchase prices for homes under the Program in each of the Participating Counties is as follows:

 

Martin County and

St. Lucie County

New and

Existing Homes

Non-Targeted Areas

Targeted Areas

 

One Unit

$291,176.10

$355,881.90

       

Okaloosa County and Walton County

New and

Existing Homes

Non-Targeted Areas

Targeted Areas

 

One Unit

$314,470.80

$384,353.20

       

All other Participating Counties

New and

Existing Homes

Non-Targeted Areas

Targeted Areas

 

One Unit

$253,809.00

$310,211.00

 

These limitations are subject to adjustment periodically.

 

4.         New Mortgage.  The mortgage loan financed in connection with the Program is required to be a new mortgage loan and may not replace a prior mortgage loan on the home (whether or not previously repaid).  The mortgage credit certificates are available in connection with any not to exceed 30 year, fixed rate mortgage loan which is (i) a government loan eligible for purchase by GNMA, (ii) a conventional loan eligible for purchase by Fannie Mae or Freddie Mac, or (iii) a special loan offered by lending institutions and approved by the Authority.  Any lending institution is eligible to provide mortgage loans in connection with the Program as long as they are willing to follow Program requirements.  A list of lenders that has agreed to follow Program requirements can be found at www.ehousingplus.com.

5.         Income.  Under the Program, the maximum family income for households of 3 or more persons may not exceed 115 percent (140 percent with respect to residences located in Targeted Areas) of the applicable median family income, subject to adjustment for high housing cost areas.  For a family of 2 or fewer persons, the maximum family income may not exceed 100 percent (120 percent with respect to residences located in Targeted Areas) of the applicable median family income, subject to adjustment for high housing cost areas.  The current limits on annual gross income for households under the Program in each Participating County (after adjustment for high housing cost areas) are as follows: 


Alachua County

Non-Targeted Area

Targeted Area

Families of 1 or 2  persons

$65,200.00

$78,240.00

Families of 3 or more persons

$74,980.00

$91,280.00

 

 

 

Bay County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$59,000.00

$70,800.00

Families of 3 or more persons

$67,850.00

$82,600.00

 

 

 

Bradford County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$59,000.00

$70,800.00

Families of 3 or more persons

$67,850.00

$82,600.00

 

 

 

Escambia County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$62,000.00

$74,400.00

Families of 3 or more persons

$71,300.00

$86,800.00

 

 

 

Gadsden County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$68,400.00

$82,080.00

Families of 3 or more persons

$78,660.00

$95,760.00

 

 

 

Indian River County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$61,900.00

$74,280.00

Families of 3 or more persons

$71,185.00

$86,660.00

 

 

 

Jackson County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$59,055.56

$70,800.00

Families of 3 or more persons

$67,913.89

$82,600.00

 

 

 

Leon County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$68,400.00

$82,080.00

Families of 3 or more persons

$78,660.00

$95,760.00

 

 

 

Marion County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$59,155.56

$70,800.00

Families of 3 or more persons

$68,028.89

$82,600.00

 

 

 

Martin County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$67,641.17

$72,240.00

Families of 3 or more persons

$77,787.35

$84,280.00

 

 

 

Okaloosa County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$71,755.83

$85,800.00

Families of 3 or more persons

$82,519.21

$100,100.00

 

 

 

Santa Rosa County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$62,000.00

$74,400.00

Families of 3 or more persons

$71,300.00

$86,800.00

 

 

 

St. Lucie County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$67,641.17

$72,240.00

Families of 3 or more persons

$77,787.35

$84,280.00

 

 

 

Wakulla County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$63,900.00

$76,680.00

Families of 3 or more persons

$73,485.00

$89,460.00

 

 

 

Walton County

Non-Targeted Area

Targeted Area

Families of 1 or 2 persons

$70,560.00

$70,800.00

Families of 3 or more persons

$82,320.00

$82,600.00

 

These limitations are subject to adjustment periodically.  Gross income includes salary and wages, including overtime, as well as dividends, alimony, public assistance, social security, unemployment compensation and investment income.

 

6.         One Family Home.  The residence financed in connection with the Program must be a one family residence.  A one-family residence includes a detached home, one unit of a duplex, a townhouse or a condominium unit.  Land adjoining the home is considered part of the home only if it maintains the home's livability and is not, other than incidentally, a source of income to the owner.

7.         Program Area.  In order to be eligible for a certificate, the home financed in connection with the Program must be located in a Participating County.

8.         Homebuyer Education Class.  Each Homebuyer must agree to participate in a Homebuyer Education Class approved by the Authority prior to being eligible to receive a mortgage credit certificate.

9.         Fees.  Each Participating Lender will be required to pay a one-time participation fee at the time of execution of the Participation Agreement.  The MCC Program Guidelines sets forth the fees that the Lenders will be required to collect from Homebuyers applying for the MCC.

Under the Program, mortgage credit certificates will be issued to eligible borrowers on a first-come, first-served basis.  The certificates are available in connection with only those types of new mortgages as discussed in paragraph 4 above.  Any lending institution that signs a Participation Agreement or which otherwise confirms to the satisfaction of the Authority its agreement to follow Program requirements is eligible to provide mortgage loans in connection with the Program.

This solicitation contains a summary of the requirements for the qualified homebuyers under the Program.  All potential lenders are encouraged to contact the Program Administrator at the address above to state an interest in lending to qualified homebuyers under the Program.

Contact us for more information

(800) 388-1970
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Today's
Interest Rate!

4.50% Gov't./4.75% Conv.