Brevard County Housing Finance Authority – Mortgage Credit Certificate (MCC) Program – Targeted Areas

Special Alert

Program limited to targeted census tracts. The following census tracts constitute the HUD targeted areas for this program in Brevard County: 0607.00, 0623.01, 0626.00, 0649.02.

Maximum Purchase Price

$427,198

Contact Info:

Local HFA

Limitations

Must meet the income and purchase price limits. *Lenders are responsible for ensuring income and purchase price limits have been met based on property location and program. Must be a first-time homebuyer. 3 year tax transcripts must be submitted to prove no ownership. May not be used to lower PITI with FHA financing. Subject to Recapture Tax for the first full 9 years after MCC issuance.

Credit Score Requirements

Determined by first mortgage product or lender.

Deferred Payments?

n/a

Accepted First Mortgage Type:

Freddie Mac, Fannie Mae, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Not Required

Is Forgivable?

Location:

1 County: Brevard Program is limited to targeted areas. The following census tracts constitute the HUD targeted areas for this program in Brevard County: 0607.00, 0623.01, 0626.00, 0649.02.

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from HUD 2022 100% AMI guidelines Household Income: Count everyone who will live in the home, adults and children. That includes the income of non-MCC applicants who will reside in the property. However, do not include: (1) dependents that are claimed on tax returns but who will not permanently reside in the home the majority of the time and (2) co-signers. __________________________________________________________ Compliance Income: Itโ€™s important that any gross monthly income not included for credit underwriting purposes be included in determining gross monthly income for program calculation of income. So credit qualifying income can never exceed program qualifying income.

Maximum Assistance

Education Requirements Info:

Not required when purchasing in a Targeted Area.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD

Income By Household Size:

HH1-2HH3-8 $98,700$115,220 *Income limits as of 05/12/2023

Qualifying Ratios:

Determined by first mortgage product or lender.

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