Brevard County Housing Finance Authority – Mortgage Credit Certificate (MCC) Program
Special Alert
Maximum Purchase Price
Inquire for Details
Contact Info:
Local HFA
Limitations
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:
Required
Is Forgivable?
Location:
1 County: Brevard
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. A cosigner’s income is not considered for program purposes, tax returns are not required. __________________________________________________________ Compliance Income: It’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:
First-Time Homebuyers, unless qualifying under a Veteran’s Exception or those who are exempt by purchasing a home in a Federally Designated Targeted Area as specified in this Program Guide, must complete a program-approved, pre-purchase homebuyer education course. Face-to face homebuyer education is acceptable if provided by a HUD approved counseling agency, a unit of local government that provides pre-purchase homebuyer education in FL, or a counseling agency designated by a unit of local government to provide homebuyer education on their behalf. Refer to http://www.hud.gov for a list of approved education providers by county. Online HBE is permitted if provided by a HUD approved agency, a unit of local government that provides pre-purchase homebuyer education in FL, a mortgage insurance provider, or an Agency sponsored course. Homebuyer education provided over the phone or by the lender is NOT acceptable. Certificates of completion are acceptable for 2 years from the date of completion.
Eligible Property Types:
Single Family Detached Condo Townhome/PUD
Income By Household Size:
HH1-2HH3-8 $82,300$94,645 *Income limits as of 05/12/2023
Qualifying Ratios:
Determined by first mortgage product or lender.
