Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My closing is on Thurs... I already provided WF with the $500 personal check made out to them... Its been included on my GFE... WF will then cash the check and send sonyma the $500
See thats the thing.... if its on your GFE, then they need not take the check from you because you will be charged the $500 on the HUD. WF returned me the check at closing and charged the $500 on the HUD. (FYI - the HUD is the ultimate document that shows you the break up of all individual charges). Now there is some confusion and they are saying that they want the $500 check back.... so I'm a little confused.
lilbxqt, brunnete.... did anyone of you close ?
I have a question. How did they take the $500 MCC from you ?
Was it included in the HUD or did they take a separate check from you at closing.
yes, we finally closed yesterday. we made out a separate check for MCC before closing.
To everyone who closed with a MCC last year....
I did my taxes yesterday and its awesome to see 20% off on the mortgage interest for last year.... good job guys !!
To everyone that has done the MCC last year, does anyone know if this program still exist? I called SONYMA today and they said it still does for targeted areas. The problem is that my loan officer told me that I need a SONYMA loan for me to qualify for MCC. This is a direct contradiction to what the website is telling me. How can I educate her and have her put me down for MCC reservation since I am in the targeted area. Can I file an MCC directly with SONYMA and bypass the bank? I feel that things can be done faster if I take charge of the application myself.
I already have a closing date set for this week, so it will be very tight if its even possible for me to get the MCC.
I have another question regarding the household income limit. If two people are purchasing a home, both on mortgage and deed, are they considered to be part of the household? If two people are purchasing but only 1 person will be residing, whose income will be considered part of the household income?
Sorry to resurrect an old topic, any help would be greatly appreciated.
To everyone that has done the MCC last year, does anyone know if this program still exist? I called SONYMA today and they said it still does for targeted areas. The problem is that my loan officer told me that I need a SONYMA loan for me to qualify for MCC. This is a direct contradiction to what the website is telling me. How can I educate her and have her put me down for MCC reservation since I am in the targeted area. Can I file an MCC directly with SONYMA and bypass the bank? I feel that things can be done faster if I take charge of the application myself.
I already have a closing date set for this week, so it will be very tight if its even possible for me to get the MCC.
I have another question regarding the household income limit. If two people are purchasing a home, both on mortgage and deed, are they considered to be part of the household? If two people are purchasing but only 1 person will be residing, whose income will be considered part of the household income?
Sorry to resurrect an old topic, any help would be greatly appreciated.
I'll try to answer what I can, and I promise you that I will be blunt.
1. There is no way you can close this week if you are yet to apply for MCC, sorry but thats my opinion as no one moves that quick !
2. There might be good news though.... MCC is available only for target areas (the list you can find on SONYMA website). If you are not buying in those areas, then you may not be eligible for it. So no need to worry about processing speed !!
3. Last year, they had opened it up briefly for a month or so for a first time home purchase anywhere in the state of NY (maybe thats why you are confused ??)
4. There is also a SONYMA loan in which case you actually apply for your loan for your mortgage through SONYMA, which is different from the MCC process (that might be another confusion ??).
I had read through SONYMA website and it was pretty clear to me about the restrictions and everything. Try to read more links on the website, you might get a more definite answer.
I'll try to answer what I can, and I promise you that I will be blunt.
1. There is no way you can close this week if you are yet to apply for MCC, sorry but thats my opinion as no one moves that quick !
2. There might be good news though.... MCC is available only for target areas (the list you can find on SONYMA website). If you are not buying in those areas, then you may not be eligible for it. So no need to worry about processing speed !!
3. Last year, they had opened it up briefly for a month or so for a first time home purchase anywhere in the state of NY (maybe thats why you are confused ??)
4. There is also a SONYMA loan in which case you actually apply for your loan for your mortgage through SONYMA, which is different from the MCC process (that might be another confusion ??).
I had read through SONYMA website and it was pretty clear to me about the restrictions and everything. Try to read more links on the website, you might get a more definite answer.
Zulu,
1) Agreed knowing banks, they will likely move extra slow for me.
2) I am buying in the targeted area.
3) Yes I understand now that they are only offering this credit for targeted area. I am buying in the targeted area.
4) I am applying for a conventional mortgage through Wells Fargo. I found out about this credit today and proceeded to ask questions to my loan officer. She stated that I need a SONYMA loan to get MCC which is not what the website says.
I looked at the website further and it seems that my household income exceeds the limit so I won't qualify for this credit. I am purchasing this home with a family member. If my family member does not reside in the house but is on the mortgage/deed will her income be considered part of the household income? I want to see if I can qualify for this credit if we reduce the amount of people in the household to meet the limit.
Do you know if I can keep the Mortgage Certificate if I refinance my loan ?
If yes, then are there any restrictions (like has to be the same lender etc...) ?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
??) 
