New York Mortgage Credit Certificate Program (Melville, Wells: 2011, lenders, first time home buyer)

[Mccman]

Requiem

It seems to me that getting an MCC will far outweigh whatever benefit you might think you are getting by going through a broker. At the very least call an approved lender loan officer and see what they can do for you

[requiemjp]

Mccman,

I have Wells Fargo in contact and they confirmed that we can get MCC through them.
Haven't tried BoA.
Just want to know if brokers can give me a better deal.

[zulu400]

Originally Posted by Mccman

Zulu400,

Disregard the botched message above. The program rolled out on September 2 - find a loan officer who is familiar with it. It is my understanding that it is a 20 million $ pot of money and when this runs out that is that - much like cash for clunkers.
I am betting that you are working with Wells Fargo - I tried to work with them but they could not offer the MCC program "yet" for internal reasons. I hung up the phone, called Bank of America, submitted a regular mortgage applcation over the phone and the Loan Officer had a certificate reserved for me within an hour.

I was quite upset with Wells fargo - I found out that they wouldn't be offering it right away from SONYMA, not from them - they would have left me in the dark.

My advice to you
1) Call SONYMA to make sure that they are still offering certificates
2) Go to the SONYMA list of approved lenders.
3) Make a phone call and ask them if they are familiar with the SONYMA MCC program. If they say no, hang up and call the next number on the list. If they say yes, file a mortage application and have them reserve a certificate for you IMMEDIATELY!!!

It is my understanding that the state estimated that there would be a total of about 700 certificates issued - if they are not all gone, they will be soon.

Thanks MCCman,
I have everything processed through Wells Fargo. The agent said they are doing the training this week. I got the commitment letter last week. So I should hear back from him on if I can qualify for the program through Wells or not.... keeping fingers crossed and will keep you posted.

[requiemjp]

Originally Posted by zulu400

Thanks MCCman,
I have everything processed through Wells Fargo. The agent said they are doing the training this week. I got the commitment letter last week. So I should hear back from him on if I can qualify for the program through Wells or not.... keeping fingers crossed and will keep you posted.

"Apply for a Mortgage Credit Certificate at the same time you apply for a mortgage from one of our MCC participating lenders listed above."

I thought you need to submit both at the same time. No?

[lilbxqt]

Originally Posted by Mccman

Zulu400,

It is my understanding that the state estimated that there would be a total of about 700 certificates issued - if they are not all gone, they will be soon.

I think I know what you read regarding the 700... What they said was they estimated that 700 people would be able to take advantage of this program this year (they prob estimated the # of 1st timers that would be able to close between the next couple of months)... I dont think they limited the amount of certs to 700. Please tell me where you heard this other info from.

[lilbxqt]

Originally Posted by zulu400

Thanks MCCman,
I have everything processed through Wells Fargo. The agent said they are doing the training this week. I got the commitment letter last week. So I should hear back from him on if I can qualify for the program through Wells or not.... keeping fingers crossed and will keep you posted.

Which WF office are you going through? Im going through Melville and our loan officer said she still didnt know when it was coming out... I'll have to give her a call tomorrow

[zulu400]

Originally Posted by lilbxqt

Which WF office are you going through? Im going through Melville and our loan officer said she still didnt know when it was coming out... I'll have to give her a call tomorrow

Its the Melville office, just let your agent know that she be going into training this week on the MCC program. I am still not sure when it came out / is coming out, as there is no official word on the exact date.

[zulu400]

Originally Posted by requiemjp

"Apply for a Mortgage Credit Certificate at the same time you apply for a mortgage from one of our MCC participating lenders listed above."

I thought you need to submit both at the same time. No?

I think I had seen it before where they had said that it will be available as long as you have not closed your purchase. But now I do not see that on their website so looks like people like me are out of luck. I just got the commitment letter last week.
But wait.... take a look at this
New York State Offers Mortgage Credit Certificates (MCC)

New homebuyers should apply for the MCC when you apply for your mortgage from your lender. SONYMA will administer the program and more details can be found at http://www.nyhomes.org.
Buyers can still get the $8000 federal tax credit if you close before Nov 30th of this year. MCC applications should be ready by the middle of September 2009. Also buyers who already have commitment letters should be able to apply to their lenders for the MCC before closing.

So its pretty confusing right now. I have to admit that this article is one week old, things might be changing every day.

[lilbxqt]

Originally Posted by zulu400

I think I had seen it before where they had said that it will be available as long as you have not closed your purchase. But now I do not see that on their website so looks like people like me are out of luck. I just got the commitment letter last week.
But wait.... take a look at this
New York State Offers Mortgage Credit Certificates (MCC)

New homebuyers should apply for the MCC when you apply for your mortgage from your lender. SONYMA will administer the program and more details can be found at http://www.nyhomes.org.
Buyers can still get the $8000 federal tax credit if you close before Nov 30th of this year. MCC applications should be ready by the middle of September 2009. Also buyers who already have commitment letters should be able to apply to their lenders for the MCC before closing.

So its pretty confusing right now. I have to admit that this article is one week old, things might be changing every day.

My lender said as long as we have not closed, we can still get the MCC... And i know I've read that somewhere else before as well... They really should get their info straight before offering up to the public!

[zulu400]

Originally Posted by lilbxqt

My lender said as long as we have not closed, we can still get the MCC... And i know I've read that somewhere else before as well... They really should get their info straight before offering up to the public!

Yeah, tell me about it.... I was so excited the first time I heard it, now it will be a killjoy to hear that I do not qualify
But I am hoping for the best.