New York Mortgage Credit Certificate Program (Wells: lawyer, homes, buying)

[Elke Mariotti]

Originally Posted by zulu400

Hi Elke,
Thanks for the encouraging words, but check out my other post about backing out of the purchase.... I feel like throwing up !!

I feel your pain!

Possible (partial) solution: if sellers have access to email, contracts can be emailed to them, printed out, signed, scanned, and emailed back all on the same day--if everyone is willing.

Worth a try??

[lilbxqt]

Alright... new update... finally got the forms to fill out for MCC... (altho pretty foreign to me )... Where can I find a notary now (Farmingdale area)? Oh and can the $500 app fee be a bank check?

[Elke Mariotti]

Originally Posted by lilbxqt

Alright... new update... finally got the forms to fill out for MCC... (altho pretty foreign to me )... Where can I find a notary now (Farmingdale area)? Oh and can the $500 app fee be a bank check?

Don't know if you want to come to Huntington - I'm a notary

If you have an account at a local bank, ask them - they usually have someone on staff who is a notary; if you have an attorney friend, that'll work as well...

[zulu400]

Originally Posted by Elke Mariotti

If you have an account at a local bank, ask them - they usually have someone on staff who is a notary; if you have an attorney friend, that'll work as well...

Second this advice.

I would say get the Certified check from your local bank.... 2 birds with one stone.

[HomeFinder15]

If you still need a notary, I can do it. I'll be working in Bethpage and Plainview tomorrow. I'll DM you with my cell number.

[bbqbt]

Originally Posted by lilbxqt

We're using WF as well (Melville branch)... I honestly think it has alot to do with what kind of person you have working for you.

Do you mind to let me know which step are you in the MCC process? Have you started doing the MCC paperwork yet? I am really puzzled. The Melville branch just told my mortgage broker the MCC process at Wells Fargo is expecting to "officially" start from the week of 10/19, so I have to wait two more weeks. I have been waiting and calling for updates since late August. They told me it would be ready "anytime soon" every time, and now they say two more weeks, god knows if that will be true given their attitude so far.

I didnt even get the list of paperwork for MCC yet, and they sound like they are not giving me any until the week of 10/19. All the other items for my loan application are almost ready, and the closing date is pressing. The mortgage broker told me there was nothing they can do given Wells Fargo said so, and they said home buyers will just give it up if they can't wait anymore (???) But, how come more and more Wells Fargo customers are already getting the paperwork to work on?

I have a feeling I may not have enough time. How can the government tell people in August when they first announced about MCC that home buyers who have not closed yet are still eligible for MCC? How these home buyers wait for 2 or more months just to start to apply for MCC before closing? The SONYMA website for lenders already have all the guidelines and necessary forms posted a month ago already. Why the banks take so long to start accepting applications?

I am just feeling very upset that Wells Fargo is treating customers differently on government sponsored programs. I believe every home buyers in this thread are working so hard in order get a dream home for their family. The New York state government launched the MCC program to help first time home buyers and to help boost the real estate market. But because the banks are so slow and being so confusing or maybe unfair for who knows what reason, eligible home buyers could be losing the MCC. A tax savings of 20% interest would have been very helpful for me. I have been working very hard supporting parents, and I paid all my taxes. I was among the first to inquire everywhere about it, and I have done so much research that I am so familiar with the SONYMA MCC lender manual and what are the items needed. I am trying so hard to proceed with every step correctly since I know about MCC. But all these sound useless now, as my application get stuck like this now.

[Elke Mariotti]

Originally Posted by bbqbt

Do you mind to let me know which step are you in the MCC process? Have you started doing the MCC paperwork yet? I am really puzzled. The Melville branch just told my mortgage broker the MCC process at Wells Fargo is expecting to "officially" start from the week of 10/19, so I have to wait two more weeks. I have been waiting and calling for updates since late August. They told me it would be ready "anytime soon" every time, and now they say two more weeks, god knows if that will be true given their attitude so far.

Just speculating, but maybe the problem is that you're going through a broker, not dealing directly with one of the authorized lenders... (there aren't that many on LI)

[bbqbt]

Originally Posted by Elke Mariotti

Just speculating, but maybe the problem is that you're going through a broker, not dealing directly with one of the authorized lenders... (there aren't that many on LI)

That's what I am thinking too. But, right now it is too late to switch I guess. I went for a mortgage broker at the beginning in the hope that they will be able to get the best rates and may have the connections to a bank that is familiar with MCC. Believe it or not, my local Wells Fargo in nyc that I just called a few days ago still had no clue about MCC. I mean they don't even know it is the bank to apply MCC for borrowers

[zulu400]

Originally Posted by Elke Mariotti

Just speculating, but maybe the problem is that you're going through a broker, not dealing directly with one of the authorized lenders... (there aren't that many on LI)

Originally Posted by bbqbt

That's what I am thinking too. But, right now it is too late to switch I guess. I went for a mortgage broker at the beginning in the hope that they will be able to get the best rates and may have the connections to a bank that is familiar with MCC. Believe it or not, my local Wells Fargo in nyc that I just called a few days ago still had no clue about MCC. I mean they don't even know it is the bank to apply MCC for borrowers

Both of you guys are correct.... the loan officers have to actually undergo a training to be able to deliver the product to you.... The Melville Wells Fargo is taking applications.... believe me. I hope going through the broker is not hurting you, but try to stay on top of him.
The initial pages of this thread will tell you what docs you require so you can get a head start....

THE MOST IMPORTANT THING IS..... no one knows whats going on, my loan officer told me that I was his guinea pig as far as this program is concerned ... ....
My main concern is to find out, what happens after we apply ? I mean can we still close in 2 weeks or we have to wait for another 2 months to get something approved from the SONYMA.... that uncertainty is killing me.

[lilbxqt]

Originally Posted by bbqbt

Do you mind to let me know which step are you in the MCC process? Have you started doing the MCC paperwork yet? I am really puzzled. The Melville branch just told my mortgage broker the MCC process at Wells Fargo is expecting to "officially" start from the week of 10/19, so I have to wait two more weeks. I have been waiting and calling for updates since late August. They told me it would be ready "anytime soon" every time, and now they say two more weeks, god knows if that will be true given their attitude so far.

Well thanks to fellow posters on this site, I informed WF of the steps to take and docs I heard that needs to be filled out... It seemed to really light a fire under them at that point... LOL So YOU have to be on top of them... really, on top of everyone involved in the entire home buying process...

You can download the necessary paperwork on SONYMA's website. And then send the completed package to your broker/WF and I'm sure being pro-active in that sense will move you along faster. If you wait for them, it'll never get done HA!

New York Housing Finance : Mortgage Credit Certificates (The doc you need- is called Recapture.... The seller also needs to fill out the Sellers Affidavit (so have your lawyer pass it onto the seller's lawyer)

HTH!!!

PS: And there is a correction now for my fellow WFers that applied: $500 check is NOT made out to SONYMA. I was forwarded the original email from the head of the dept that says we give WF $500 upfront (as a personal/CC payment) and THEY cut the check at closing... It seems like this is sooo new that we are the guinea pigs and no one has their info straight!

Here's the exact wording from an email:
[SIZE=2]$500 MCC Fee:[/SIZE]
[SIZE=2]With regards to the MCC program the $500 fee is collected up front from the borrower as we would collect any other fee. Do not have the borrower provide a certified check made payable directly to SONYMA. You may charge a credit card or a collect a personal check as you would for an appraisal fee. The $500 fee will be cut at the closing table.[/SIZE]