Transcript Document

 Enter AE Name
 Phone Number
 Email Address
The Sapphire Grant Product
(and CalHFA MCC Tax Credit when used with a 1st time HB
Sapphire Product
 Sapphire Grant Product
 Sapphire & MCC Tax
 Do not need to be a first
Credit
 Can be used with an FHA
or VA 1st trust deed
 NOTE: THE 3% IS
BASED ON TOTAL
LOAN AMOUNT,
INCLUDING MIP
NOT SALES PRICE
OR A/V.
time homebuyer
 Can be used with an
FHA or VA 1st trust deed
Sapphire Grant Product
Sapphire Income Limits 2014
Sapphine 2014 Income Limits
Can I have an MCC Tax Credit with the
Sapphire Product?
• An MCC
Credit can
help you
reduce your
ratios to 43%
• When using a
MCC Credit,
use the
CalHFA loan
limits,
whichever is
lower.
Combine your Sapphire with an MCC Credit –
however MCC requires you to be a 1st time h/b,
Sapphire does not.
To use the CalHFA MCC Credit
you must:
BE A
FIRST TIME HOMEBUYER.
WHAT IS A FIRST TIME
HOMEBUYER?
How do you define a 1st Time Homebuyer
 No ownership interest in their primary residence for the
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past 3 years.
Non Owners or times shares do not apply to the 3 years. If
renting, you must show VOR, can not be renting from
family member.
Community property laws could imply an interest in the
property.
Federal Tax Returns must be provided for last 3 years.
Borrowers not legally obligated to file must complete Tax
Return Affidavit.
Mortgage Credit Certificate (MCC) Tax Credit Program
MCC Borrower Eligibility
MCC Property Eligibility
Example of MCC Savings
MCC Tax
Credit
Program 2014
MCC Required
Forms
MCC Tax Credit Borrower
Affidavit
MCC Tax Credit Tax
Return Affidavit
MCC Tax Credit Seller
Affidavit
MCC Tax Credit
Certification of No Income
MCC Tax Credit Closing
Packet Checklist
MCC Tax Credit Borrower
Affidavit
W4
MCC Tax Credit Program 2014
MCC 2014 Income Limits
MCC 2014 Income Limits
2014 Income Limits
More CalHFA MCC Facts
 Income limits are based on “all household” income.
 If used with the Sapphire product, you can have a
fico of – 620.
 MCC Fee $350.00 (paid to e housing)