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1 PROGRAM GUIDE SC Mortgage Tax Credit (MCC) The SC Mortgage Tax Credit also known as a Mortgage Credit Certificate (MCC) is made available by SC State Housing Authority. A MCC is a certificate that allows a homebuyer to take a federal income tax credit for a portion of the annual interest they pay on their mortgage loan. The MCC allows eligible borrowers to take a dollar for dollar federal tax credit of 30% of the mortgage interest they pay annually. It can save a borrower up to $2,000 each year they occupy the home. The remaining 70% of the mortgage interest can still be deducted from their annual income on their tax return. The MCC can be taken each year for the life of the loan as long it is their primary residence. A borrower can never deduct more than their actual tax liability after other deductions. The MCC is an immediate tax credit allowing the borrower to lower their payroll tax deductions by the credit amount. This will increase their take home pay making their mortgage payments more affordable. Example of how to calculate the tax advantage: Borrowers First Mortgage 150, Interest Rate 4% First Years Interest 6, MCC Rate 30% Reduce Federal Liability by 1, Maximum Allowed Per Year 2, Calendar Year Divide by 12 Tax Savings Per Month NON- TARGETED COUNTIES The Borrower(s) must not have had ownership interest in a principal residence within 3-years preceding the date on which the loan is closed in the following counties: Aiken Greenwood Lexington Richland Anderson Greenville Oconee Spartanburg Charleston Lancaster Pickens York TARGETED COUNTIES The Borrower(s) must not have had ownership interest in a principal residence at the time of closing in the following counties: Abbeville Calhoun Darlington Georgetown Lee Orangeburg Allendale Cherokee Dillon Hampton McCormick Saluda Bamberg Chester Dorchester Horry Marion Sumter Barnwell Chesterfield Edgefield Jasper Marlboro Union Beaufort Clarendon Fairfield Kershaw Newberry Williamsburg Berkeley Colleton Florence Laurens * County Census Division #53, Ravenel Division (Charleston County)

2 Home Price Limits And Income Limits Property Eligibility Loan Types Loan Terms Minimum Credit Score Qualification Ratios Qualifying a Mortgagor With MCC Income limits and home price limits are county specific. Please refer to the 2012 Homeownership Income and Home Price Limit Chart for the SC Mortgage Tax Credit attached to this guide. Eligible properties are stick built single-family dwellings, townhouses, condominiums, some double-wide mobile homes meeting all FHA requirements( title must also be surrendered) and off frame modular homes. Condominiums must be FHA approved. All properties must be located in South Carolina. The program can be used with standard FHMA, FHLMC, FHA, Rural Housing or VA Loans. The loan cannot be used with a SC State Housing Bond Loan or any type of rehab loan including 203K loans. It can be used with a FHA Loan, Guaranteed Rural Housing Loan, Conventional or VA Loan. 30 years None but the loan must have a DU Approved/Eligible or LP Accept, no Levels are allowed. SC State Housing will accept an AUS from DU or LP showing an approval with no levels for all loans. FHA LOANS Direct Endorsement Lender may consider the tax credit resulting from MCC as a direct reduction in housing expense. The tax credit will result in an increase in the borrower s net monthly income, allowing lenders to use the credit as a deduction from the monthly PITI payment. This will reduce the borrowers qualifying ratios and can increase the size of mortgage available. Lenders using the tax credit as a direct reduction in housing expense must develop and use a worksheet that estimates the amount of the mortgage credit available, determine the adjusted monthly PITI payment, and confirm that the borrower generates sufficient tax liability to use the available credit. Loan files must contain copies of the mortgage credit certificate and the worksheet. CONVENTIONAL LOANS MCC issued by a government agency allowing a Federal Tax Credit for a portion of the mortgage interest paid each year, the lender can use the amount of the tax credit as additional income for qualification purposes. Calculate monthly amount to use for qualification as follows: (Mortgage Amount) x (Note Rate) x (MCC %) divided by 12 Documentation o Mortgage Credit Certificate O Lender s calculation of the adjustment to borrower income

3 Costs Federal Recapture A non-refundable fee of $ must be included in the Closing Package sent to SC State Housing to issue the certificate. The fee can be paid by the borrower or seller. Fee payment must be in certified funds or a lender check. The Lending Partner has the option of charging the borrower an additional fee of up to $ for the transaction. Loans are subject to Federal Recapture. SC State Housing does not offer a reimbursement of the recapture tax on the SC Mortgage Tax Credit Program. Approval Submission Package The following must be included in your conditional commitment package: MCC Transmittal Checklist (SC-MCC-101) (Original) Agency Underwriting and Transmittal Summary o FNMA 1008 o FHA o FHLMC 1077 o VA Loan Guaranty Analysis Form o Rural Development Loan Commitment Form Original Request for Conditional Commitment (SC-MCC-103) Verification of employment and current pay stubs on all borrowers Trustee Certification for Application (SC-MCC -104) (original if applicable) Signed Seller Affidavit (SC-MCC-105) (original) Certificate of Appointment, if applicable, for seller Copies of 3 most recent Federal Tax Returns with all schedules and W-2s Recorded Separation Agreement and/or Divorce Decree (copy) if applicable Applicant Program Certifications (SC-MCC-106) fully completed (original) Preliminary Notice to Applicants of Potential Recapture (SC MCC-107) (original) Request for copy of Tax Return(IRS 4506) (original) Copy of executed sales contract Copy of signed 1003 loan application Note this package must be received 15 days prior to closing. Closed Loan Submission Package After the loan has closed, the lending partner will assemble the Closing Package and submit it to SC State Housing. The Closing Package must be received by SC State Housing within 30 days of closing. The following must be included: Original MCC Transmittal Checklist (SC-MC-300) (Original) Lender check payable to SC State Housing Finance and Development Authority for the following fees: o MCC Issuance Fee of o MCC Extension Fee (if applicable) o MCC Reissuance Fee of $ if loan is a refinance Eligible Holder/ Co-Occupant Closing Affidavit (SC-MCC-301) (original) Copy of Executed Note Copy of Executed Mortgage Copy of HUD-1 Closing Statement

4 Recertification of Income (SC-MCC-303) (original) if the loan closed more than 120 days after the date of the last paystub provided at time of conditional approval Note the Closing Package must be received within 30 days of closing. The original SC Mortgage Tax Credit Certificate will be mailed to the borrower and a copy mailed to the lending partner. For more information go to our website at Call Claude Spurlock Cell

5 SC Mortgage Tax Credit Program Income and House Price Limits 2012 NON TARGETED or 2 Persons 3 or more Persons Home Price Aiken $57,100 $65,665 $225,000 Anderson $55,300 $63,595 $225,000 Charleston $62,200 $71,530 $255,000 Greenville $58,300 $67,045 $225,000 Greenwood $55,100 $63,365 $225,000 Lancaster $55,100 $63,365 $225,000 Lexington $63,600 $73,140 $225,000 Oconee $55,100 $63,365 $225,000 Pickens $58,300 $67,045 $225,000 Richland $63,600 $73,140 $225,000 Spartanburg $56,100 $64,515 $225,000 York $67,500 $77,625 $231,000 TARGETED or 2 Persons 3 or More Persons Home Price Abbeville $66,120 $77,140 $225,000 Allendale $66,120 $77,140 $225,000 Bamberg $66,120 $77,140 $225,000 Barnwell $66,120 $77,140 $225,000 Beaufort $82,680 $96,460 $285,000 Berkeley $74,640 $87,080 $255,000 Calhoun $74,320 $89,040 $225,000 Cherokee $66,120 $77,140 $225,000 Chester $66,120 $77,140 $225,000 Chesterfield $66,120 $77,140 $225,000 Clarendon $66,120 $77,140 $225,000 Colleton $66,120 $77,140 $225,000 Darlington $66,120 $77,140 $225,000 Dillon $66,120 $77,140 $225,000 Dorchester $74,640 $87,080 $255,000 Edgefield $68,520 $79,940 $225,000 Fairfield $76,320 $89,040 $225,000 Florence $66,120 $77,140 $225,000 Georgetown $66,120 $77,140 $225,000 Hampton $66,120 $77,140 $225,000 Horry $66,120 $77,140 $225,000 Jasper $66,120 $77,140 $285,000 Kershaw $67,200 $78,400 $225,000 Laurens $66,120 $77,140 $225,000 Lee $66,120 $77,140 $225,000 McCormick $66,120 $77,140 $225,000 Marion $66,120 $77,140 $225,000 Marlboro $66,120 $77,140 $225,000 Newberry $66,120 $77,140 $225,000 Orangeburg $66,120 $77,140 $225,000 Saluda $76,320 $89,040 $225,000 Sumter $66,120 $77,140 $225,000 Union $66,120 $77,140 $225,000 Williamsburg $66,120 $77,140 $225,000 Income Limits and Home Prices can change with or without notice. Please check our website for any updates

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