If applicable: Servicer Loan Number MCC Number

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1 If applicable: Servicer Loan Number MCC Number TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS Taxable Mortgage Program (TMP) / Texas Mortgage Credit Certificate (MCC) NOTICE TO BUYERS Texas Department of Housing and Community Affairs ( TDHCA ) created its Taxable Mortgage Program (TMP-My First Texas Home) and its Texas Mortgage Credit Certificate Program (MCC) to help make ownership of new or existing homes more affordable for individuals and families of low and moderate income in the State of Texas, especially first time buyers. The Taxable Mortgage Program (My First Texas Home) provides the homebuyer with a 30-year fixed interest rate mortgage loan and 5% assistance to be used towards down-payment and/or closing cost assistance. The Texas Mortgage Credit Certificate (MCC) Program provides the homebuyer with a mortgage credit certificate which increases a family s disposable income by reducing its federal income tax obligations. This tax savings provides a family with more available income to qualify for a loan and meet mortgage payment requirements. In order to participate in either or both Programs, the homebuyer(s) must meet certain eligibility requirements, purchase a home and obtain a mortgage loan and/or MCC through a participating lender. The eligible loan area consists of the State of Texas. The Programs are administered by TDHCA. If your home is being financed using the TMP mortgage loan, the residence must be occupied as your principal residence within a reasonable time not to exceed 60 days of loan closing, may not be used as investment property, vacation, or recreational home; and you will be required to immediately notify the Servicer in writing if the residence financed using the TMP mortgage loan ceases to be your principal, permanent residence. If you apply for and receive an MCC, the residence must also be occupied as your principal residence within a reasonable time not to exceed 60 days of loan closing and it may not be used as investment property, vacation, or recreational home. If the residence ceases to be your principal residence, you will be required to immediately notify TDHCA and the MCC will be revoked. ELIGIBLE BORROWERS First-Time Homebuyer Requirement: In general, borrowers seeking financing for the purchase of a residence or the issuance of an MCC must be first-time homebuyers, which means that the borrower has not owned a principal residence in the past three years. Certain exceptions exist for residences located in certain designated areas and for applicants who are qualified veterans. INCOME LIMITS AND HOME PURCHASE PRICE LIMITATION For maximum income and purchase price limits, see insertion or visit the TDHCA website: ELIGIBLE PROPERTY General Information: New single family houses, including certain duplexes, townhomes, condominiums and manufactured housing are eligible for either program. Triplexes and fourplexes and shares in housing cooperatives are not eligible for the Program(s). The cost of the residence must not exceed the maximum home purchase price limits specified for the Program(s). Duplex: A duplex may be financed under either Program as long as one unit of the duplex is occupied by the borrower as his or her principal residence and the duplex was first occupied for residential purposes at least five years prior to the closing date for the mortgage loan that is associated with the applicable program. The five-year requirement does not apply to a duplex if it is located in a qualified census tract that has been designated as a targeted area and the family income of the borrower meets the income limits for targeted area loans (120% or 140% of applicable median family income, as appropriate). The acquisition cost limits applicable to duplexes are available on TDHCA s website.

2 If applicable: Servicer Loan Number MCC Number Manufactured Homes: A manufactured home must be FHA eligible and be in one or more sections which in the traveling mode is 8 body feet or more in width and 40 body feet or more in length and when erected on site is 320 or more square feet and which is built on a permanent chassis and designed to be used as a dwelling and connected to the required utilities, including plumbing, heating, air conditioning and electrical systems contained therein and meets the HUD minimum standards set forth in Title 24 parts 3280, 3282 and 42 U.S.C et seq. The manufactured home must have been constructed after June 21, 1978 and be permanently affixed to the real property which will be owned by the homebuyer and subject to the mortgage loan that is associated with the MCC. Recreational vehicles, campers and other such vehicles are ineligible. Financing Terms: The mortgage loan used in conjunction with the MCC Program must be financed from sources other than tax-exempt mortgage bonds or tax-exempt veterans mortgage bonds. The mortgage may be a conventional, FHA, VA or USDA-RHS loan and will be at prevailing market rates or rate applicable with loan program. The mortgage loan must not be made to the borrower by a related person, as defined in Section 144(a)(3)(A) of the Code. If using the TMP My First Texas Home Program, the financing terms will be established by TDHCA. PROGRAM DESCRIPTION TAXABLE MORTGAGE PROGRAM (TMP) General Information: The Taxable Mortgage Program (My First Texas Home) provides the homebuyer with a 30-year fixed interest rate mortgage loan and 5% assistance to be used towards downpayment and/or closing cost assistance. Benefit Amount and Length of Benefit: The amount of benefit will vary based on the borrower s individual financial circumstances and the length of time the borrower lives in the home. Repayment of Down Payment/Closing Cost Assistance: If receiving down payment assistance from TDHCA in connection with your mortgage loan, you will be required to repay the down payment and/or closing cost assistance you received in connection with your mortgage loan at the end of the term of your loan or earlier if you sell, refinance, transfer or otherwise dispose of your home. PROGRAM DESCRIPTION MORTGAGE CREDIT CERTIFICATE (MCC) PROGRAM General Information: An MCC is a tax credit that will reduce the federal income taxes of qualified buyers purchasing a qualified residence. As a result, the MCC has the effect of reducing your mortgage payments. Applications must be made to TDHCA prior to closing the loan. The MCC may not be used in connection with the refinancing of an existing loan, unless such loan is a construction period loan, bridge loan or similar temporary initial financing of 24 months or less. Benefit Amount: The size of your annual tax credit will be a percentage established by TDHCA (the Mortgage Credit Certificate Rate ) of the annual interest paid on your mortgage loan. However, the maximum amount of the tax credit shall not exceed $2,000 per year. The credit cannot be larger than your annual federal income tax liability, after all other credits and deductions have been taken into account. MCC credits in excess of your current year tax liability may, however, be carried forward for use in the subsequent three years. Tax Credit Versus Tax Deduction: A mortgage interest deduction differs from a mortgage tax credit in a number of ways. For example, all homebuyers, regardless of income, may take a mortgage interest deduction, whereas mortgage tax credits are available only to holders of MCCs. The dollar value of a mortgage interest deduction depends upon your tax bracket. If you are in the 15 percent tax bracket, you will save 15 cents in taxes for each dollar of mortgage interest paid. With the MCC, you will save $1 for each $1 of credit received. Using an MCC and itemizing your deductions on Schedule A of Form 1040 will require you to reduce your mortgage interest deduction by an amount equal to your mortgage tax credit claimed.

3 If applicable: Servicer Loan Number MCC Number Length of Benefit: Each year, your mortgage tax credit will be calculated on the basis of the designated percentage of the total interest you paid on your mortgage loan that year. The MCC will be in effect for the life of your mortgage loan, so long as the residence remains your principal residence. Assumption of Loan: The MCC can be transferred only upon issuance of a new certificate by TDHCA. The person assuming your loan will have to qualify just as a new borrower would be required to qualify under the MCC Program. Recapture of Tax Credit: Your MCC will be subject to certain requirements imposed by federal law concerning the recapture of a portion of the mortgage tax credit benefits granted to you upon the sale of your residence within nine years from the date of purchase. In no event will the recapture tax exceed the lesser of (i) 6.25% of the highest principal balance of your mortgage or (ii) one half of your taxable gain on the sale of your residence. At loan closing, you will be provided additional information that will be needed to calculate the maximum recapture tax liability at the time you sell or dispose of the residence. APPLICATION INFORMATION At the time of your formal mortgage loan application, you will have the ability to apply for the TMP mortgage loan and/or a MCC. After you have completed and signed the mortgage loan application, the lender will review your information and will reserve program funds in TDHCA s on-line registration system. The MCC will be issued to the homebuyer upon loan closing and submission of the required Program documents required in Program guidelines, and applicable program fees. Loan or MCC reservations cannot be transferred from one lender to another. In the event you desire to change lenders, the loan reservation will be canceled and the application and reservation process must start over with the new lender. DISCLOSURE OF APPLICANT INFORMATION The applicant(s) hereby consent and agree that all information furnished by the applicant(s) to the participating lender and TDHCA, including but not limited to, non-public personal and financial information in connection with the application for a mortgage loan under the Taxable Mortgage Program or an MCC, may be disclosed to any person or other third parties in connection with the processing of the application, verification of information concerning the TMP loan or MCC, the loan or the applicant(s), and for any other purpose in furtherance of or connected with the Program. Date APPLICANT Printed Name of Applicant APPLICANT OR NON-BORROWING SPOUSE (Non-borrowing spouse applicable to MCC only) Printed Name of Applicant OR Non-Borrowing Spouse

4 My First Texas Home (TMP 79) / Texas Mortgage Credit Certificate Program (MCC) COMBINED INCOME AND PURCHASE PRICE LIMITS TABLE NON TARGETED AREAS * TARGETED AREAS Effective January 1, 2013 Effective June 17, 2013 Effective January 1, 2013 Effective June 17, % AMFI 140% AMFI Area of State Counties in Area 100% AMFI 1 or 2 Persons 3 or more Persons Non Targeted Area Purchase Price Limit 120% AMFI 1 or 2 Persons 3 or more Persons Targeted Area Purchase Price Limit Amarillo, MSA Armstrong, Carson, Potter, Randall $61,800 $71,070 $250,200 $74,160 $86,520 $305,800 Atascosa County, HMFA Atascosa $60,100 $69,115 $306,923 $72,120 $84,140 $375,128 Austin County, HMFA Austin $66,800 $76,820 $251,584 $80,160 $93,520 $307,491 Austin Round Rock San Marcos, MSA Bastrop, Caldwell, Hays, Travis & Williamson $73,200 $84,180 $266,538 $87,840 $102,480 $325,769 Blanco County Blanco $67,000 $77,050 $250,200 $80,400 $93,800 $305,800 Brazoria County, HMFA Brazoria $78,700 $90,505 $251,584 $94,440 $110,180 $307,491 Burnet County Burnet $61,700 $70,955 $250,200 $74,040 $86,380 $305,800 Cooke County Cooke $61,300 $70,495 $250,200 $73,560 $85,820 $305,800 Dallas, HMFA Collin, Dallas, Delta, Denton, Ellis, Hunt, Kaufman & Rockwall $67,500 $77,625 $250,200 $81,000 $94,500 $305,800 Fort Worth Arlington, HMFA Johnson, Parker & Tarrant $65,800 $75,670 $250,200 $78,960 $92,120 $305,800 Gillespie County Gillespie $66,700 $76,705 $250,200 $80,040 $93,380 $305,800 Glasscock County Glasscock $62,700 $72,105 $250,200 $75,240 $87,780 $305,800 Hartley County Hartley $75,300 $86,595 $250,200 $90,360 $105,420 $305,800 Hemphill County Hemphill $62,100 $71,415 $250,200 $74,520 $86,940 $305,800 Hood County Hood $69,800 $80,270 $250,200 $83,760 $97,720 $305,800 Houston Baytown Sugar Land, HMFA Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto & Waller $66,200 $76,130 $251,584 $79,440 $92,680 $307,491 Jackson County Jackson $62,000 $71,300 $250,200 $74,400 $86,800 $305,800 Jeff Davis County Jeff Davis $60,100 $69,115 $250,384 $72,120 $84,140 $306,025 Kendall County, HMFA Kendall $85,900 $98,785 $306,923 $103,080 $120,260 $375,128 Lee County Lee $62,000 $71,300 $250,200 $74,400 $86,800 $305,800 Loving County Loving $78,700 $90,505 $250,200 $94,440 $110,180 $305,800 Medina County, HMFA Medina $60,100 $69,115 $306,923 $72,120 $84,140 $375,128 Midland, MSA Midland $65,100 $74,865 $250,200 $78,120 $91,140 $305,800 Ochiltree County Ochiltree $62,600 $71,990 $250,200 $75,120 $87,640 $305,800 Roberts County Roberts $67,400 $77,510 $250,200 $80,880 $94,360 $305,800 San Antonio New Braunfels, HMFA Bandera, Bexar, Comal, Guadalupe, Wilson $61,300 $70,495 $306,923 $73,560 $85,820 $375,128 Sherman Denison, MSA Grayson $61,700 $70,955 $250,200 $74,040 $86,380 $305,800 Somervell County Somervell $68,400 $78,660 $250,200 $82,080 $95,760 $305,800 Tyler, MSA Smith $61,600 $70,840 $250,200 $73,920 $86,240 $305,800 Wise County, HMFA Wise $67,700 $77,855 $250,200 $81,240 $94,780 $305,800 Balance of State All remaining counties not mentioned above $60,100 $69,115 $250,200 $72,120 $84,140 $305,800 "AMFI" Area Median Family Income; "MSA" Metropolitan Statistical Area; "HMFA" HUD Metro FMR Area Down Payment Assistance Available to ALL Income Categories *Targeted Areas are areas of severe economic distress. For additional information please visit our website at

5 ABOUT RECAPTURE TAX When you receive a Mortgage Credit Certificate (MCC), you are receiving the benefit of a federal income tax credit. The MCC program is governed by federal law. The law mandates a recapture of some of the benefit of the program that is not customarily available with other mortgage loans. Buyers who meet all three of the following criteria may have to pay Recapture Tax (1) the property ceases to be the principal residence in the first full nine years of ownership; AND (2) there is a profit on the sale of the home AND (3) the household income increases significantly (generally over the program limits in the first year and an additional 5% over the previous year every year thereafter). If Recapture Tax is owed, it s computed and paid to the IRS for the tax year in which the home is sold. For the average buyer in these programs, it s very unlikely that they ll be required to pay because their income is usually lower than that allowed. But if Recapture tax must be repaid it will never exceed the lesser of 6.25% of the original loan amount or one-half of the gain on the sale of the home. The most that you will ever be required to pay when you sell your home in the first nine years is 6.25% of the highest principal amount of the mortgage loan during the life of the loan (i.e. If the highest loan amount during the course of the loan was $50,000 and you sold in the months of ownership, then multiply $50,000 x.0625 and the highest you would pay would be $3,125). This amount is considered to be the federally subsidized amount. When you sell your home is as important as the amount you receive for the sale of your home and your income at the time you sell. The actual recapture tax, if any, can only be determined when you sell your home. Remember if you sell your home after nine years, there is no Recapture Tax due; if you don t receive a gain (net profit) on the sale of your home, there is no Recapture Tax due, or if your adjusted gross income does not increase significantly over the nine years, (usually that means more than 5% per year), there is no Recapture Tax due. To owe any Recapture Tax, you must sell your home within nine years, make a net profit on the sale of your home AND have a significant increase in income. All three criteria must be met in order for Recapture Tax to be due. You May Not Have to Pay Recapture Tax if your home is destroyed by fire, storm, flood or other casualty, there is generally no recapture tax if within two years you build or rehab for use as your principal residence on the site of the home financed with your original subsidized mortgage loan. You Are Not Subject to The Recapture Tax if you sell or give away or dispose of your home later than 9 full years after you close your mortgage loan. your home is disposed of as a result of your death. you transfer your home to your spouse or your former spouse as an agreement of your divorce and you have no gain or loss included in your income as a result of the transfer. INFORMATION YOU LL NEED IN THE FUTURE After you close your loan, you will receive a detailed letter that will be provided by your lender at closing. This letter should be kept with your other mortgage documents. It contains extremely important information that you will need to determine if you must pay recapture tax. The letter contains information that you ll need in order to complete Form 8828 such as The loan amount (the highest principal amount of the loan) Closing Date, Name of the Issuer of the Bonds, Name of the original lender that made the loan, and Chart that details data necessary to complete Form What about refinancing my home? If you refinance your home and stay in it for a full nine years, you won t pay Recapture Tax. Recapture kicks in when the property ceases to be your principal residence before the full nine years, then you may owe Recapture Tax. If you refinance in the first full four years and the property ceases to be your principal residence before the full nine years, there is a special calculation worksheet that must be used if you must pay Recapture Tax. See For More Information on the next page and instructions for Form 8828 for more detail Copyright Denihan and Associates. All Rights Reserved.

6 What does net profit on the sale of your home mean? Consult your tax advisor but generally you will be considering the amount you received for the sale of your home and deducting the expenses of selling your home (i.e. commission paid to a real estate agent, advertising, legal fees, etc.). This is the Amount Realized from the sale of the home. From the Amount Realized you will subtract your Adjusted Basis of your interest in the home. The Adjusted Basis will be increased by any sales commission you paid when you bought the home and decreased by depreciation. Your tax advisor will be helpful in determining the exact amount. If the total of the Amount Realized minus the Adjusted Basis is 0" or lower, you did not realize a gain (make a profit) when you sold the home and you DO NOT owe recapture tax. You will still need to complete a form 8828 and send it to the IRS with your federal income tax return in the year you sell or dispose of the home.. What about my income? If you did make a profit, then you may have to pay recapture. Now you must consider your income. There will be a chart on the letter you receive after closing that shows the maximum income allowable for each 12 month period following closing. The limits are the program limits for the first 12 months and then 5% more than the preceding year for each year thereafter. Example: If your income at the time you bought the home was $40,000 and the income limit is $50,000, the limit for the first 12 months after closing is $50,000. Then each 12 months it s 5% more than the previous year. If your modified adjusted gross income on your federal income tax return does not exceed the income limit for the 12-month period in which you sell your home, you DO NOT owe recapture tax. If your modified adjusted gross income does exceed the income limit, you MAY owe recapture tax. How much do I owe? The amount you owe will be the LESSER of 50% of the gain realized from the sale of your home OR the amount resulting from a calculation that uses The income percentage (Consider the amount by which your income exceeds the limit in the year that you sell. If the amount is $5,000 or more, then your income percentage is 100%. If less than $5,000 then divide the amount by which your income exceeds the limit by $5,000 and round to the nearest whole percentage.) The maximum recapture tax or federally subsidized amount (this is.0625 x the highest principal amount of your loan). The holding period percentage as shown on the chart below: Disposition Within # Months of Closing Holding Period Percentage Income 1-2 person HH Income 3 + person HH % $Amt shown for 1-12 Months represent the program limits % Balance will be completed on % personalized form you receive % following closing. The limits for each % successive 12 mos. is approx. 5% % higher than the preceding 12 mos % % % 109 or More No Recapture Tax FOR MORE INFORMATION Contact the IRS and request Form 8828 and the instructions for Form 8828 (both available on the IRS Website: In the Forms and Publications search box, type 8828" and click). Review the form and instructions now. Consult your tax advisor. In the year that you sell your home, you are required to complete Form 8828 and submit it with your federal income tax return (even after the full 9 years). The income that will be considered in that year will be your modified adjusted gross income from your federal income tax return. Rev June 2013

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