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Information for Single-Family
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Program
Announcement
March 14, 2014
New Online Homebuyer Education Option, New Benchmark
Standard, Lower MCC Limit San Juan County, Manual Updates
The Washington State Housing Finance Commission is pleased to announce our new partnership with eHome America to offer online homebuyer education as an alternative for Borrowers unable to attend an in-person class. Used by more than 250 homeownership counseling agencies as well as other Housing Finance Agencies nationwide to provide education, eHome America is based on the NeighborWorks America's Realizing the American Dream curriculum and meets the National Industry Standards for homebuyer education. This self-study course is comparable to the Commission’s in-person class and meets HUD Standards. The class takes approximately 6-8 hours to complete and requires a $50.00 per person registration fee. This class covers the Commission’s benchmark standards and also covers programs offered at the Commission. Each individual Borrower is required to complete the course. Borrowers may register on the following website: http://www.ehomeamerica.org/wshfc
The Commission would also like to thank both MGIC and Genworth for their continued support of online homebuyer education. For the Home Advantage program, the Commission will accept all Mortgage Insurance company certificates dated on or before April 15, 2014. Any Borrower taking online homebuyer education after April 15, 2014, will need to have a certificate from eHome America.
For the Mortgage Credit Certificate program without a Home Advantage first mortgage, the Commission will continue to accept certificates from Mortgage Insurance companies and eHome America for an online seminar.
If you have questions regarding eHome America, please contact Bill Conner at bill.conner@wshfc.org or 206-287-4449.
The Commission has added a new homebuyer education benchmark standard entitled “How going green saves money.” Please refer to the Homebuyer Education PowerPoint Presentations for Instructors that provides examples on how to present information for this new benchmark standard.
Due to the most recent IRS Revenue Proc. 2014-23, the Commission is also lowering the income limit for 1-2 person households for San Juan County to $75,000.
Home Advantage manual updates have been made to Sections 6 (6.2 6.5), 15, and 19: wshfc.org/sf/info.html#hk
Form Updates to ServiSolutions Forms (Notice of Assignment – 15.18; Funding Authorization – 15.27) are posted here: wshfc.org/sf/MCC.html
MCC Manual updates on MCC2.1-2 as well as Federal Subsidy Recapture Tax – Adjusted Qualifying Income Table have been posted here: wshfc.org/sf/MCC.html
Please contact Lisa DeBrock at lisa.debrock@wshfc.org if you have additional questions.