Lenders and Real
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Information for Single-Family
Lending and
Real Estate Professionals
Program Announcement
December 13, 2016
MCC Funds Available 12/15/2016
We are pleased to announce, as of December 15, 2016, the Commission will have $60 million available for MCC use. We expect the MCC program to be fully reserved by the end of February, 2017. At this time, the Commission does not anticipate receiving additional MCC credit for 2017 and will let you know if this situation changes.
The Commission will continue to strictly enforce the reservation policies from its manual. No reservation can be made until the borrower(s) completes a Commission sponsored homebuyer education seminar and has a fully executed purchase and sale agreement. If a loan is reserved and found in violation of Commission policy, staff will automatically cancel the reservation regardless of circumstances. If the Commission still has MCC credit available the lender can make a new reservation. If the Commission is out of MCC allocation, the borrower(s) will be placed on the “wait list” and might not receive an MCC.
Once the above allocation is fully allocated, the Commission will no longer accept reservations under this allocation. We will take a “Wait List” for funds that may come available due to cancellations.
The Commission appreciates your support and partnership and looks forward to working together to make affordable housing a reality for households in Washington State.
Please pass this announcement on to the staff at your lending institution involved in this program.
If you have additional questions please contact Corinna.obar@wshfc.org.