Florida Regulations 67-54.007: Eligible Borrowers
Current as of: 2024 | Check for updates
|
Other versions
The MCC Eligible Borrowers under MCC program:
(1) Must possess an ownership interest and occupy the residence as a principal residence within sixty days after loan closing. The Eligible Borrower must notify the MCC Participating Lender and the Corporation if he/she ceases to occupy the property as the primary residence. At that time, the MCC will be revoked and the Eligible Borrower must stop using the MCC Credit;
(2) Must not have owned a principal residence, including a mobile home (whether or not on a permanent foundation), located within or outside the State of Florida during the three-year period ending on the date the mortgage is executed, unless the residence is being purchased in a MCC Targeted Area;
(3) Must meet household income limits for the MCC Program. MCC Participating Lenders must calculate income by using the procedures outlined in the Origination Guide.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented Florida Statutes § 420.5099. History-New 1-3-05.
Terms Used In Florida Regulations 67-54.007
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Must not have owned a principal residence, including a mobile home (whether or not on a permanent foundation), located within or outside the State of Florida during the three-year period ending on the date the mortgage is executed, unless the residence is being purchased in a MCC Targeted Area;
(3) Must meet household income limits for the MCC Program. MCC Participating Lenders must calculate income by using the procedures outlined in the Origination Guide.
Rulemaking Authority Florida Statutes § 420.507(12). Law Implemented Florida Statutes § 420.5099. History-New 1-3-05.