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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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The New York State Mortgage Credit Certificate
Who is excited about this?? ME!link
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Posted 8/12/09 7:16 PM  |
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headoverheels
s'il vous plaît
Member since 6/07 42079 total posts
Name:
LB
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Re: The New York State Mortgage Credit Certificate
can you do this if you have an FHA loan? i can't find the info on the site
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| Posted 8/12/09 8:05 PM |
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onlylisa
LIF Adolescent
Member since 3/09 740 total posts
Name:
Lisa
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Re: The New York State Mortgage Credit Certificate
Federal law prohibits SONYMA from combining MCCs with its own mortgages. However, MCCs can be used with other fixed-rate mortgages that lenders offer, such as:
* Conventional loans (Fannie Mae/Freddie Mac);
* FHA-insured loans;
* VA-guaranteed loans; or
* Other fixed-rate products.
Looks like FHA is good. Thanks for this info!
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| Posted 8/12/09 8:13 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: The New York State Mortgage Credit Certificate
can i ask why it is only for first time home buyers? why can't any home buyer get this?
sorry, but i am tired of not getting jack squat because i used my wedding fund to put down on a house when i was single!
thanks for the vent.
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| Posted 8/12/09 8:37 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: The New York State Mortgage Credit Certificate
since we are buying our first home does anyone know if we should contact our account now and get things in the works for the grant given and now this? Or am I jumping the gun?
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| Posted 8/12/09 8:50 PM |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: The New York State Mortgage Credit Certificate
Posted by Nifheim
since we are buying our first home does anyone know if we should contact our account now and get things in the works for the grant given and now this? Or am I jumping the gun?
I would contact them now. that article sounds like it is a done deal...
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| Posted 8/13/09 8:19 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: The New York State Mortgage Credit Certificate
No I am not happy that new buyers are getting yet another perk!!
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| Posted 8/13/09 8:55 AM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: The New York State Mortgage Credit Certificate
Posted by neener1211
No I am not happy that new buyers are getting yet another perk!!
Me too!!!
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| Posted 8/13/09 9:35 AM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: The New York State Mortgage Credit Certificate
I am lost... can you get this if you are already closed in the house? Or if you are a first time buyer heading into contract?
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| Posted 8/13/09 10:09 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: The New York State Mortgage Credit Certificate
Posted by kokopelia
I am lost... can you get this if you are already closed in the house? Or if you are a first time buyer heading into contract?
the article makes it sound like you would have to apply for it at the time you are applying for the mortgage. so if you already closed, you might not be able to take advantage.
there are home purchase price limits and income limits to this as well...
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| Posted 8/13/09 10:52 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: The New York State Mortgage Credit Certificate
Posted by BlueDiamonds
there are home purchase price limits and income limits to this as well...
What are the limits-were they the same as the sonyma loan itself? I didn't see that part.
I found it, yes, you would have to qualify for a SONYMA loan as well.
Message edited 8/13/2009 11:19:57 AM.
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| Posted 8/13/09 11:17 AM |
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ndblovah
Be happy always
Member since 1/07 1880 total posts
Name:
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Re: The New York State Mortgage Credit Certificate
Posted by neener1211
Posted by BlueDiamonds
there are home purchase price limits and income limits to this as well...
What are the limits-were they the same as the sonyma loan itself? I didn't see that part.
I found it, yes, you would have to qualify for a SONYMA loan as well.
Lame just one more thing to be cheated out of ... Oh well I didn't get the 8k tax credit either cause I bought a home from my mom. I was a first time home buyer... 
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| Posted 8/13/09 12:12 PM |
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CurlyQ
Member since 6/07 2024 total posts
Name:
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Re: The New York State Mortgage Credit Certificate
Posted by BlueDiamonds
Posted by kokopelia
I am lost... can you get this if you are already closed in the house? Or if you are a first time buyer heading into contract?
the article makes it sound like you would have to apply for it at the time you are applying for the mortgage. so if you already closed, you might not be able to take advantage.
there are home purchase price limits and income limits to this as well...
I just called my accountant and mortgage broker. You have to apply for the mortgage credit certificate before closing. It costs $250 to borrow 100,000 and $500 to borrow less than 500,000. Once you get approved you then give it to your accountant and they will fill out the form to attach to your tax refund for the life of the mortgage. A great savings!!
Thanks for posting this OP, it was the first my accountant had heard of it and we are so excited about the savings!!!
Message edited 8/13/2009 12:35:07 PM.
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| Posted 8/13/09 12:34 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: The New York State Mortgage Credit Certificate
i am so lost with this emailed it to my mortgage broker and I am trying to call my accountant to explain it to me. I am completely dumb with this stuff.
Edited: I got an answer from our mortgage broker: That is Sonyma and is only available in NYS. Guidelines are tough and it takes at least four months to close. They also have a "recapture" feature which means that if you refinance or sell within nine years, you would have to repay your savings back to NYS. I am not a fan because it does not help that many people.
I am still researching it.
Message edited 8/13/2009 1:20:28 PM.
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| Posted 8/13/09 1:11 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: The New York State Mortgage Credit Certificate
Okay mortgage broker called it will delay your closing if you do this because the paper work takes up to 4 months to process and you can not close until this is done which will bring you past November which will then make you not be able to take advantage of the 8k program.
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| Posted 8/13/09 1:27 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: The New York State Mortgage Credit Certificate
Posted by Nifheim
Okay mortgage broker called it will delay your closing if you do this because the paper work takes up to 4 months to process and you can not close until this is done which will bring you past November which will then make you not be able to take advantage of the 8k program.
Just wanted to update b/c I spoke to my loan officer. The bank applies at the same time paperwork for mortgage is going through and it will not delay your closing- said it takes about 1 week for paperwork to clear with SONYMA but this is happening at the same time as other things. Only Sonyma lenders can offer the certificate.
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| Posted 8/21/09 6:47 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: The New York State Mortgage Credit Certificate
really my broker is lying to us then, its wells fargo bank and they are on the list.
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| Posted 8/21/09 7:35 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: The New York State Mortgage Credit Certificate
I think you have to go directly though the bank mortgage brokers can't get it for you, it probably wouldn't hurt to try calling wells fargo directly and ask someone
You could save a lot of money every month by doing so
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| Posted 8/21/09 9:47 PM |
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