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How does this work: Mortgage Credit Certificate (SC Mortgage Tax Credit Program)

I have a ratified contract on a HUD home. I have received an underwriter approval with conditions on a FHA loan. The conditions are easily met, and I am submitting that information today. (Am I correct when I'm assuming that once I send in these 3 things, the loan is officially approved? Or can more conditions still pop up?)

I was doing some research,and I learned about the MCC. However, I'm not exactly sure about it. I found the link below for the application, but it seems HUD has stream lined the process since then? My mortgage lender is on the approved lender list.

Is it too late to do this if my lender is able, since my loan has already went to underwriting? Will it significantly delay my closing? (I already had home inspections, appraisals, termite inspection, and etc) I'm assuming the contract would go to HUD for final approval and HUD to set closing date?

I'm 99.99% sure the MCC with worth pursuing. I looked over the requirements, and looks like I qualify. I am going to ask my loan officer as well, but it is nice to get a unbiased opinion. I don't even know if having a MCC would make them less likely to want loan to me.

It is a HUD home, and everything has gone so smoothly. I don't want to risk losing the house, so I am nervous!!! Will this complicate my contract/application? Will it increase the risk of not closing? My closing date required by HUD is Oct. 5th. (I think)

MCC application:

  • August 28 2013 - US
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