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County approves conversion of state volume cap to mortgage credit certificates for first-time buyers
Summary
The Oklahoma County Home Finance Authority received board approval to convert newly received state volume cap into mortgage credit certificates to support first-time homebuyer affordability.
Oklahoma County commissioners on Jan. 22 approved the Home Finance Authority's request to convert recently received state volume cap into mortgage credit certificates (MCCs), a program designed to help first-time homebuyers qualify for mortgages by allowing underwriters to count the credit when determining income eligibility.
A presenter from the Home Finance Authority explained that the MCC authorization is valid for two fiscal years and that the authority had applied for additional volume cap from the state and elected to convert that cap to MCCs. The MCC program helps borrowers "on the bubble" qualify for single-family home mortgages by improving their underwriting profile while preserving the mortgage interest deduction.
Commissioners approved the request by voice vote; the Home Finance Authority executive director and staff were present to answer questions.
