Section 67-54.007 - Eligible BorrowersThe 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.Fla. Admin. Code Ann. R. 67-54.007
Rulemaking Authority 420.507(12) FS. Law Implemented 420.5099 FS.