Underwriting reviews for SC housing mort

The South Carolina State Housing Finance and Development Authority is soliciting underwriting review services for the SC Housing Mortgage Credit Certificate Program, with a proposal due date of September 3, 2027.

The scope encompasses underwriting review of Mortgage Credit Certificate (MCC) submissions under the SC Homebuyer Program. The Authority administers the MCC program, which provides eligible first-time homebuyers with a federal income tax credit of up to $2,000 annually on mortgage interest paid. Lenders submit MCC Submission Packages within 30 days of a lock-in period (the shorter of 90 days or the expiration of the second year following issuance), and the Authority charges a non-refundable $500 MCC processing fee per lender submission, with lenders permitted to charge an additional $300 fee to borrowers. Late submissions incur $50 monthly penalties if delivered more than 30 days after the lock-in period expires; incomplete files are subject to additional $50 monthly fees.

The program accommodates FHA, VA, USDA, and conventional mortgages on single-family detached homes, condominiums, townhomes, and manufactured homes within defined acquisition-cost limits. Eligible holders must be first-time homebuyers (with exceptions for Targeted Area purchases and qualifying veterans), occupy the property as a principal residence within 60 days of closing, and meet household income limits. The MCC remains valid for the life of the original loan so long as the eligible holder maintains principal residence occupancy; cessation of occupancy results in MCC revocation and potential recapture of federal subsidy. The program operates on a first-come, first-served basis and includes refinancing provisions with MCC re-issuance, limited to one re-issuance per eligible holder within one year of refinancing.

Program performance is located in Richland County, South Carolina, with statewide scope across SC Housing loan originations. Attached program-guide and delivery-manual documents establish operational and underwriting standards.