2009 Series E Bond Issue-Schedule of Funds Release and Final DPA submission guidelines for First Time Homebuyer Tax Credit Deadline

2009 Series E Bond Issue-Schedule of Funds Release

• The 2009E bond issue is scheduled to price on November 3-4, 2009.
• The size and structure of 2009E will be similar to the 2009D bond issue.
• Funds will be available for reservation on November 5th or 6th, depending on the closing of the 2009E bond issue.
• Participating Lenders that have loans in the pipeline that need to reserve MFA funds should prepare the files for reservation via MFA’s online reservation system on November 5th or 6th.

Final DPA submission guidelines for the First Time Homebuyers Tax Credit deadline

The First Time Homebuyer Tax Credit is currently set to expire on November 30, 2009. In an effort to provide the best possible customer service and an orderly closing and funding of loans prior to the expiration of the First Time Homebuyer Tax Credit, MFA is implementing the following policy:

• All DPA loans that are scheduled to close on or prior to November 30, 2009, will need to be submitted to MFA for Compliance Review by 5:00 PM on November 20, 2009.
• In order to close on or prior to November 30, 2009, all Compliance Review files will need to be cleared of all conditions and be given a “clear to close” by 5:00 PM on November 25, 2009.
• Files submitted for Compliance Review must be complete and ready for Compliance Review. Files that are submitted for Compliance Review that are not complete and ready for Compliance Review, as determined by MFA, will not be guaranteed Compliance Approval and a “clear to close” by November 30, 2009.
• On all Tax Credit Loan Program loans, the first page of the Note and the first page of the Accrued Interest Payment Calculation Spreadsheet must be submitted prior to closing, no later than 12:00 PM on November 25, 2009.
• MFA will be closed for business on November 26th and 27th, for the Thanksgiving holiday.
• MFA will not grant any exceptions to the policy.