As you are aware, previously when using FirstHome, Mortgage Credit Certificate, FirstHome Plus or Military Homeownership Assistance Program
the lender was required to provide third party valuations. Effective immediately, it is no
longer necessary for our lending partners to obtain valuations from Craigslist or any other
The IRS will not allow Mortgage Revenue Bond programs to fund the purchase of
personal property. Thus, when using FirstHome, Mortgage Credit Certificates, FirstHome Plus or Military Homeownership Assistance grants, the
borrower must provide their own funds to cover the value of any personal property.
Therefore, if the transaction has personal property this will still continue to be noted in
your conditions upon review of the pre-close package. The borrower must then have at
least enough of their own funds (earnest money, deposit, etc.) in the transaction to cover
the value of the personal property.