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1st time buyers assistance program

Posted on 20 October 2008 by gracekeng

1st time buyers assistance program1st time buyers can apply now for the addional bonus funds from the state of California Mortgage Credit Certificate program (MCC program)

What is MCC PROGRAM?The Mortgage Credit Certificate Program for First-time Home buyers is available for first-time home buyers purchasing their first home anywhere in

Santa Clara County. The Mortgage Credit Certificate Program gives first-time home buyers a federal income tax credit of up to 15% of the interest paid on their first mortgage loan each year the home buyer keeps the same mortgage loan and lives in the same home as their primary residence. What is the income requirement:

The Maximum Income Limits are:
1 or 2 person household = $94,500, low-income=$63,300 and for a

3 or more person household = $108,675, low-income=$72,795.
The Maximum
Purchase Price Limits forResale homes are: $570,000 and New home (never been occupied) Units= $630,000

 

Note: MCC Programs CANNOT be combined with CalHFA first mortgage loans, but may be combined with other CalHFA second and third mortgage programs; ask your loan agent for details).

The realtor will help the 1st home buyers go through the home buying process of finding their homes. The lender will determine if the applicant is eligible based on income, credit score, prices, property location and tax liability. This lender

determine if the applicant is eligible based on income, credit score, prices, property location and tax liability. This lender will help the buyers to apply the loan. If you have any question regarding the MCC program, you may contact the office of affordable house at sccgov.org.

Grace Keng, CRS, Rated number #2 featured Cupertino Realtor on Activerain.com and Localism.com. California relocation, local events, homeowner information and fun! Contact Grace at For more information on Grace Keng 408 733-8887, RE/MAX RES, Santa Clara County, San Mateo County of California 

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