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The Mortgage Credit Certificate (MCC) program is sponsored by the Riverside County Economic Development Agency. The MCC provides eligible first time home buyers the opportunity to decrease their federal income tax burden to a proportion of the interest they are paying on a home loan. The Mortgage Credit Certificate is a tax “credit” as opposed to a tax “deduction”. The credit given is subtracted from the buyer’s federal tax bill. This enables the first time home buyer to increase the amount of “take-home” pay by the amount given by the credit and then take the eighty-five percent remaining as a tax deduction. As a result of the MCC the buyer will qualify for a larger loan amount on the purchase of a new home. The Mortgage Credit Certificate lasts for the life of the loan, as long as the buyer maintains this home as a primary residence. The certificate cannot be transferred to another loan or refinance. The qualifications for the Mortgage Credit Certificate are listed below. 1. The buyer must be a first time home buyer. The Riverside County Mortgage Certificate can be used to purchase a home in the locations listed below. All unincorporated areas of Riverside County.
This page has given only cursory information on the Riverside County Mortgage Credit Certificate Program sponsored by Riverside County Economic Development Agency. This program has extensive details that can be found on the EDA’s website at EDA website, in addition, you can call the numbers below for more information. For more information contact: Riverside County Economic Development Agency If you need any information on Murrieta Real Estate or Property please check our Murrieta Homes section on this website or contact us at any time. |
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