Mortgage Credit Certificate Program for Alameda County
Posted by Hamid Grinage on Wednesday, December 14th, 2011 at 11:57am.If you are a first time home buyer with an annual income of less than $82,200, then you may be eligible for an MCC or Mortgage Credit Certificate. The MCC allows you to take 15% of the annual interest on your mortgage as a dollar for dollar tax credit against your Federal income taxes.
For example, if you are a home owner with a 30 year mortgage of $300,000 at a 7% fixed rate then you would pay $20,900 in interest payments the first year of the mortgage. With the MCC, 15% of that ($3,135) could be taken as a tax credit. In turn this will help you pay your mortgage because you will get a credit at the end of the year toward the payments you have already made. So this is a great program to take advantage of if you qualify, and I'm sure that there are many who don't know about it. You must go through a participating lender to take advantage of this. Also, this is only for Alameda County, so if you are looking to purchase in Oakland or any of the surrounding cities then you will want to look into this.
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