First Time Homebuyers in San Diego County may be able to lower their federal income tax liability because of an infusion of cash from the state. Officials announced Friday that the county had received $15 million in state funds toward the Mortgage Credit Certificate Program. These funds are in addition to an earlier award of $11 million.
The Mortgage Credit Certificate (MCC) Program allows San Diego First Time Home buyers to lower their federal income tax bill up to 20% of their mortgage’s annual interest.
San Diego County MCC
San Diego Mortgage Credit Certificate (MCC) for San Diego First Time Home Buyers.
First-time homebuyers purchasing houses or condominiums within the city limits of San Diego can receive a tax credit equal to either 15 or 20 percent of the mortgage interest they pay each year on their federal income taxes. This increases their take home pay, which helps them make their monthly mortgage payment and qualify for a larger first mortgage.
For more valuable First Time Home Buyer information, subscribe to the blog, call or email us. To save or share with a friend, click on the button below.
Tags: first time home buyer loans, First Time Home Buyers, san diego first time homebuyer