Orange County officials want to expand a home-buyer tax credit that they had not given out when home loans 

went haywire during the housing boom.

The county is now eager to give out certificates to first time home buyers so that they get the federal tax break.

First-time home buyers who meet income and home valuation requirements, can get a credit for up to 15 percent of their mortgage interest. That’s in addition to a nationwide $8,000 first-time buyer credit that expires on December 1, and the regular mortgage interest deduction.

The county has just $300,000 remaining of the $1.5 million allocation it got from the state in July.  The $1.5 million allocation translates to certificates based on a calculation that incorporates borrowers’ loan amounts and income-tax credit used.

Home buyers pay $300 to apply for a new certificate and $275 to keep one they have when refinancing. For more information, contact John McCarty at Urban Futures at 714-283-9334.