First Time Buyer Program 2019 | The Mortgage Credit Certificate!

Real Estate Agent with Sunset Properties, Powered by Movoto DRE #01485322

The Mortgage Credit Certificate, MCC is a Great First Time Buyer Program for Those Who Qualify.  Could it Be For You?

Keys and House Jill Murty Real Estate

What is the Mortgage Credit Certificate program? 

It is a 20% tax credit on the buyer's mortgage interest.  It's an incredible benefit.  A buyer who has been issued an MCC may file for the tax credit on their federal income taxes. The MCC is an annual benefit that is good for as long as the home is the buyer's primary residence.  The MCC can also help increase a buyer's qualifying power for financing.


What is a first time buyer? 

It seems pretty obvious, right?  Of course, someone who has never owned a home is a first time buyer, but guess what?  Someone who has previously owned a home can be a first time buyer again as long as they have not been on title to a property for at least three years.  Interestingly, the first time buyer requirement is waived if the buyer is a veteran.


What are the Program Income Limits?

In Orange County, CA for a 1-2 person household, the maximum household income can be up to $131,160.00.  For households of 3 or more, the annual income cannot exceed $153,020.00.


Is There a Maximum Purchase Price of the Home I Buy?

Yes.  In Orange County, California, it is $625,765.00.  In certain targeted areas, the purchase price can be up to $764,823.00, however, one must input each prospective property address into the system to determine if it is in a targeted area.


Does the MCC Survive a Refinance?

Yes, under most circumstances.  Be sure to check with the Golden State Finance Authority


Is There an Application Fee?

Yes.  There is for both the original purchase and for a refinance.  It's well worth it if you qualify for the program.


What if my Lender isn't Familiar with MCC?

If your lender is not already qualified with the MCC program, no need to worry.  They can easily get qualified if they wish to do so.  If you're working through a mortgage broker, the funding lender must be qualified with MCC.  



MCC Savings Example Jill Murty Real Estate

 Contact me today to find out if you qualify for the program and let's go out and find your new home!

Jill Murty (949) 355-5321 voice or text.




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Comments (3)

Deepak Chauhan
Versailles Property - Irvine, CA
Irvine, CA ... the place to be

I agree I myself used MCC about 30 years ago for the purchase of my first home. 

Feb 04, 2019 08:17 PM
Jill Murty, Realtor - Orange County, CA

I didn't realize the program had been in place 30 years ago.  It's a terrific program and I'm glad you had the opportunity to take advantage of it!

Feb 04, 2019 08:43 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jill, it has been a while since we connected, wishing you a prosperous 2019 and this type of post never goes out of style, buyers and agents  appreciate it, Endre

Feb 04, 2019 09:55 PM
Deepak Chauhan
Versailles Property - Irvine, CA
Irvine, CA ... the place to be

MCC can help the buyers' payoff high-interest Credit Cards first, and take care of other debts later.

Feb 05, 2019 08:06 AM

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