More
Generous than Last Year’s $8000 First-time Homebuyer Tax Credit!
The Sacramento Housing and
Redevelopment Agency has allocated new funds for the Mortgage Credit
Certificate (MCC) program. What does that mean for first-time homebuyers? Well,
if you purchase a $225,000 home and plan to live in the home for at least the
next three years, with the tax credit savings you receive from the MCC, you
will have gotten more than $8000 in stimulus money!
Here
is an overview of the program and how it works:
·
Provides
a 20% tax credit on the interest of your mortgage (this is in addition to the
other tax benefits you receive when you purchase a home)
·
You must be a first-time homebuyer
·
You must live in the home (you can only receive the tax benefits
as long as you live in the home, but can receive the tax benefits for the life
of the loan as long as you still live there)
·
Reserved for areas around Sacramento (contact me for
a full list of eligible areas)
·
There is a $250 application fee to take advantage of the program
·
To take advantage of the MCC program, your household income must
fall below these limits:
o 1 to
2 Person Household – $75,100
o 3 or
more Person Household – $86,365
Contact me today,
to learn more about the MCC program and the benefits for you, and to determine
your eligible.
