Program Highlights
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County: |
Orange |
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Agency: |
Affordable Housing Applications (AHA) |
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Web-Site: |
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Contact e-Mail: |
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Contact Us: |
(866) 667-6724 |
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How to Qualify: |
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Eligible Homes for Sale: |
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Program Description: |
Mortgage Credit Certificate |
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Maximum Loan Amount: |
N/A |
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Income Restrictions: |
Yes |
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Requires Repayment: |
No |
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Requires Matching Funds: |
No |
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Eligible 1st Loan Terms: |
Fixed Rate / Fully Amortized |
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Eligible 1st Loan Types: |
FNMA, FHLMC, CalHFA, FHA |
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Ineligible 1st Loan Types: |
N/A |
NOTE: MCC PROGRAM IS TEMPORARILY SUSPENDED - CONTACT AT CITY SAID IT MAY BE REINSTATED LATE FALL - SEPTEMBER/OCTOBER
Mortgage Credit Certificate Program Fact Sheet
- The Mortgage Credit Certificate (MCC) Program enables first-time homebuyers to receive a federal income tax credit of 15% of the annual mortgage interest paid.
- MCC’s reduce federal income tax, increase take-home pay, and increase the qualifying loan amount for homebuyers.
- Program assistance is available only to income-eligible persons and families who have not owned a home in the last three years.
- The property must be a single-family detached home, condominium, or townhouse located within the County of Orange.
- Participants must occupy the home.
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Family Size |
Maximum Gross |
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Income Limits: |
1 or 2 persons |
$ 81,205 |
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3 + persons |
$ 93,386 |
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Type of Property |
Maximum Purchase Price |
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Purchase Price Limits: |
Resale |
$ 360,585 |
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New |
$ 503,367 |
The MCC Program is administered by Affordable Housing Applications (AHA) for the County of Orange.
Categories:
Tags: buying reo, buying short sales, first time home buyers, mortgage tax certificates, Orange County
