Santa Clara County has just notified us that they have received a new allocation for 2011 for first time buyers tax credits.
On January 26, 2011, the California Debt Limit Allocation Committee (CDLAC) awarded Santa Clara County’s Mortgage Credit Certificate Program (MCC) an additional $3,041,670 in MCC tax credits to be issued to qualified first-time homebuyer’s. The MCC Program is a federal income tax credit equal up to 15% of the homebuyer’sinterest paid on their first loan.
This popular tax credit program can save buyers $200-$300 dollars a month in tax expense in addition to the interest and property deductions.
Home buyers must meet certain income and sales price guidelines.
1-2 person household: $103,500, 3+ person household: $119,025
$570,000 for Resale Properties,
$630,000 for Newly Constructed Properties.
Lenders must be approved to offer the MCC program as part of their loan programs.
With a limited number of MCC certificates available it is important to work quickly with us to get the tax credit for 2011. Please call for more information. information
- Tax Deduction vs. Tax Credit (turbotax.intuit.com)