The Mortgage Credit Certificate Program (MCC), administered by the County of Orange, provides a certificate to a qualified home buyer (based on annual gross income) authorizing that home buyer to take an annual credit against federal income taxes when preparing his federal income tax return. The maximum amount of credit allowed is twenty percent 20% of annual first mortgage interest paid on the homeowner’s principal residence.
The value of the MCC must be taken into consideration by the mortgage lender or lending institution in underwriting the loan and may be used to adjust the borrower’s federal income tax withholding. The certificate reduces the amount of federal income taxes owed, thus increasing the qualified home buyer’s “after tax income” to help qualify for a loan and make the monthly mortgage payments.
For additional information, contact Affordable Housing Applications, Inc. at 800-591-3111
To view the City of San Juan Capistano’s website,please CLICK HERE
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