Mortgage Credit Certificate (MCC)
The MCC provides a federal income tax credit to eligible first-time homebuyers. The credit is equal to 15% of the annual interest paid on the first-time homebuyer’s first mortgage and can be taken as long as the home is the principal residence. The applicant must apply for and qualify for a first mortgage purchase loan from one of the participating Marin MCC lenders and mortgage brokers.
| FIRST TIME HOMEBUYER PROGRAM |
Phone: (800) 789-2342 |
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The California Housing Finance Agency provides financing, down payment assistance and lower interest rates for Californians within specified income ranges. To qualify for a CalHFA loan, applicants must meet the following requirements: |
- Be a first-time homebuyer (defined as persons who have not had an ownership interest in their primary residence during the previous three years).
- Have an annual household/family income that does not exceed income limits for the family size and county in which the home is located.
- Have sufficient funds available to meet the required down payment (3-5%) plus closing costs. Property must be owner-occupied for the term of the loan or until sold.
- Meet credit, income and loan requirements for the CalHFA lender and the mortgage insurer.
- Be a citizen or other national of the US or a qualified alien as defined by the federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA).
To view the City of Marin’s website, please CLICK HERE
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