Riverside County MCC (Mortgage Credit Certificate) Program

Riverside County MCC (Mortgage Credit Certificate) Program is a mortgage credit certificate for homebuyers in Riverside County, California. MCC program for first-time homebuyers in Riverside County. Federal income tax credit of 20% of annual mortgage interest up to $2,000/year for life of loan. Income and purchase price limits apply. Up to $2,000 in assistance. non-repayable grant. Funding comes from Federal tax credit.

Riverside County MCC (Mortgage Credit Certificate) Program is a tax credit rather than a loan, so there is nothing to repay. Repayment is triggered by Federal recapture possible if sold within 9 years. The assistance is recorded in N/A (grant - no lien) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Riverside County MCC (Mortgage Credit Certificate) Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Contact lender for current credit score requirements. Residency requirement: Purchase in Riverside County. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. Federal tax credit equal to 20% of annual mortgage interest (max $2,000/yr); reduces federal income tax owed; first-time homebuyer required; income and purchase price limits per county.

Riverside County MCC (Mortgage Credit Certificate) Program limits household income to 115% of the area median income, which varies by county and household size. Contact program provider for current income limits. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Riverside County MCC (Mortgage Credit Certificate) Program caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-4 unit), FHA-approved condominium, townhome/PUD. New construction is eligible. Manufactured homes are not eligible.

Riverside County MCC (Mortgage Credit Certificate) Program serves homebuyers purchasing in Riverside County, California.

Applications for Riverside County MCC (Mortgage Credit Certificate) Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.