The Riverside County Mortgage Credit Certificate Program entitles qualified first time homebuyers to reduce the amount of their federal income tax liability by an amount equal to a portion of the interest paid during the year on a home mortgage. This tax credit allows the first time buyer to qualify more easily for a mortgage loan by increasing the effective income of the buyer. The Riverside County MCC Program provides for a twenty percent (20%) rate which can be applied to the interest paid on the mortgage loan. The borrower can claim a tax credit equal to 20% of the interest paid during the year. Since the borrowers taxes are being reduced by the amount of the credit, this increases the take-home pay by the amount of the credit. The buyer takes the remaining 80% interest as a deduction. When underwriting the home loan, a lender takes this into consideration and the borrower is able to qualify for a larger loan than would otherwise be possible. The Riverside County Mortgage Credit Certificate Program increases a borrower’s "effective home buying power". The Riverside County MCC may be combined with the Riverside County First Time Homebuyers Down Payment Assistance Program.

Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately 14 miles (23 km) east of Palm Springs and 122 miles (196 km) east of Los Angeles. The population was 48,445 at the 2010 census, up from 41,155 at the 2000 census. The city was one of the state's fastest growing in the 1980s and 1990s,[citation needed] beginning with 11,801 residents in 1980, doubling to 23,650 in 1990, 35,000 in 1995, and nearly double its 1990 population by 2000.

Sales Quarter Number Of Sales Current Median Price Previous Median Price Percent Change yearoveryear
4Q2017 2455 $308,000.00 $299,000.00 3.0%
3Q2017 502 $310,250.00 $300,000.00 3.4%


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Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025


Agency Target vs Non-Target Tax Credit Household size: 1-2 Household size: 3+ Purchase Price Limits First Time Application Fee Property Type

Riverside County Mortgage Credit Certificate - MCC

Target
20%
$70,000
$80,500
$336,145
Yes
$300.00, lender charge $100.00 proc fee
SFR-attached and detached,condo, co-opt, maufactured on perm foundation (new or resale)
Non-Target 20%
$84,000
$98,000
$410,842
No
$300.00, lender charge $100.00 proc fee
SFR-attached and detached,condo, co-opt, maufactured on perm foundation (new or resale)

Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately 14 miles (23 km) east of Palm Springs and 122 miles (196 km) east of Los Angeles. The population was 48,445 at the 2010 census, up from 41,155 at the 2000 census. The city was one of the state's fastest growing in the 1980s and 1990s,[citation needed] beginning with 11,801 residents in 1980, doubling to 23,650 in 1990, 35,000 in 1995, and nearly double its 1990 population by 2000.


Connect with a Loan Officer

Loan Officer Thomas Johnston

Loan Officer Thomas Johnston | NMLS# 1583463; Arizona, California, Oregon, Texas and Washington

Thomas is your mortgage loan originator, who works side by side with a strong team that shares the same devotion to excellence.
Experienced, knowledgeable, and always up to date on the industry's latest products, Thomas strives to exceed the customers' expectations in each and every transaction.

Do you have any questions? Please call 866-610-6025

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