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.

Riverside is a city in Riverside County, California, United States, located in the Inland Empire metropolitan area. Riverside is the county seat of the eponymous county and named for its location beside the Santa Ana River.[10] It is the most populous city in the Inland Empire and in Riverside County, and is located about 60 miles (97 km) east of Los Angeles. It is also part of the Greater Los Angeles area. Riverside is the 59th most populous city in the United States and 12th most populous city in California. As of the 2010 Census, Riverside had a population of 303,871.

Sales Quarter Number Of Sales Current Median Price Previous Median Price Percent Change yearoveryear
4Q2017 4933 $395,000.00 $350,000.00 12.9%
3Q2017 1317 $405,000.00 $347,500.00 16.5%


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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)

Riverside is a city in Riverside County, California, United States, located in the Inland Empire metropolitan area. Riverside is the county seat of the eponymous county and named for its location beside the Santa Ana River.[10] It is the most populous city in the Inland Empire and in Riverside County, and is located about 60 miles (97 km) east of Los Angeles. It is also part of the Greater Los Angeles area. Riverside is the 59th most populous city in the United States and 12th most populous city in California. As of the 2010 Census, Riverside had a population of 303,871.


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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