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.


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 County Mortgage Credit Certificate - MCC is available in the following areas/cities


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