When buying a first home, the San Bernardino County Golden State Finance Authority MCC Program could save a first time homebuyer thousands of dollars each year. Unlike an income tax deduction, the San Bernardino County Golden State Finance Authority MCC is a dollar-for-dollar reduction in “federal income taxes owed.” The credit is equal to 20% of the annual mortgage interest paid. The remaining mortgage interest (80%) continues to qualify as an itemized deduction. The tax credit also helps increase a homebuyer’s disposable income and in-turn assists them when qualifying for the initial mortgage loan. The tax credit can be taken year-after-year, as long as the homeowner continues to live in the home and pay mortgage interest. Plus, any unused credit can be carried forward up to three years.


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

San Bernadino County Golden State Finance Authority-MCC

Target
20%
$76,680
$76,680
$336,140
Yes
$350.00 standalone, waived if using a GSFA 1st
SFR detached & atttached, Condo/Townhome, *1-4 units,* Manufactured & *Mobile homes, * see guidelines for specifics
Non-Target 20%
$84,000
$89,460
$410,840
No
$350.00 standalone, waived if using a GSFA 1st
SFR detached & atttached, Condo/Townhome, *1-4 units,* Manufactured & *Mobile homes, * see guidelines for specifics

San Bernadino County Golden State Finance Authority-MCC is available in the following areas/cities


Browse for additional mortgage experience in other cities with products and services provided by übermortgage.