Ventura County Mortgage Credit Certificate (MCC) Program Receives Funds!

Good news for first time home buyers in Ventura County.  The Mortgage Credit Certificate Program (MCC) is funded for 2011.  What is the MCC Program you ask?  The MCC Program is a federal income tax credit that helps first time home buyers by increasing the loan amount that you qualify for and increasing your take home pay.  The Ventura County MCC Program allows you to take a federal income tax credit (not a deduction) of 20% of the annual interest you pay on your home mortgage.  Since the MCC lowers your federal income taxes and increases your net earnings, it's a big help when buying your first home in Ventura County.  What's more, the Mortgage Credit Certificate Program will continue to lower your federal income taxes each year you live in your home.

This is a little known program and you'll want to ask your lender about it.  Not all lenders are approved and you can find a complete list at the AHA Housing Website.  There are also some income limitations and a few other restrictions.  For a very corny overview of the program, watch the videos below.  If you are a first time homebuyer, you can't afford not to find out if you qualify for the Ventura County Mortgage Certificate Program.