San Diego Regional Mortgage Credit Certificate Program Saves You Money on Houses for Sale in San Diego
Dec 22nd, 2009 by Kathleen Behrens
Would you love to reduce your federal taxes and increase your net income? Are you interested in purchasing property in San Diego? If you answered yes to both of these questions, then you need to know about a special program involving San Diego properties which can reduce your federal taxes by up to 20 percent of the annual interest you pay on a mortgage loan. When the amount of taxes you owe is reduced, then your net income increases, which can assist you in qualifying for a mortgage loan.
The San Diego Regional Mortgage Credit Certificate Program is managed by the San Diego County Department of Housing and Community Development. The department recently received an additional $15 million for the Mortgage Credit Program. This money is in addition to the $11 million the department was given earlier this year.
Of course there are some rules, regulations, and stipulations attached to qualifying for the program. The requirements include the buyer using the home as his or her primary residence, and the property must be a single family detached home, a condominium, a townhome, or a manufactured home on a permanent foundation. There are also location restrictions. The property must be located in Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, La Mesa, Lemon Grove, National City, Poway, San Marcos, Santee, Vista, or in an unincorporated area. San Diego and Oceanside are not included because they have their own programs.
There are income eligibility limits which differ depending on whether or not you purchase a home in a designated or non-designated area and the size of your family. A family consisting of one or two people may earn up to $98,800 annually to purchase a property in a non-designated area. In a designated area, a family of one or two people may earn up to $113,780 per year. A family of three or more people may earn up to $109,020 annually to qualify in a non-designated area and up to $132,720 in a designated area. To purchase property in a non-designated area, you must qualify as a first time buyer. However, this restriction does not apply to properties purchased in designated areas.
The first step is to contact a mortgage lender who is eligible to submit Mortgage Credit Certificate (MCC) applications. Eligible lenders have received Affordable Housing Application Lender Training within the last year and/or have completed an accepted MCC application within the last two years. Your lender will work with you to provide financing options and file the Mortgage Credit Certificate on your behalf. I recommend contacting Robert McMahon of Guild Mortgage.
Robert McMahon, Loan Specialist 619-857-1657 cell
Guild Mortgage Company rmcmahon@guildmortgage.com
5075 Shoreham Place Suite 260 1-800-287-8292 ext. 228
San Diego, CA 92122 http://www.sandiegomortgagenetwork.com
The second step is to contact a San Diego Realtor to assist with your search of houses for sale in San Diego. I recommend Russ Petrone, President & Broker of Petrone Properties. www.PetroneProperties.com Russ@PetroneProperties.com 858-775-1812
For more information visit the County of San Diego’s website at http://www.sdcounty.ca.gov/sdhcd/homeowners/mcc.html.
The Affordable Housing Applications, Inc. website also has excellent information and resources regarding the San Diego Regional Mortgage Credit Certificate Program, how to select a lender and a realtor, and tips for how to educate yourself about the entire home buying process at http://www.ahahousing.com/pages/sandiego.htm.
[...] In addition to record low interest rates and market prices, there are numerous local, state, and federal programs available which can save buyers money on houses for sale in San Diego. For details on a local program which can save you money on your federal taxes, read the article entitled San Diego Regional Mortgage Credit Certificate Program Saves You Money on Houses for Sale in San Die…. [...]