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San Diego First-Time Home Owner Program

San Diego First-Time Home Owner ProgramLooking to buy a home in San Diego? Be sure to educate yourself on the homebuyer and homeowner programs that you may qualify for. There are programs that help with home repairs, down payments, closing costs, mortgages, and taxes. For the first-time homebuyer in San Diego, the Mortgage Credit Certificate (MCC) Program is beneficial.

How does the MCC Program help?

It enables first time homebuyers to receive a tax credit that amounts to 15% or 20% of their mortgage interest payment. The credit is available each year the homeowner lives in that home. The tax credit will decrease the homebuyer’s federal income taxes, raising the amount of money they take home and can put towards their mortgage.

What are the requirements?

  1. You have to be a first time homebuyers.
  2. Your household income has to meet the requirements. In San Diego, for a family of three or more, the income cannot exceed $101,220.
  3. The property has to meet cost requirements. In San Diego, for a new or resale home, the cost cannot exceed $786,924.
  4. Your lender has to approve you for financing.

What cities does the program include?

For the San Diego Regional MCC Program, the cities included are: Carlsbad, Chula Vista, Coronado, El Cajon, Encinitas, Escondido, Imperial Beach, Lemon Grove, National City, San Marcos, Santee, and Vista.

What is the first step?

The lender has to apply for the program. Not all lenders have received the necessary training to do this. Examples of companies that are currently enrolled for the MCC Program in San Diego include: AmeriFirst Financial, Cornerstone Mortgage, PrimeLending, and South Pacific Financial Corporation.

Is there an expense?

There are two expenses. First, there is a processing fee that is non-refundable. The amount is determined by multiplying .002 by the loan amount. Second, if the homeowner sells the home before they have lived in it for nine years, there is a recapture tax that they will have to pay.

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