Details here are for Santa Clara County but other Counties and Cities also operatate these programs.

The County of Santa Clara has been awarded a new MCC Allocation in the amount of $3,031,944.

This award should serve approximately 70 Households.

MCC Applications will be accepted beginning February 12, 2010, until the allocation is depleted.

MCC PROGRAM: The Mortgage Credit Certificate Program is available for first-time home-buyer’s purchasing their first home in participating cities in Santa Clara County. The Mortgage Credit Certificate Program gives first-time home-buyer’s a federal income tax credit of up to 15% of the interest paid on their first mortgage loan each year the home-buyer keeps the same mortgage loan and lives in the same property as their primary residence.

The Maximum Income Limits for 2010:

Effective February 12, 2010:

1 or 2 person household = $102,500

3 or more person household = $117,875

The Maximum Purchase Price Limits are:

Resale/Existing Units = $570,000 and for,

Newly Constructed Units= $630,000