Posts Tagged ‘Santa Clara County California’

FIRST TIME BUYER PROGRAMS-Santa Clara & San Mateo Counties.

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It’s easier than ever for 1st time buyersto to get on the home ownership wagon in Santa Clara and San Mateo Counties.

Official seal of County of Santa Clara

Official seal of County of Santa Clara (Photo credit: Wikipedia)

Each  has a dynamite program which greatly reduces the costs of buying when the buyer has only a small Down Payment (3% for Santa Clara-5% for San Mateo).

In both Counties the program works by providing a very low interest rate Second mortgage for either 17% or 15% of the purchase price. This removes the expensive PMI (Private Mortgage Insurance) with  all it’s costs and bureaucracy.

More information can be found at: – for the Santa Clara County MAP Program – for the San Mateo HEART Program.

Or drop me an e-mail –


You can then add the best Federal  Program I know of; The MCC (Mortgage Credit Certificate ) program which provides a substantial IRS Credit. As an example of this it would reduce your Federal Tax Bill by about $240/month on a $400,000 mortgage i.e. $2,880/ year.

NOTE: This is in addition to the normal Tax Relief on Mortgage Interest.

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Mortgage Credit Cerificates (MCC)

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Here is another dynamite program for 1st time home buyers.

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

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