First-Time Homebuyers: Help From Rivco EDA
Riverside County residents who are looking to buy a home for the first time can get some purchasing power help with a Mortgage Credit Certificate (MCC) through the Economic Development Agency.
In fact, residents who haven't owned a home in the past three years can qualify for this program . . . and, in some targeted areas within the county, help is available even for those who have owned a home within the past three years.
A Mortgage Credit Certificate entitles qualified home buyers to reduce the amount of their federal income tax liability by an amount equal to a portion of the interest paid during the year on a home mortgage. In other words, a portion of the federal tax you would otherwise have to pay is diverted toward your mortgage, increasing your spending power without hitting your wallet.
For more info on this valuable program, contact the Riverside County Economic Development Agency's Housing Division at 800 909-0079, or go online to http://www.rivcoeda.org/mcc.