First things first, despite the title, you do not need to be a first time home buyer to qualify for this program. You also qualify if you have not owned and occupied a home as a principal residence within the preceding three years and the home you are buying is within a federally designated target area, more info below.
If you live in the Greater Sacramento Area (Sacramento, Elk Grove, Folsom, Isleton, Galt, Citrus Heights, Rancho Cordova and the unincorporated areas of the County of Sacramento) and are looking to buy your first home (or if you qualify, read below) then you are in luck. Here is a program to help you realize this dream. The Sacramento Mortgage Credit Certificate (MCC) Program is designed to help you get into your new home. The MCC reduces the income tax you would have to pay, which in turn allows you more available income to qualify for a mortgage and to help you make your monthly mortgage payments.
To be eligible for this program you must meet the following criteria:
- You are first-time homebuyers (have not owned and occupied a home as a principal residence within the preceding three years) (in federally designated target areas, you do not have to be a first-time homebuyer)
- You are able to qualify for a loan to purchase the home
- You will live in the home being purchased
- do not exceed the following income limitation:
1 or 2 person households: $87,360
3 or more person household: $101,920
Eligible properties must be Single Fmaily homes and must cost less than $554,025.
More detailed information and the application procedure can be found on the Sacramento Housing & Redevelopment Agency website. If you need any help buying (or selling or trying to avoid foreclosure ) your new home today (or anytime really) in the Greater Sacramento please dont hesitate to email me at peter@peterparkersellshomes.com or checkout my website for Home Buying tips and home listings.
PS. If you know of anyone having trouble making their mortgage payments please send them my way so I can help them, or send them to my foreclosure avoidance website www.StopMySacramentoForeclosure.com for foreclosure avoidance information for the Greater Sacramento Area.
