Mortgage Credit Certificate (MCC) Program in Santa Clara County-SCC40k Downpayment Assistance Program

County of Santa Clara-First-Time Home Buyer Program Updates

Mortgage Credit Certificate’s Update:  

Money is still available!

On January 26, 2011, the California Debt Limit Allocation Committee (CDLAC) awarded Santa Clara County’s

Mortgage Credit Certificate Program (MCC) an additional $3,041,670 in MCC tax credits to be issued to qualified first-time homebuyer’s.  The MCC Program is a federal income tax credit equal up to 15% of the homebuyer’s

interest paid on their first loan. 

Maximum Income Limits for 2011:                        

1-2 person household: $103,500                                

3+  person household: $119,025                                

Maximum Purchase Price Limits for 2011:

$570,000 for Resale Properties

$630,000 for Newly Constructed Properties

Based on the average MCC loan amount the Bonus Pool Allocation should serve 65-70 households. 

SCC40K Downpayment/Closing Cost Program Update:

The County has seven (7) $40,000 Downpayment Assistance loans still available. 

The Downpayment/Closing Cost Program offers qualified first time buyers a 30- year, deferred loan

at 3% interest for the first 4 years, and 0% interest to year 30.  Properties purchased only in the following jurisdictions qualify:

Qualified  Jurisdictions:

Campbell, Los Altos, Los Altos Hills, Los Gatos, Monte Sereno, Morgan Hill, Saratoga, and the County Unincorporated Areas.  

(Properties in the City of San Jose are not eligible for these loans.)