First time home buyers this is special information just for you! The Federal Government will give you money in the form of a tax credit to buy a home. It's called the Mortgage Credit Certificate Program or MCC.

Let me tell you how it works:

If you buy a home with a $486,000 loan amount at a 5% interest rate, you’ll pay $24,300 in interest for that first year. The Federal Government will give you 20% of that interest ($4,860) in the form of a tax credit to go against your federal tax liability.  You get this credit every year for the life of the loan.

Here’s how you qualify:

  • You can not have owned a home for the last 3 years.
  • You must buy a home in the City of San Diego (any zip code starting with 921…)
  • You must make under $136,220 in annual household income.
  • Your home price cannot exceed $731,177

Internet lenders cannot offer you this program, so make sure you are seeking out someone who is trained and certified to do MCCs, like your Home Loan Gal!