Mortgage Credit Certificate

Mortgage Credit Certificate (MCC) Program The Mortgage Credit Certificate Program provides a tax credit to first-time homebuyers for the purchase of single-family homes, townhomes and condominiums. A first-time homebuyer is defined as a person who has not had their name on a Santa Clara County property title for a principal residence within the last three years.

If you are interested in obtaining an MCC, contact your lender. If you or your lender require additional information, contact the Santa Clara County Mortgage Credit Certificate Program at (408) 441-4260 or visit the program web site at http://www.mccprogram.com.

Teacher Housing Assistance Program In 2003, the City of Cupertino developed a down payment assistance program to assist qualifying Cupertino teachers in their quest for homeownership. The terms of the loan are similar to the San Jose Teacher Housing Program, which was reviewed by the Cupertino Housing Commission and found to be preferred over other existing teacher programs. The program is easy to administer and easy for the borrower to understand. The following is a list of the loan terms: Maximum loan amount of $66,666 for down payment assistance Zero percent loan deferred for 30 years or until transfer of property title. Home must be borrower’s principle residence for the term of the loan. Resale restriction will be recorded against the property. Term of resale restriction shall be 45 years. Borrower can resell within the period covered by the resale restriction to a qualifying teacher; or Resell the unit at market value within the period covered by the resale restriction and pay the City of Cupertino an equity share. Equity share percentage to be determined.

Teachers must be employed in the Cupertino Union School District (CUSD), Fremont Union High School District (FUHSD) or the Foothill-DeAnza College District (FDCD). Teacher is defined as a credentialed full-time teacher employed by CUSD, FUHSD and FDCD Homes must be purchased within the city of Cupertino limits Neighborhood Housing Services Silicon Valley (NHSSV) is working with the participating school districts to provide outreach to inform teachers about the program and assist the teachers throughout the purchase process. NHSSV also offers homebuyer education classes, credit repair and budget counseling. If you are an interested teacher in a qualifying school district, please contact NHSSV and mention the Cupertino Teacher Housing Assistance Program.

Neighborhood Housing Services Silicon Valley 1156 North Fourth Street San Jose, CA 95112 Phone: (408) 279-2600 Fax: (408) 279-4100 Web site: http://www.nhssv.org E-mail: nfo@nhssv.org

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