December 2011

Mortgage Credit Certificate Program for Alameda County

Wednesday, December 14th, 2011 at 11:57am. 2419 Views, 0 Comments.

If you are a first time home buyer with an annual income of less than $82,200, then you may be eligible for an MCC or Mortgage Credit Certificate. The MCC allows you to take 15% of the annual interest on your mortgage as a dollar for dollar tax credit against your Federal income taxes.

For example, if you are a home owner with a 30 year mortgage of $300,000 at a 7% fixed rate then you would pay $20,900 in interest payments the first year of the mortgage. With the MCC, 15% of that ($3,135) could be taken as a tax credit. In turn this will help you pay your mortgage because you will get a credit at the end of the year toward the payments you have already made. So this is a great program to take advantage of if you qualify, and I'm sure that there are many…

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AB29-Annual Firefighting Fee

Friday, December 2nd, 2011 at 1:37pm. 1298 Views, 0 Comments.

If your home is in a designated wildland fire area, there is a new $150.00 annual fee that will be assessed to you to help pay for fire prevention services. There is a lot of real estate in Oakland and the the rest of the East Bay that are in high fire areas, and homeowners in these areas already pay a supplemental tax to pay for fire services. This new annual fee will be in addition to any special assesments that already exist for a particular area.

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