Murrieta Foreclosures Benefit from Mortgage Credit Certificate Program
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Published: Thursday, August 27, 2009
A Murrieta mortgage program is helping buyers qualify for higher loan amounts, helping to clear the city's inventory of top quality Murrieta foreclosures. Called the Mortgage Credit Certificate Program, or MCC, the goal of the program is to make mortgage loans available to low to moderate income, first-time homebuyers purchasing a home in Murrieta.
Homeowners have long enjoyed the benefit of writing off mortgage interest on the income taxes, with taxpayers using the credit against their annual income. By lowering a person's annual income, their annual taxes are reduced. However the MCC program further helps borrowers by allowing them to apply a portion of their mortgage interest directly to their tax liability. Because their tax liability is reduced, their annual income is effectively raised. Lenders participating in the program can then qualify borrowers for higher loan amounts based on this adjusted annual income.
Murrieta Bank Homes Create Homeownership Opportunities for Entry-Level Borrowers
Murrieta foreclosed homes are still the best entry-level market for first-time homebuyers, creating opportunities for homeownership among borrowers who might otherwise be unable to qualify for traditional financing. The median home price among Murrieta bank homes is currently $222,490 and all home types are eligible for the MCC program, including Murrieta foreclosures and resale housing.
According to a staff report prepared for the Murrieta City Council by the City's Housing Department, participation in the MCC program provides another tool for qualified homebuyers to purchase a home in Murrieta. With over 1,000 Murrieta bank owned homes currently on the market, and another 1,500 homes currently in some stage of mortgage default, the MCC program is a perfect tool to help entry-level buyers find affordable homes in one of the most sought-after communities in Riverside County.
Murrieta was recently designated the 2nd safest medium sized city in the United States, and residents enjoy access to a state-of-the-art Public Library, a community center, new senior center and their own police and fire departments. Murrieta has over 100 community parks, a public outdoor swimming pool, and provides quick access to outdoor recreation as well as easy commutes to both downtown Riverside and San Diego County.
For the best bargains on Murrieta bank homes, Esocalhomesearch.com is your neighborhood foreclosures expert and can help you find the Southwest Riverside County home of your dreams. Use our convenient search tool to view the many Riverside County bank homes available and start living the good life today! Contact our foreclosure specialists at 1-951-415-3607.
Murrieta foreclosures and Temecula bank homes come in all shapes and sizes, with many including upscale amenities and large yards. The professionals at esocalhomesearch.com explain where to look for Riverside County foreclosures bargains.
Murrieta foreclosures and Lake Elsinore bank homes are bringing thousands of new residents to the Southwest Riverside County area, drawn by affordable prices and outstanding recreational facilities that offer something for everyone. From dog parks to equestrian centers, skate parks to skydiving, the foreclosure specialists at esocalhomesearch.com highlight some of the best amenities in the Southwest County.
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