Are there tax credits for first-time home buyers?
Buyers Answers

San Diego city and county governments offer Mortgage Credit Certificate (MCC) programs, which allow first-time home buyers to take advantage of a special federal income tax write-off, which makes qualifying for a mortgage loan easier.

Requirements vary from program to program. People wanting to apply should contact Charman Wilson at West End Mortgage or their local housing or community development office. Charman's number is 619-787-4008.

Here is a list of four general requirements to keep in mind:

• Most credits may be claimed only on your owner-occupied principal residence.
• There are maximum income limits, which vary by locality and family size.
• You must be a first-time home buyer, which means you must not have had any kind of ownership interest in a principal residence during the past three years. This restriction may be waived, however, if you are buying property within certain target areas.
• Allocations must be available. A local MCC program may decline new applications when it runs out of funds.