Current Program
Home at Last™ MCC Program
Do you want to become a homeowner, but don’t think you can qualify for a loan? The Nevada Rural Housing Authority is here to help with Home at Last™ home financing programs. One of our current Home at Last™ programs is a mortgage credit certificate (MCC) program.
Home at Last™ MCC provides a dollar-for-dollar federal income tax credit equal to 20% or 35% of the interest paid on a mortgage loan. The tax credit is given to the homebuyer every year as long as they live in the home. Loans of $190,000 or less will receive a 35% credit and loans of more than $190,000 will receive a 20% credit.
What does Home at Last™ MCC offer:
• Federal income tax credit equal to 20% or 35% of the interest paid on a mortgage loan (maximum $2,000 tax credit per year at 35% rate, no maximum on 20% rate)
• Annual savings estimated at $1,800 a year per household
• Savings continue each year based on actual interest paid on the home
• No asset limits for homebuyers
Savings Example:
Home A
Loan Amount: $120,000
Interest rate: 4.5%
Approximate annual interest: $5,400
Tax credit: 35% of mortgage interest
Savings: Approximately $1,890 a year
Home B
Loan Amount: $200,000
Interest rate: 4.5%
Approximate annual interest: $9,000
Tax credit: 20% of mortgage interest
Savings: Approximately $1,800 a year
Who qualifies:
• First-time homebuyers or qualified veterans who will live in home as primary residence
• Households meeting income qualifications and normal FHA, VA, Conventional or RHS underwriting requirements
• Home purchase is in rural Nevada (population fewer than 100,000) and falls below maximum price.
Maximum home prices:
Carson City…………………$363,417
Clark…………………………$364,556
Douglas……………………..$427,215
Elko, Eureka & Nye.……….$296,202
Lyon..........................……$301,898
Storey & Washoe.....………$367,974
All other areas.……………$247,032
Maximum income limits (household):
Carson City:
2 or fewer $83,160
3 or more $97,020
Churchill County:
2 or fewer $67,696
3 or more $77,851
Clark:
2 or fewer $79,200
3 or more $92,400
Douglas:
2 or fewer $92,280
3 or more $107,660
Elko:
2 or fewer $81,698
3 or more $93,952
Eureka:
2 or fewer $83,038
3 or more $95,493
Humboldt:
2 or fewer $73,300
3 or more $84,295
Lyon & Nye:
2 or fewer $79,200
3 or more $92,400
Storey & Washoe:
2 or fewer $85,680
3 or more $92,400
All other areas:
2 or fewer $67,896
3 or more $78,081
Click here to download a Home at Last™ MCC Brochure.
Click here to use the mortgage calculator and view your life time estimated savings.
Click here for a list of approved lenders.
Click here for a list of Home at Last™ Certified Realtors.
Click here for a sample 2010 1040 Tax Return.
Questions?
If you have any questions or need further information, please call NRHA at 775.887.1796.
