Home at Last™ MCC 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 50% 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. Mortgage loans over $200,000 are eligible to use the 20% if the homebuyer chooses.
What does Home at Last™ MCC offer:
• Federal income tax credit equal to 20% or 50% of the interest paid on a mortgage loan (maximum $2,000 tax credit per year at 50% rate, no maximum on 20% rate)
• Annual savings estimated at $2,000 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: $140,000
Interest rate: 4%
Approximate annual interest: $5,500
Tax credit: 50% of mortgage interest
Savings: Approximately $2,000 a year
(Credit is capped at $2,000 on 50% rate)
Home B
Loan Amount: $275,000
Interest rate: 4%
Approximate annual interest: $10,900
Tax credit: 20% of mortgage interest
Savings: Approximately $2,180 a year
(No credit cap at 20% rate)
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…………………$368,076
Clark…………………………$369,230
Douglas……………………..$432,692
Elko, Eureka & Nye.……….$299,999
Lyon..........................……$305,769
Storey & Washoe.....………$372,692
All other areas.……………$250,200
Maximum income limits (household):
Carson City:
2 or fewer $83,400
3 or more $97,300
Churchill County:
2 or fewer $70,139
3 or more $80,660
Clark:
2 or fewer $77,640
3 or more $90,580
Douglas:
2 or fewer $93,840
3 or more $109,480
Elko:
2 or fewer $84,331
3 or more $96,981
Eureka:
2 or fewer $85,411
3 or more $98,223
Humboldt:
2 or fewer $73,400
3 or more $84,410
Lander:
2 or fewer $69,799
3 or more $80,269
Lyon & Nye:
2 or fewer $77,640
3 or more $90,580
Storey & Washoe:
2 or fewer $81,480
3 or more $95,060
All other areas:
2 or fewer $70,719
3 or more $81,327
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.
