Benefit Summary:

The Home at Last™ Mortgage Tax Credit (MTC) provides a federal income tax credit equal to either 30% or 20% of the interest paid on a mortgage (the 30% rate has a maximum $2,000 credit per year / the 20% rate has no limit per year).  The tax credit is good every year for the life of the loan.

 

Contact: 
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  • Home at Last™ Mortgage Tax Credit (MTC) Program - NRHA

Home at Last™ MTC Program

  • The Nevada Rural Housing Authority's Home at Last™ Mortgage Tax Credit (MTC) program offers qualified first-time buyers a federal income tax credit equal to 30% or 20% of the interest paid on their mortgage loan.  It provides the credit on mortgage interest every year the buyer lives in the home for the life of the loan, plus the homeowner can still claim the remaining interest as a tax deduction.

Program at-a-glance:

  • Federal income tax credit equal to either 30% or 20% of the interest paid on the mortgage loan (30% rate has a maximum $2,000 tax credit per year, 20% rate has no limit on the tax credit per year)
  • Savings estimated at $2,000 a year ($166 a month) per household
  • Savings continue each year based on actual interest paid on the home
  • No asset limits for homebuyers

Savings Example:

Loan amount: $150,000

Interest rate: 4.5%

Approximate annual interest: $6,700

Tax credit: 30% of mortgage interest

Savings first year: $2,000 (Maximum $2,000 per year)

Savings over 10 years: $18,391

Total savings over life of loan: $37,073

Who qualifies:

  • First-time homebuyers (have not owned a home in the past three years); or Qualified Veterans who will live in the home as their primary residence
  • Households meeting income qualifications and normal FHA, VA, Conventional or USDA underwriting requirements 
  • Home purchase falls below maximum price 
  • Buyer must complete homebuyer education (choose online or in person from buttons on the right) 

The Nevada Rural Housing Authority and Nevada Housing Division have partnered together to offer the MTC benefit statewide to any first-time homebuyer, or Qualified Veteran who meets the qualifications. 

NEW! Reduced MTC program fee and homebuyer rebate:

  • The MTC fee has been reduced to a flat, one-time fee of $995, plus the lender may charge an application fee up to $300 at closing 
  • Receive a $500 rebate after closing when pairing the MTC with the Down Payment Assistance Grant 

NEW! Veteran/Military Benefit:

The $995 MTC program fee is waived entirely for borrowers who meet one of the following criteria:

  • Veteran who has been honorably discharged;
  • First-time homebuyer serving on Active Duty; or
  • National Guard service personnel

This fee waiver is an amazing gift to eligible veterans, essentially returning tens of thousands of dollars to our Nevada heroes over the lifetime of their mortgage!  Please note that the $500 rebate does not apply when the MTC program fee has been waived.

Notice of recapture tax:

Buyers using the Home at Last™ MTC program may be subject to a recapture tax if they sell their home within nine years of purchase. However, NRHA offers a reimbursement program for homeowners to remove any risk of having to pay the racapture tax. Click to learn more.  There is no reason not to take advantage of the Mortgage Tax Credit benefit!
 

Getting started: If you think you qualify for the Home at Last™ Mortgage Tax Credit, contact an approved lender to apply.  Adding the MTC benefit to your loan does not slow down closing.  And remember, you can only get it when you are purchasing your home, so don't miss out! 

You may also qualify for the Down Payment Assistance Grant of up to 5% of the loan amount - ask your lender about bundling your MTC with Home At Last™ Access.