Looking for some help with your FHA, VA, Conventional, and RHS loans? How about the Nevada Rural Home at Last MCC(Mortgage Credit Certificate) Program. The program will allow a federal tax credit of 20% or 30% for annual interest paid. Remember, this is yearly, so a $200,000 loan at 5.5% would be a $2,187 credit annually. The certificate lasts for the length of the loan as long as the owner still occupies the property. This can mean a savings of over $40,000 for the length of the loan. There are county and general qualifications so check below to see if you qualify.
General Qualifications:
- First Time Homebuyer or qualified veterans.
- Property must be the primary residence.
- Meeting income qualification for VA, Conventional, FHA, orRHS.
- Population must be under area of 100,000 people. Much of Sparks/Spanish Springs and North Reno/Stead and the more rural towns fit this qualification.
Income Limits: Maximum Home Price
Washoe and Storey Counties $352,491
- 2 or fewer people: $84,480
- 3 or more people: $98,560
Douglas County $409,587
- 2 or fewer people: $88,560
- 3 or more people: $103,320
Carson City $348,422
- 2 or fewer people: $77,160
- 3 or more people: $90,020
Churchill County $258,691
- 2 or more people: $65,900
- 3 or more people: $75,785
Lyon County $289,442
- 2 or more people: $71,907
- 3 or more people: $82,693
Nevad Rural Housing also offers a downpayment assistance program called the Home at Last Bond Program. This bond program offers a FREE 3% down payment grant with a 4.5% 30 year fixed rate mortgage or a 3.99% 30 year fixed rate mortgage without using the down payment. The general qualifications are the same as the Home at Last MCC but the county specific qualifications differ. Read below to see if you qualify.
Income Limits Maximum Home Price
Carson City $358,875
- 2 or fewer people: $78,000
- 3 or more people: $91,000
Douglas County $421,875
- 2 or fewer people: $87,600
- 3 or more people: $102,200
Washoe and Storey Counties $363,375
- 2 or fewer people: $85,440
- 3 or more people: $99,680
Churchill County $243,395
- 2 or fewer people: $67,489
- 3 or more people: $77,613
Lyon County $298,125
- 2 or fewer people: $77,040
- 3 or more people: $89,880
