Calling All First Time Home Buyers: The Nevada Rural Tax Credit and Down Payment Assistance Programs

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:

  1. First Time Homebuyer or qualified veterans.
  2. Property must be the primary residence.
  3. Meeting income qualification for VA, Conventional, FHA, orRHS.
  4. 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
Posted in For Buyers.

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