Benefit Summary:

Home at Last™ MTC provides a federal income tax credit equal to 40% of the interest paid on a mortgage annually for the life of the loan

 

Contact: 
(775) 887-1797
halinfo@nvrural.org

Home at Last™ MTC Program

The Nevada Rural Housing Authority Home at Last™ Mortgage Tax Credit (MTC) program offers qualified first-time buyers a federal income tax credit equal to 40% of the interest paid on their mortgage loan. It provides a refund 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 40% of the interest paid on the mortgage loan (maximum $2,000 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: 40% of mortgage interest

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

Savings over 10 years: $20,000

Total savings over life of loan: $44,716

Who qualifies:

  • First-time homebuyers (have not owned a home in the past three years) or qualified veterans who will live in home as 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 provide the MTC benefit statewide.  Effective June 16, 2014 any first time homebuyer who meets the qualifications will be able to participate in the program, regardless of what city they are purchasing their home in. 

Veteran Discount:

Any new MTC commitments after January 1, 2015, qualified Veterans will receive a $400 discount off MTC fees. This discount is applicable to both NRHA and NHD MTC programs. To qualify, the borrower must meet one of the following:

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

Notice of recapture tax:

Buyers using the Home at Last™ MTC program are typically subject to a recapture tax if they sell their home within 9 years of purchase. However, NRHA now offers a reimbursement program for buyers which removes any risk of having to pay the racapture tax. Click to learn more.
 

Getting started:

If you think you qualify for Home at Last™ MTC, contact an approved lender to begin your loan process.  Use the MTC Savings Calculator on the right to see how much money you can save by using Home at Last™ MTC. 

Ask your lender about bundling opportunities with Home At Last™ Access. You may qualify for free down payment assistance.