Home at Last MCC and USDA Rural Development Guaranteed Loan
NRHA & USDA Rural Development Offer Rural Home Buyers a Powerful 1-2 Punch!
Great news for first time buyers from Nevada Rural Housing Authority (NRHA). The powerful combination of a USDA RD Guaranteed Loan and NRHA's Mortgage Credit Certificate, provides your rural clients (buying in communities of 20,000 or fewer) with a powerful combination for their residential financing.
The USDA RD Loan Guarantee offers:
• $0 Down Payment
• $0 PMI
• Your Competitive 30-year fixed rate
Add the MCC benefit, with a federal income tax credit that has the impact of reducing annual mortgage interest expense on average by $2000, and you have just boosted your client's borrowing power by a whopping 20% over the traditional FHA loan with PMI.
|
Financing |
Down Payment Required |
Affordable Payment |
Loan Amount |
|
FHA @ 5.5% with PMI |
$5250 |
$1066.55 |
$175,000 @5.5% |
|
RD Loan @ 5.5% with MCC |
$0 |
$993.63 Less MCC tax credit of $160/mo. = $833 |
$175,000 @5.5% |
Click here for more information on Home at Last™ MCC. Click here for more information on Rural Development loans, or contact Heather Simola at (775)887-1222 ext. 107.