Current Program
Home at Last™ MCC Program
Do you want to become a homeowner, but don’t think you can qualify for a loan? The Nevada Rural Housing Authority is here to help with Home at Last™ home financing programs. One of our current Home at Last™ programs is a mortgage credit certificate (MCC) program.
Home at Last™ MCC provides a dollar-for-dollar federal income tax credit equal to 20% or 30% of the interest paid on a mortgage loan. The tax credit is given to the homebuyer every year as long as they live in the home. Loans of $190,000 or less will receive a 30% credit and loans of more than $190,000 will receive a 20% credit.
What does Home at Last™ MCC offer:
• Federal income tax credit equal to 20% or 30% of the interest paid on a mortgage loan
• Annual savings estimated at $2,000 a year per household
• Savings continue each year based on actual interest paid on the home
• No asset limits for homebuyers
Savings Example:
Home A
Loan Amount: $120,000
Interest rate: 5.5%
Approximate annual interest: $6,600
Tax credit: 30% of mortgage interest
Savings: Approximately $165 a month or $1,980 a year
Home B
Loan Amount: $200,000
Interest rate: 5.5%
Approximate annual interest: $11,000
Tax credit: 20% of mortgage interest
Savings: Approximately $183 a month or $2,200 a year
Who qualifies:
• First-time homebuyers or qualified veterans who will live in home as primary residence
• Households meeting income qualifications and normal FHA, VA, Conventional or RHS underwriting requirements
• Home purchase is in rural Nevada (population fewer than 100,000) and falls below maximum price
| County | Cost |
| Carson City | $358,875 |
| Clark | $360,000 |
| Douglas | $421,875 |
| Elko, Eureka & Nye | $292,500 |
| Lyon | $298,125 |
| Storey & Washoe | $363,375 |
| All other | $243,945 |
| County | Income |
| Carson City | |
| 2 or fewer persons | $78,000 |
| 3 or more persons | $91,000 |
| Clark | |
| 2 or fewer persons | $78,840 |
| 3 or more persons | $91,560 |
| Douglas | |
| 2 or fewer persons | $87,600 |
| 3 or more persons | $102,200 |
| Elko | |
| 2 or fewer persons | $81,738 |
| 3 or more persons | $93,999 |
| Eureka | |
| 2 or fewer persons | $77,400 |
| 3 or more persons | $90,300 |
| Humboldt | |
| 2 or fewer persons | $68,000 |
| 3 or more persons | $78,200 |
| Lander | |
| 2 or fewer persons | $67,200 |
| 3 or fewer persons | $77,280 |
| Lyon | |
| 2 or fewer persons | $77,040 |
| 3 or fewer persons | $89,880 |
| Nye | |
| 2 or fewer persons | $77,040 |
| 3 or fewer persons | $89,880 |
| Storey & Washoe | |
| 2 or fewer persons | $85,440 |
| 3 or more persons | $99,680 |
| All other areas | |
| 2 or fewer persons | $67,489 |
| 3 or more persons | $77,613 |
Click here to watch a four-minute video explaining the program.
Click here to download a Home at Last™ MCC Brochure.
Click here for a list of approved lenders.
Click here for a list of Home at Last™ Certified Realtors.
Click here for a sample 2009 1040 Tax Return.
Questions?
If you have any questions or need further information, please call NRHA at 775.887.1795, extension 104.
