SellingNorthernNV

The Home at Last Program Is a Mortgage Credit Certificate (MCC) program that provides a dollar-for-dollar federal income tax credit equal to 20% (for loans over $190,000) or 30% (for loans under $190,000) of the interest paid on a mortgage loan. This credit is given to the homebuyer every year as long as they live in the home. This tax credit will provide an estimated annual savings of $2,000 a year per household.

(Program not to be mistaken with the federal first-time buyer tax credit)

In order to qualify for the program, you must meet the following:

- Must be a first-time homebuyer or qualified veteran who will live in the home as a primary residence.
- Households meeting income qualifications and normal FHA, VA, Conventional or RHS underwriting requirements.
- Home purchase is in rural Nevada and falls below maximum price.

Maximum income limits by county:

Carson City
2 people or less – $77,160
3 people or more – $90,020

Clark
2 people or less – $78,480
3 people or more – $91,560

Douglas
2 people or less – $88,560
3 people or more – $103,320

Elko
2 people or less – $69,700
3 people or more – $80,155

Eureka
2 people or less – $70,269
3 people or more – $80,810

Humboldt
2 people or less – $67,600
3 people or more – $77,740

Lander
2 people or less – $66,800
3 people or more – $76,820

Lyon
2 people or less – $71,907
3 people or more – $82,693

Nye
2 people or less – $76,309
3 people or more – $80,856

Storey & Washoe
2 people or less – $84,480
3 people or more – $98,560

All other areas
2 people or less – $65,900
3 people or more – $75,785

Maximum Home Price by County

Carson City – $348,422
Clark – $349,515
Douglas – $409,587
Elko, Eureka & Nye – $283,981
Lyon – $289,442
Storey & Washoe – $352,491
All other areas – $258,691

For more information about the Home At Last MCC program, visit www.nvrural.org or call 775-887-1795

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Tags: Chase International, Home at Last, Homebuyer, loan limits, mortgage, Nevada, NV, Real Estate, reno, Rural Housing, Talayka, Tax Credit, www.sellingnorthernnv.com

This entry was posted by Josh Talayka on Sunday, January 3rd, 2010 at 2:07 pm and is filed under Financing/Mortgage Topics, Tax Credits. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.