RENO, NV – The partnership between Nevada Housing Division (NHD) and Nevada Rural Housing Authority (NRHA) has resulted in the commitment of the first two Mortgage Credit Certificates (MCC) in Reno, both with Guild Mortgage. Two first-time homeowners will now be able to move into homes of their own and receive an additional tax refund every year they own their homes.
With the "Home at Last Mortgage Credit Certificate" (MCC) program, an average homebuyer receives a $2,000 tax refund at the end of the year when the buyer files taxes, and can be taken every year the borrower lives in the home, for the life of the loan. That’s an average savings of more than $40,000 in mortgage interest over the life of the loan.
Until now, this program has been limited to Nevada cities with populations of fewer than 150,000 people, which left out potential homeowners in Nevada’s biggest cities. NHD has allocated $130 million in private activity bond cap to extend the MCC program to the urban areas of Nevada, and anticipates the program will help more than 600 households qualify for a mortgage. NHD will also promote and support the program expansion through its existing relationships and networks.
“We are very excited to now be able to offer the MCC program in Reno, as this valuable program provides an excellent benefit to our future homeowners,” said Jorge Montoya, Senior Mortgage Consultant with Guild Mortgage. “We're grateful to NHD and NRHA for their partnership in making this happen.”
To be eligible for the program, one must be a first-time homebuyer, meaning he or she cannot have owned a home in the past three years, and must be purchasing the home as a primary residence, though the first-time homebuyer requirement can be waived for veterans.
Households must meet income & purchase price qualifications (varying by county and household size) and normal FHA, VA, Conventional or USDA RD underwriting requirements. Nevadans can learn more about the MCC program, and get a list of approved lenders, by visiting www.nvrural.org/mcc, emailing HALinfo@nvrural.org or by contacting the Nevada Housing Division at (775) 684-2040 or (702) 486-7220.