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North Carolina First-Time Homebuyer Programs

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

With its seaside views, rolling hillscapes and bustling cities, North Carolina is a great place to look for a home. If you’re considering buying your first home in the Tar Heel State, there’s good news. The state of North Carolina offers many financial assistance programs. Below is a guide to North Carolina’s 2019 first-time homebuyer programs.

North Carolina first-time homebuyer programs

The North Carolina Housing Finance Agency (NCHFA) is responsible for running several programs for first-time homebuyers. They include down payment assistance, low interest mortgages, tax credits and opportunities for military veterans and first-time homebuyers to achieve their goal of homeownership. In addition to the NCHFA, the Center for Homeownership offers courses to help borrowers make smart choices during the homebuying process.

NC Home Advantage Mortgage

What is it?

  • Competitive fixed-interest mortgage financing paired with down payment assistance
  • Down payment assistance of up to 5% of the loan for FHA, USDA and VA mortgages
  • Up to 100% mortgage financing on FHA, USDA and VA loans
  • Down payment assistance of up to 3% for a conventional mortgage with a 97% loan-to-value ratio (LTV). Your LTV is the amount of the mortgage divided by the value of the home.
  • Can be combined with the NC 1st Home Advantage Down Payment program
  • First-time homebuyers and military veterans may be able to combine with NC Home Advantage Tax Credit programs
  • Down payment assistance does not need to be repaid unless you sell, refinance or transfer your home within 15 years. Assistance is forgiven in stages, with complete forgiveness at year 15.

Requirements

  • You must be a legal resident of the United States and buying a home in North Carolina
  • You must live at the property as your primary residence within 60 days of closing
  • Your credit score must be 640 or higher
  • Your income must not be higher than $87,500
  • Property may be:
    • A single-family home, condominium or townhouse
    • A new manufactured home for borrowers with credit scores of 660 or higher if you take out a VA, FHA or USDA mortgage
    • A duplex, exclusively for FHA loans

How to apply

To participate in the NC Home Advantage Mortgage program and to learn more about your options as a first-time homebuyer in North Carolina, search for a participating lender in your area. They’ll determine if you’re eligible and guide you through the lending process.

Learn more

NC 1st Home Advantage Down Payment program

What is it?

  • Down payment assistance of up to $8,000 for first-time homebuyers and military veterans who have qualified for the NC Home Advantage Mortgage program
  • Down payment loan acts as a 0% deferred second mortgage
  • The loan does not need to be repaid unless you sell, refinance or transfer your home before 15 years. Assistance is forgiven 20% a year from years 11 to 15, with complete forgiveness at year 15.

Requirements

  • You must be a first-time buyer, military veteran or not have owned a home in the last three years
  • You may also be eligible if you are buying in a targeted area
  • You must be a legal resident of the United States
  • Your income cannot exceed income limits, which vary by county and household size
  • Your credit score must be 640 or higher
  • You must live at the property as your primary residence within 60 days of closing
  • Property may be:
    • A single-family home, condominium or townhouse
    • A new manufactured home if you have a credit score of 660 or higher

How to apply

Qualifying first-time homebuyers may be able to combine the NC 1st Home Advantage Down Payment program with other programs offered through the NCHFA. Find a participating lender in your area to learn more about this program and others in North Carolina.

Learn more

NC Home Advantage Tax Credit

What is it?

The NC Home Advantage Tax Credit directly lowers the amount of tax you owe every year. You can combine it with other NCHFA programs, such as the NC Home Advantage Mortgage program and the NC 1st Home Advantage Down Payment program.

  • Claim up to 30% of the loan interest you pay each year on an existing home
  • Claim up to 50% of the loan interest you pay each year on a newly constructed home
  • Maximum tax credit is $2,000 per year
  • You can still claim other mortgage interest deductions for the remainder of the mortgage interest you pay per year
  • You can reap program rewards immediately:
    • Once you’ve signed up for the NC Home Advantage Tax Credit, you can revise your W-4 with your employer
    • This will lower the federal tax amount withheld from each paycheck
    • You can then use those funds to put more toward your mortgage payments each month

Requirements

  • You must be a first-time homebuyer or military veteran, or be buying in a targeted area
  • You must be a legal resident of the United States
  • You must apply and be approved for this program before you purchase a home. Apply at the same time as your mortgage application
  • Income limits vary by county and household size
  • You must occupy the property as your primary residence within 60 days of closing
  • The loan must be approved by the NCHFA before closing
  • The property may be single-family home, condominium, townhouse, or new or used manufactured home

How to apply

Find a participating lender in your area to learn more about buying a home in North Carolina using NCHFA programs. You’ll work with the lender through the application and buying process.

Learn more

Homebuyer Education

The Center for Homeownership offers education resources for those looking to buy a home in North Carolina.

What is it?

The NC Home Advantage Tax Credit directly lowers the amount of tax you owe every year. You can combine it with other NCHFA programs, such as the NC Home Advantage Mortgage program and the NC 1st Home Advantage Down Payment program.

  • Homebuyer education in the form of workshops, online resources and financial counseling
  • Connects participants with homebuying professionals in their communities, including realtors, loan officers, home inspectors, title companies, insurance agents and more
  • Offers continuing assistance after you’ve bought a home. Includes resources and courses on home maintenance, as well as continuing financial counseling

Requirements

  • There are no eligibility requirements to take part in Center for Homeownership workshops or to access online resources

How to participate

To register for a workshop, schedule an appointment or learn more about the homebuying process, explore the Center for Homeownership resources.

National first-time homebuyer assistance

The state of North Carolina isn’t the only financial resource for first-time homebuyers. Be sure to learn more about federal homebuying programs, including FHA loans, VA loans, Fannie Mae and Freddie Mac products and others. Start with LendingTree’s guide to national first-time homebuying programs to learn more. (LendingTree is the parent company of MagnifyMoney.)

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

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New Hampshire First-Time Homebuyer Programs

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The Granite State has plenty to offer. Alongside mountains, valleys and colorful autumn scenes, New Hampshire also boasts great financial assistance options for those looking for a home for the first time.

Whether you’re looking for a home in Manchester or searching for tranquility among the rolling hillscapes, you should know that the New Hampshire state government has plenty to offer first-time homebuyers. Here’s a guide to New Hampshire’s first-time homebuyer programs in 2019.

New Hampshire first-time homebuyer programs

All of New Hampshire’s state-run homebuying financial assistance programs are run by the New Hampshire Housing Finance Authority (NHHFA). These programs offer a variety of assistance options, including down payment assistance, a tax credit program and assistance specifically for residents buying a manufactured home, among others.

Requirements for New Hampshire assistance

In order to qualify for any of the following programs run by the NHHFA, you’ll need to have a maximum income of $126,700, although some programs may have lower limits than this state limit.

Home Flex

New Hampshire’s Home Flex program provides low- and middle-income borrowers with low-interest fixed-rate mortgages to help them achieve their goal of homeownership.

What is it?

  • A 30-year fixed-interest-rate mortgage for FHA, USDA-RD and VA loans
  • Offers flexible underwriting
  • The property can be:
    • Single-unit home or condominium
    • Manufactured home on its own land and attached to the property
    • Two- to four-unit homes
  • Non-occupant co-borrowers permitted
  • Non-borrower title holders allowed if permitted by mortgage insurer

Requirements

  • Minimum credit score of 620
  • Maximum income limit is $116,300
  • Borrower must be buying a home that will be their primary residence
  • Property requirements:
    • Property must be occupied by the owner
    • Property may be a single-unit home or condominium
    • Manufactured homes are eligible
    • Two- to four-unit homes are eligible
      • Must be owner-occupied
      • To receive financing for a two- to four-unit property, borrowers must complete a homebuyer and landlord education course
    • Unless otherwise specified by mortgage insurer, there is no acreage requirement, except when combined with Mortgage Credit Certificate (MCC) program, in which case the property may not exceed five acres
      • When combined with MCC, property must be a single-unit home
  • Loan cannot be closed in a trust
  • Debt-to-income ratio above 50% may be allowed if your credit score is 680 or above

How to apply

To find out whether you qualify for the Home Flex program, get in touch with a one of New Hampshire Housing Finance Authority’s participating lenders. If you are eligible, they’ll help you apply for the program.

Learn more

Home Flex Plus

In addition to a 30-year fixed-rate mortgage, the Home Flex Plus program offers homebuyers cash assistance of 2% or 3% of the total base loan amount to help pay for closing costs, a down payment and prepaid escrows.

What is it?

  • A 30-year fixed-interest rate mortgage
  • A government-backed loan
    • FHA, RD, VA loans
  • Has no purchase price limits
  • Properties available for financing:
    • Single-unit homes and condominiums
      • Condos must be approved by FHA, VA or RD
    • Manufactured homes must be on their own land and attached to the property
    • Two- to four-unit homes
      • Must be owner-occupied
      • Borrowers must complete a homebuyer and landlord education course when financing a two- to four-unit home
  • Non-occupant co-borrowers permitted
  • Non-borrower title holders allowed if permitted by mortgage insurer
  • Cash assistance second mortgage
    • No interest
    • No payments
    • Loan forgiveness after four years unless you sell or refinance the loan, or file for bankruptcy.

Requirements

  • Minimum credit score of 620
  • Maximum income allowed is $116,300
  • Property requirements:
    • Property must be occupied by the borrower as their primary residence
    • Property may be single-unit home or condominium
    • Manufactured homes are also eligible
    • Two- to four-unit homes are eligible
      • Must be owner occupied
      • To receive financing for a two- to four-unit property, borrowers must complete a homebuyer and landlord education course
    • Unless otherwise specified by mortgage insurer, there is no acreage requirement, except when combined with Mortgage Credit Certificate program, in which case the property may not exceed five acres
      • When combined with MCC, property must be a single-unit home
  • Loan cannot be closed in a trust
  • Debt-to-income ratio above 50% may be allowed if your credit score is at least 680
  • Homebuyer education course required
    • At least one borrower must complete class online or in person
    • To receive financing for a two- to four-unit property, borrowers must complete a homebuyer and landlord education course
  • If a gift is used to pay for part of the home, you must present gift letter and verification
  • Borrower must request cash assistance by 12 p.m. two or more days before closing period

How to apply

Your first step should be to get in touch with one of New Hampshire Housing Finance Authority’s participating lenders. From there, you can find out whether you qualify for the Home Flex Plus program, and apply for the funding.

Learn more

Home Flex RD Purchase Rehab

If you’re in the market for a fixer-upper, the Home Flex RD Purchase Rehab program may be right for you. This program allows homebuyers to qualify for up to $35,000 in additional financing to pay for upgrades and improvements on a home.

What is it?

  • Up to $35,000 in additional funding for home repairs and upgrades
  • Offers a 30-year loan term
  • Low interest rates, in line with Home Flex and Home Flex Plus loans
  • No cash investment required

Requirements

  • Must meet New Hampshire Housing and RD requirements:
    • Minimum credit score of 620 required
    • Maximum income allowed is $116,300
  • Property requirements:
    • Must be single-family residence
    • Must serve as primary residence
    • Five acre maximum
    • Condo repairs eligible, but only for interior work
  • Maximum debt-to-income ratio is 50%
  • Repair requirements:
    • Maximum of $35,000 for rehabilitations
    • Construction must start within 30 days of closing and finish within 180 days of closing
  • Preapproval:
    • Repair and rehabilitation projects must be preapproved
    • Must be approved before closing period
    • Allow for at least 48-hour turnaround time
  • Fees:
    • Either $350 or 1.5% of total rehab, whichever is higher
    • Title update and inspection fees required
  • Appraisal requirements:
    • Property photos required of the interiors and exteriors
    • Appraiser required to report repair costs
    • Appraisal must be standard FHA limited 203k
  • Eligible repairs and/or replacements:
    • Roofs, downspouts, gutters
    • Floors
    • Existing HVAC systems
    • Electrical systems
    • Plumbing systems
    • Well repair and replacements
    • Septic system repairs
    • Painting interiors or exteriors
    • Remodeling: Minor projects that do not include structural repairs
    • Basements remodels and refinishes
      • Projects must not be structural repairs
      • Waterproofing
    • Weatherization, including doors, storm windows, weather stripping, insulation
    • Repairs to stoves and refrigerators only permitted if these appliances are not in the property
    • Improvements for disability access
    • Exterior wall re-siding
    • Decks, porches and patios
    • Window and door replacements
  • Repairs must be complete within 60 days of closing period
  • Homebuyer education class required if combining with Home Flex Plus program

How to apply

Start the process by finding a participating lender. They’ll determine your eligibility for the RD Purchase Rehab program and help you apply.

Learn more

Home Start Homebuyer Tax Credit (MCC)

The Home Start Homebuyer Tax Credit program is a Mortgage Credit Certificate program available to help first-time homebuyers save money for the term of their mortgage. The program decreases your tax liability, which can free up funds to help make buying a home more attainable.

What is it?

  • A federal tax credit for first-time homebuyers
  • The credit applies yearly throughout the entire loan term. You can use it to reduce your tax withholdings, which increases the income that can be applied to mortgage payments. Or, you can claim it as a credit on your tax return.
  • Save up to a maximum of $2,000 per year for the entire loan term
  • Credit is based on a percentage of the mortgage interest you pay each year
  • May be combined with other New Hampshire Housing mortgage programs, including Home Flex, Home Flex Plus and Home Preferred No MI

Requirements

  • Must be a first-time homebuyer, not have owned a home in the previous three years or be buying a home in a targeted area
  • Property requirements:
    • Borrower must live in the home as a primary residence
    • Property must be a single-family home
    • Purchase price cannot exceed purchase price maximums, which vary by county
    • MCC is only available as long as borrower lives in the home
    • Property may not exceed five acres in size
  • Must qualify for a new mortgage. The tax credit is not permitted to be used for existing loans
  • Income must not exceed income limits, which vary by county and household size
  • Must complete a homebuyer education course
  • MCC rates vary by mortgage size:
    • Loans under $130,000: 50% of the mortgage interest you pay per year
    • $130,001 to $160,000: 40% of the mortgage interest you pay per year
    • $160,001 to $200,000: 35% of the mortgage interest you pay per year
    • $200,000 or more: 25% of the mortgage interest you pay per year

How to apply

To learn more about the Home Start Homebuyer Tax Credit program, first contact one of New Hampshire Housing Finance Authority’s participating lenders. They’ll walk you through the application process.

Learn more

Home Preferred No MI

If you’re looking to buy a home but don’t have much saved for a down payment and closing costs, the Home Preferred No MI program may be right for you. This program offers a 30-year mortgage that does not require mortgage insurance coverage.

What is it?

  • A 30-year loan term
  • Up to 97% loan-to-value ratio allowed
  • May be combined with Mortgage Credit Certificate program

Requirements

  • Your income must not exceed $116,300. Non-occupant co-borrower income will be included as part of total household income.
  • Credit score requirements:
    • One-unit: 680 minimum
    • Two-unit: 700 minimum
  • Property requirements:
    • Home must serve as borrower’s primary residence
    • One- to two-unit homes only
    • Condos required to be Fannie Mae eligible
    • Manufactured homes are not eligible
  • Loan-to-value ratio (LTV):
    • One-unit home: 97% maximum LTV
    • Two-unit home: 95% maximum LTV
  • Debt-to-income ratio must not exceed 50%
  • Homebuyer education course required. If purchasing a two-unit home, additional landlord education course required
  • Non-borrower title holders only permitted if allowed by mortgage insurer
  • Gifts permitted: Borrower must present gift letter and documentation proving transfer of gift funds from a permitted source
  • Loans not permitted to be closed in a trust

How to apply

To learn more about the Home Preferred No MI program, get in touch with one of New Hampshire Housing Finance Authority’s participating lenders.

Learn more

Home Preferred Manufactured Housing Financing in ROCs

This program is designed to help homebuyers finance homes in Resident-Owned Communities (ROCs). Rather than being operated by landlords, ROCs are communities that are cooperatively owned and operated by those who live on the properties.

What is it?

  • A conventional mortgage at low rates
  • As little as 5% down payment required
  • Flexible mortgage insurance requirements

Requirements

  • The program is limited to ROCs that are approved by Fannie Mae
  • Property must serve as the borrower’s primary residence
  • Maximum income allowed is $126,700
  • Homebuyer education course required

How to apply

To get started, contact one of New Hampshire Housing Finance Authority’s participating lenders. They can determine if you’re eligible and help you apply.

Learn more

National assistance

In addition to New Hampshire’s financial assistance programs, the federal government offers several financing programs for first-time homebuyers. Such programs include FHA loans, VA loans and more. Learn more about these and other federal programs by reading through LendingTree’s guide to national first-time homebuyer programs. (LendingTree is the parent company of MagnifyMoney.)

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

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Nevada First-Time Homebuyer Programs

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Whether you’re looking for a home in busy Las Vegas, in the suburbs or among the vast and stunning desert scenery, there are plenty of places to choose from in Nevada.

When thinking about financing, you may already be familiar with federal housing assistance programs. However, just as there’s more to be found in Nevada than Las Vegas, there are more financial assistance programs to be found, many run by the state of Nevada itself.

Programs provide 30-year mortgages with below-market interest rates, down payment assistance and federal tax credits. We’ve reviewed them all in this guide to Nevada’s first-time homebuyer programs in 2019.

Nevada first-time homebuyer programs

Nevada offers a range of financial assistance programs for first-time homebuyers. Among these are multiple offerings within the Home is Possible program, including those designed especially for veterans and teachers, as well as mortgage credit certificate programs that help buyers get federal tax credits for their new homes. Nevada also offers financial assistance to those buying homes in rural areas through the Home At Last programs.

Home is Possible

The Home is Possible program is available to homebuyers whose yearly income is $98,500 or less. Those who are eligible may get a low-interest mortgage plus assistance with down payment and closing costs.

Benefits

  • The mortgage offers a 30-year term at an attractive interest rate.
  • Offers a forgivable loan of up to 5% of the value of your mortgage, to be used for down payment and closing costs. Assistance is forgivable after three years, as long as you’ve lived in the home during that time.
  • Manufactured homes are eligible.

Requirements

  • Household income must be at or below $98,500 for FHA, VA and USDA loans
  • For conventional loans, income limits vary by county, ranging from $70,100 to $87,700
  • Credit score must be at least 640
  • Home price must be below $484,350
  • You must live in the home as your primary residence
  • One-time application fee of $675
  • Homebuyer education class required

How to apply

To get started with the Home is Possible program, contact a participating lender. They’ll help you see if you’re eligible, then walk you through the whole application and borrowing process.

Learn more

Home is Possible for Heroes

The Home is Possible for Heroes program was created specifically for military veterans, current members of the military and surviving spouses to help them achieve homeownership. This program offers mortgages with low interest rates across the state of Nevada.

Benefits

  • Thirty-year mortgage with below-market interest rate
  • First-time homebuyer status is not required
  • Can combine it with Mortgage Credit Certificate program. If you do, MCC fees will be waived

Requirements

  • Available to veterans, active service members, National Guard members and surviving spouses.
  • Mortgage must be a VA or USDA loan
  • One-time application fee of $675
  • Property requirements:
    • Home sale price must be below $484,350
    • Borrower must not own any other properties at closing
    • Home must serve as borrower’s primary residence
  • Income must fall below $98,500
  • Credit score minimum of 640
  • Homebuyer education class required

How to apply

If you’re interested in applying for the Home is Possible for Heroes program, begin by contacting a qualified lender in your area. The lender can tell you if you qualify, and then get you started with the application process.

Learn more

Home is Possible for Teachers

The Home is Possible for Teachers program is designed to help make homeownership more attainable for teachers at K-12 Nevada public schools. Participants can get a low-interest mortgage, as well as assistance with down payment and closing costs. Note that this program will only be available through June 30, 2019.

Benefits

  • Thirty-year mortgage with below-market interest rates
  • Plus, $7,500 for down payment and closing costs. Assistance is a loan that is forgiven after five years if you reside in the home for that time period.
  • Program may be used in combination with the Mortgage Credit Certificate program. If you do combine the programs, the MCC fees will be discounted.

Requirements

  • You must be a licensed, full-time K-12 teacher at a Nevada public school
  • Your income must be below $98,500
  • Loan must be government-backed. Conventional loans are not permitted
  • Minimum credit score of 660 for FHA loans, or 640 for USDA and VA loans
  • You must not own any other property at time of closing
  • Home price must be below $484,350
  • You must live in the home as your primary residence
  • You must take a homebuyer education class
  • One-time application fee of $675
  • Loan program ends June 30,2019

How to apply

Find out more and apply for the Home is Possible for Teachers program by finding a participating lender in your area. If you don’t qualify, the lender should be able to tell you about other programs you may be eligible for.

Mortgage Credit Certificate

The Nevada Housing Division offers a Mortgage Credit Certificate (MCC) program for first-time homebuyers. That means you get to subtract an amount equal to up to 20% of your annual mortgage interest from the amount you owe in federal taxes each year. That can add up to tens of thousands of dollars over the loan term.

Benefits

  • Federal tax credit can shrink your tax bill by an amount equal to up to 20% of total interest paid on your mortgage each year. Expect to save about $2,000 a year.
  • Any outstanding interest may be claimed as tax deduction
  • As a result of tax savings, your debt-to-income ratio (DTI) is reduced, increasing your borrowing power for your mortgage
  • Discount of $400 on program fees when MCC is used in combination with Home is Possible program
  • Program fees waived for honorably discharged veterans, active duty military personnel, National Guard members and surviving spouses

Requirements

  • You must be a veteran or first-time homebuyer or not have owned a home in the past three years
  • You must live in the home as your primary residence
  • Income requirements and purchase price limits vary by county and household size
  • One-time fees required:
    • $795 program fee
    • $300 lender application fee
    • Program fees waived for honorably discharged veterans, active duty military personnel, National Guard members and surviving spouses
  • Applicants must complete a homebuyer education class

How to apply

Contact a participating lender to get started and to see whether you qualify for the Mortgage Credit Certificate program. They’ll work with you from the beginning of the process to loan closing.

Learn more

Home At Last

The Home At Last program is offered through the Nevada Rural Housing Authority to help residents in rural Nevada achieve homeownership. This program offers up for $24,000 in down payment assistance, to make housing affordable throughout the state.

Benefits

  • Down payment assistance of up to $24,000 disbursed as a 0% deferred-payment forgivable loan. Loan may be forgiven after three years.
  • Down payment assistance is combined with a 30-year fixed-interest rate mortgage. No separate application forms are required
  • No purchase price limits
  • All associated lender fees may be paid using down payment assistance funds
  • May be combined with Mortgage Credit Certificate program. When combined, program fee is reduced to $395

Requirements

  • Home must be located in qualified rural areas of Nevada. Every county contains qualifying rural areas.
  • Your income cannot exceed $135,000 for conventional loans and $116,000 for FHA, VA and USDA loans
  • Your DTI must be 50% or lower
  • Home must be your primary residence
  • Associated lender fees due at closing:
    • $80 tax service fee
    • $275 compliance and administrator fee
    • $400 funding fee
    • Loan origination fee of up to 0.50% of total loan amount

How to apply

Check to see whether the area you’re considering qualifies as rural by using the Home At Last Eligibility Mapping Tool. Then contact an approved lender to begin the application process.

Learn more

Home At Last Mortgage Credit Certificate

Run by the Nevada Rural Housing Authority, the Home At Last Mortgage Credit Certificate offers tax benefits for first-time homebuyers and military veterans.

Benefits

  • Federal tax credit can shrink your tax bill by an amount equal to up to 20% of the interest you pay per year on your mortgage. Average savings are $2,000 a year, but there is no cap on the credit. Tax credits may be applied every year during the entire loan term
  • Receive credit each year OR change your W-4 withholdings so you increase your take-home pay all year.
  • Lenders can use the MCC as additional qualifying income when considering your mortgage application.
  • Associated fees waived for active duty military personnel, qualified veterans and members of the National Guard

Requirements

  • You must be a veteran or first-time homebuyer or not have owned a home in the past three years.
  • Available only for those in rural areas of Nevada. Every county contains qualifying rural areas. Check whether the area you’re considering is eligible by using the Home At Last Eligibility Mapping Tool.
  • Income limits vary depending on county and household size
  • Purchase price limits vary depending on county and household size
  • Applicants must complete a free online homebuyer education course
  • Fees:
    • The Nevada Rural Housing Authority will charge a one-time fee of $795. May be reduced to $395 if you combine this program with Home At Last down payment assistance
    • Lenders may require a processing fee of up to $300
    • Fees waived for active duty military personnel, qualified veterans and members of the National Guard

How to apply

Check to see whether you qualify for the Home At Last Mortgage Credit Certificate by contacting an approved lender. To learn more about buying a home in Nevada, explore the free homebuyer education course available through the Nevada Rural Housing Authority.

Learn more

National assistance

In addition to state-run financial assistance programs in Nevada, be sure to research federal programs during your home search, as well. These programs include FHA loans, Fannie Mae and Freddie Mac products, HUD Dollar Homes and more. Start exploring these and other federal programs by checking out LendingTree’s guide to national first-time homebuyer programs.

This article contains links to LendingTree, our parent company.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Anne Bouleanu
Anne Bouleanu |

Anne Bouleanu is a writer at MagnifyMoney. You can email Anne here

TAGS:

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Home Purchase Quotes

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