Home Is Possible Mortgage Credit Certificate (MCC)

What is Home Is Possible Mortgage Credit Certificate (MCC)?

Home Is Possible Mortgage Credit Certificate (MCC) is a mortgage credit certificate for homebuyers in Nevada, administered by Nevada Housing Division (NHD), State of Nevada Department of Business & Industry.

• The Home Is Possible Mortgage Credit Certificate (MCC) is a statewide federal income-tax credit program from the Nevada Housing Division for first-time homebuyers, qualified veterans, and buyers in targeted areas. It converts a portion of annual mortgage interest into a dollar-for-dollar federal tax credit (20% on loans of $225,000+, 30% on loans under $225,000), capped at $2,000 per year for the life of the loan. The MCC is obtained through a participating lender at the same time as the mortgage and can be combined with Conventional, FHA, VA, or USDA financing.
• Up to $2,000/year federal tax credit.
• Credit lasts the life of the loan while owner-occupied.
• Can lower effective interest rate and improve DTI qualifying.
• Layerable with most loan types and NHD DPA.
• Veterans may waive the MCC program fee.
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from Federal mortgage credit certificate authority (private activity bond volume cap) administered by NHD.

How much assistance does it provide?

Home Is Possible Mortgage Credit Certificate (MCC) offers up to $2,000 in assistance.

• Award tiers: Category 1 Mortgage Loan (Acquisition Cost $225,000+) = 20% credit rate; Category 2 (under $225,000) = 30% credit rate. All capped at $2,000/year.
• The program can be combined with Can be layered with NHD Home Is Possible / Home First first-mortgage and DPA programs and with most Conventional/FHA/VA/USDA loans; cannot be used with bond (MRB) first mortgages.
• Amounts are the program's published maximums, not an offer — Nevada Housing Division (NHD), State of Nevada Department of Business & Industry determines any individual award.

Do you have to pay it back?

Home Is Possible Mortgage Credit Certificate (MCC) is a tax credit rather than a loan, so there is nothing to repay.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home Is Possible Mortgage Credit Certificate (MCC) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Home Is Possible Mortgage Credit Certificate (MCC) sets its income limit as follows: County-specific maximum household income limits apply (higher for 3+ person households and for Targeted Areas). Current dollar limits must be confirmed with NHD before use (only a 2016-effective table was locatable).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Home Is Possible Mortgage Credit Certificate (MCC) caps the purchase price as follows: County-specific maximum acquisition cost (purchase price) limits apply, with higher limits in Targeted Areas. Current limits left blank pending confirmation with NHD.

• Eligible property types include Single Family, Condo, and Townhouse.

Is there eligibility for specific groups?

Home Is Possible Mortgage Credit Certificate (MCC) names veterans and surviving spouses among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Home Is Possible Mortgage Credit Certificate (MCC) is a federal program, so it is not limited to Nevada.

• The program targets specific areas: Federally designated Targeted Areas (qualified census tracts) in Clark and Washoe counties (and others). In Targeted Areas the first-time-buyer requirement is waived and higher income/purchase-price limits apply.
• Targeted neighborhoods: Specific census tracts in Clark and Washoe counties.

How do you apply?

Applications for Home Is Possible Mortgage Credit Certificate (MCC) go through Nevada Housing Division (NHD), State of Nevada Department of Business & Industry, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HUD-approved homebuyer education provider (certificate required with MCC application).

2. 2

   Contact Nevada Housing Division (NHD), State of Nevada Department of Business & Industry to reserve funds

   Funds are reserved through Applied for through a participating lender concurrently with the mortgage loan application; lender reserves MCC through NHD, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.