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ELIGIBILITY:

First time home Buyer:

A person who has not owned a house in the last 3 years is considered to be a first time home buyer.

Qualified Veteran:

Washoe County Income limits are:

Family of 2 or fewer: $83,400

Family of 3 or more:    $97,300

Cities or towns less than 100,00 in population

BENEFECTS:

Mortgage Credit Certificate (MCC)

Is a tax credit that will reduce the federal income of qualified buyers.

Has the effect of reducing mortgage payments.

PROGRAM IMPACT:

Interest Rate 6%    MCC Savings 1.8% Net Cost 4.2%

Monthly payments on $100,000 loan = $600.00 less monthly saving of $150 equals net cost of $450.00

This is just one of the benefits of this program. Lending rates will vary from buyer to buyer.

As a Reno – Sparks real estate consultant I encourage any questions or  comments on the Reno – Sparks real estate market or about any of the articles I post.  You can email me at chance@ballard-company.com