City of Fallon – Home Tax Credits Programs
Mortgage Credit Certificate Program (MCC) is available to the residents of the City of Fallon. The MCC program gives federal income tax credits for the entire duration of your home ownership. Realize up to a 30% credit on income taxes every year you own the home purchased with this program and is offered through the State of Nevada.
Benefits – City of Fallon Mortgage Credit Certificate (MCC)
- Available for all qualifying City of Fallon residents and also for residents in the entire State of Nevada.
- MCC program requires a fee of $795 to be paid along with a lender application fee of $300.
- Annual rebates up to $2,000 with a Federal Income Tax credit of up to 30% of the interest you’ve paid on your mortgage loan. The tax credit you receive will vary per year based on the amount of interest paid.
- Veteran’s can waive the MCC fee with an exception of paying the lender application fee.
- Combine your Mortgage Credit Certificate (MCC) with the City of Fallon Home Is Possible program to receive a $400 discount.
- You will be able to claim a standard tax deduction on any of the remaining interest of your loan.
Requirements – City of Fallon Mortgage Credit Certificate (MCC)
- You are a qualified veteran
- You plan to live in the home as your primary residence.
- Your household meets the max income and home purchase limit amounts for the area of the home you desire to buy within Nevada.
- Maximum purchase price – $248,098
- Maximum income for households with 2 or fewer persons – $62,900
- Maximum income for households with 3 or more persons – $72,335
- Household meets the requirements for a Conventional, USDA RD (United Stated Department of Agriculture – Rural Development), FHA (Federal Housing Administration) or VA (Veterans Administration) loans.
- You are a first-time home buyer or have not owned a home in the last 3 years.
Get Started! Complete the form below to see if you qualify for this program.
City of Fallon Home Buyer Programs