NRHA & Heritage Bank launch WISH down payment grant program

Carson City, Nevada (April 6, 2011) - For some moderate income Nevadans, buying a home of their own will no longer be wishful thinking. Nevada Rural Housing Authority, in partnership with Heritage Bank of Nevada, has launched the Nevada Rural Housing Authority WISH program providing qualified buyers with generous down payment assistance. An initiative of the Home at Last™ first-time homebuyer program, WISH triples the amount of down payment contributed by the homebuyer up to $15,000 in the form of a cash grant.

Nevada Rural Housing Authority (NRHA) and Heritage Bank of Nevada have been allocated $350,000 to distribute through WISH. These down payment grants, ranging from around $3,000 to the maximum $15,000, put money in the hands of qualified buyers and help them overcome that last hurdle to homeownership.

CJ Manthe, COO of Nevada Rural Housing Authority, encourages interested buyers to act quickly. "We're very excited about the WISH program, but we don't expect this money to last very long. It's a buyer's market right now and mortgage rates are very good. The early bird will definitely get the worm."

While it is free money, there are restrictions. To qualify for NRHA WISH down payment assistance, the buyer must not have owned a home in the past three years, must meet certain income qualifications and normal mortgage underwriting requirements, and must complete a homebuyer counseling program. The purchased home must be in a Nevada community with a population of 100,000 or fewer and the purchase price must fall below program maximums. Once in the home, the homebuyer must stay for 5 years or they will need to repay a portion of the grant.

Tom Traficanti, Senior Vice President at Heritage Bank of Nevada, believes potential customers may be incredulous. "To some it really will appear 'too good to be true,' but this community knows Heritage Bank is a true community bank and we look out for our customers' best interests. We wouldn't offer this program if we didn't believe in its value."

The Home at Last™ WISH program is part of a family of programs developed by Nevada Rural Housing Authority to support home ownership and enhance the quality of life in Nevada's rural communities. WISH can be coupled with any number of other homebuyer programs including NRHA's MCC Program that provides a dollar-for-dollar federal income tax credit equal to 20% or 30% of the interest paid on a mortgage loan. Details on NRHA's WISH and MCC programs can be found on their website, nvrural.org, or by calling 775-887-1796.

Click here to view WISH program details.