NRHA Offers Best Ever Interest Rate 3.99%
NRHA Offers Best Ever Interest Rate 3.99%
Home at Last™ Bond Program Extended For First –Time Homebuyers and Vets
CARSON CITY, NEV (September 10, 2010) - Continuing to help Nevadans realize the dream of homeownership, Nevada Rural Housing Authority (NRHA) announces the continuation of a $25 million bond program, Home at Last™ that offers a free cash down payment and competitive mortgage rates to first-time homebuyers and Veterans. The interest rates, 3.99 (non-assisted loans without a down payment) and 4.50 percent (assisted loans with 3 percent down payment grant), are the lowest NRHA has ever offered in its history and one of the lowest in nation. The program applies to qualifying applicants who purchase a home in a rural Nevada community with a population fewer than 100,000.
“With falling home prices and the NRHA’s exciting financing programs, this may be the best time ever for first-time homebuyers and Veterans to purchase a home,” said Gary Longaker, NRHA executive director. “Without a doubt, these programs provide Nevada buyers with incredible savings opportunities and, when more Nevadans are able to purchase a home of their own, we all benefit through stronger, more stable and economically vital communities.”
The Nevada Rural Housing Authority (NRHA) launched a $25 million bond program in January 2010 designed to help first-time homebuyers and Veterans with the purchase of a home. So far, nearly 700 families have purchased a home through the Home at Last Programs. This represents over $120 million in mortgage loans in rural Nevada.
NRHA’s latest bond program offers a free cash down payment and competitive mortgage rates to first-time homebuyers and Veterans. The program applies to qualifying applicants who purchase a home in a rural Nevada community with a population fewer than 100,000. Some of the communities this program applies to include: from Lovelock to West Wendover, Ely to Carson City, Boulder City, Mesquite, Sparks, Hawthorne, Tonopah and Pahrump, to name a few.
How it works
Here’s an example of how the program might work for family buying a $150,000 home:
Option 1:
• A free $4,500 cash down payment (This is a down payment grant that does not have to be repaid)
• 4.50 percent 30-year fixed mortgage rate with a Federal Housing Administration (FHA), Rural Housing Service (RHS), or Veterans Administration (VA) loan
Option 2:
• Opt out of down payment assistance
• 3.99 percent 30-year fixed mortgage rate with an FHA, RHS or VA loan
“My experience dealing with Nevada Rural Housing Authority and the Home at Last™ program has made all the difference in the world for me” said Jason Stancil, a Sparks resident who has been trying to purchase a home for three years. “I’m grateful that my realtor from Keller Williams Realty and lender from New American Mortgage told me about this program, in addition to the incredible support and service I’ve received from NRHA. The entire process has been painless and the fact that I will be moving into my first home in less than a month is truly a dream come true for me,” added Stancil.
Who Qualifies
This program is for first-time homebuyers or qualified Veterans who will live in the home as their primary residence. Applicants who have not owned a home in the past three years are considered first-time homebuyers. There is no asset limit for homebuyers; however households must meet income qualifications and normal FHA, VA or RHS underwriting requirements.
There are limits to the cost of a home that can be purchased with this program, and the maximum home value limits vary by county:
• Carson City: $358,875
• Clark: $360,000
• Douglas $421,875
• Elko, Eureka and Nye: $292,500
• Lyon: $298,125
• Storey and Washoe: $363,375
• All other areas: $243,945
The deadline to apply for the program is November 10, 2011, but the money is available on a first-come-first-served basis. The Home at LastTM Bond Program is just one of many programs available for those looking for assistance in buying or renting a home.
Click here for more information on NRHA's Home at Last Programs.
