NRHA's Home at Last Program Featured on Channel 2 News
NRHA's Home at Last Program Featured on Channel 2 News
Nevada Rural Housing Authority's Home at Last Programs featured on Channel 2 News:
It was walk-through day this Monday for Jason Stancil. A big day, checking out the very first home he's ever owned. Was he nervous? "Extremely. Extremely. It's quite a commitment, but it's really exciting." Nervous, but thrilled, and he got a great deal.
Not just because he found a bargain foreclosure. He also got some big bennies for buying outside of Reno. He told us he was "extremely excited to find out about Nevada rural housing, the incentives that they have."
Nevada has a perk for new rural residents. Called "Home At Last," it's probably the best deal you never heard of. Not just a good mortgage rate at around 4% (close to the lowest in the country), but also a free cash down payment. Free, as in you never repay it. The catch? As the Nevada Rural Housing Authority's chief operating officer CJ Manthe told us, you have to be a "first-time homebuyer or qualified veteran. We define a first-time homebuyer as someone who hasn't owned a home in the last 3 years. And also our applicants have to meet our income guidelines."
Vets or first-timers only. Your income, below $68,000 in Lander County, to below $88,000 Douglas County. There are home value limits. Homes can't be valued at more than:
$292,500 Elko, Eureka & Nye counties
$298,128 Lyon
$363,375 Storey & Washoe
$421,875 Douglas
And you have to purchase your home in a town that has a population of less than 100,000. Besides Sparks and Carson City, some that qualify are Lovelock, Austin, Eureka, Fallon, Fernley and Hawthorne.
For those rural towns, it helps answer the question, "How do you keep them on the farm?" Young people, more than ever, are leaving for cities. Humboldt, Lander, Pershing and Mineral counties are expected to lose population over the next 15 years. CJ told us that while she doesn't think there's been a drain, "I think we all have certainly had enough of the downturn in the economy, and we need that boost in order to maintain our rural communities."
Considering the economy and bleak days for real estate, the program is a rare positive. It's something to ask your realtor about. Or find our more by going to the housing authority's website: www.nvrural.org
Thank you to Channel 2 News for allowing NRHA to share this article.
For a link to the article, click here.
For a PDF version, click here.
