NRHA's Home at Last Program, which has helped over 700 families, is in the Reno Gazette Journal
NRHA's Home at Last Program, which has helped over 700 families, is in the Reno Gazette Journal
The Nevada Rural Housing Authority has helped more than 700 first-time buyers and veterans acquire a home over the last four years, said chief operating officer C.J. Manthe.
"Now we have new, lower interest rates that make the buyer-assistance programs even better," she said.
Earlier this month, the NRHA was able to sell $20 million in bonds to finance home loans in Nevada.
Through the Home At Last Bond Program, the NRHA offers two down-payment assistance programs. The first is a 3 percent down-payment grant coupled with a 4.5 percent interest rate on a 30-year mortgage. The second option eliminates the down-payment grant and lowers the interest rate to 3.99 percent on a 30-year mortgage.
In Washoe County the Bond Program may be used on homes costing up to $352,791 in nearly every neighborhood (except for central Reno).
"These interest rates are the lowest in (Nevada) history and among the lowest in the nation," Manthe said.
"These are all really easy programs to apply to use. The applications are processed with your loan documents," Manthe said.
Jason Stancil recently used this program to buy his first home.
Stancil knew he wanted to live in Sparks, and this program helped him afford a home in Pioneer Meadows near Wingfield Springs.
"I was saving for three years and still it wasn't enough, he said. The Home at Last program totally took care of the down payment.
People don't think of Sparks as rural, but it qualifies because of population.
"As soon as this house came up, I knew he had to look at it," said his agent, Sarah Scattini of Keller Williams Group One.
Scattini helped him find a bank-owned (as opposed to a short-sale) home in good condition. He paid $129,000 for a 1,200-square-foot, three-bedroom, two-bath home with hardwood floors.
He considered several buyer-assistance programs during the process, finally settling on the Home At Last down-payment plan.
"It was one page added on to the (mortgage) paperwork. It was basically free money," he said.
The Nevada Rural Housing Authority also has the Home At Last MCC Program for first-time homebuyers and veterans. This tax-credit program could save buyers up to $2,000 per year over the life of a mortgage.
Homes in communities of fewer than 100,000 people qualify. That means homes in Sparks, Spanish Springs, the North Valleys and South Washoe County are included in this program.
"This can save (a buyer) $150 to $200 per month for the life of the loan on their home," said Manthe.
Couples who earn up to $85,440 can apply for this program; a family of three could earn up to $99,680. The program covers all types of homes, condos and townhouses.
There is no cap on the price of the home that qualifies, though most of the applications are for homes priced below $180,000, Manthe said. There is a cap of $2,000 per year on the tax credit.
"These are all really easy programs to apply to use. The applications are processed with your loan documents (as part of the mortgage process)," Manthe said.
Nearly 20 lenders in Northern Nevada participate in these programs.
Thank you to the Reno Gazette Journal for allowing us to share this article.
