Home At Last™ Daily Rates

GOVERNMENT LOANS

Assistance Options Loan Rates Loan Types
0% 5.125% FHA, VA, USDA
1% 6.125% FHA, VA, USDA
2% 6.750% FHA, VA, USDA
3% 7.125% FHA, VA, USDA
4% Advantage – NEW! 6.875% FHA, VA, USDA


CONVENTIONAL LOANS

Assistance Options Freddie Mac or Fannie Mae Rates
Income Limit: ≤ 80% AMI
View AMI Lookup Tool
Fannie Mae Rates
> 80% AMI
Income Limit: $150,000
0% 5.250% 6.125%
1% 5.875% 7.125%
2% 6.875% N/A
4% Advantage – NEW! 7.000% N/A

All RATES & ASSISTANCE OPTIONS ARE NOT LIMITED TO FIRST-TIME BUYERS!

CREDIT SCORE (FICO) REQUIREMENTS

  • PURCHASE LOANS:
    640 with 45% maximum debt-to-income ratio
    680 with 45.01 – 50% maximum debt-to-income ratio
  • REFINANCE LOANS:
    640 with 45% maximum debt-to-income ratio
    FHA streamline refinances are permitted
    VA or USDA streamline refinances are not permitted
  • MANUFACTURED HOMES (all loan types):
    680 with 45% maximum debt-to-income ratio

INCOME LIMITS (scroll down to chart at bottom of page)

Note: AMI refers to the Area Median Income established by Fannie Mae and Freddie Mac.

PURCHASE PRICE LIMITS

  • The Home At Last™ program does not establish a purchase price limit. Lenders must comply with any applicable loan agency limits.

LOAN LIMITS

  • The Home At Last™ program does not establish a maximum or minimum loan amount.
  • Lenders must comply with any loan agency loan limits. The current loan limits for FHA, VA, USDA Guaranteed or Conventional loans are as follows.

THINGS TO KNOW

  • Down Payment Assistance is calculated as a percentage of the first mortgage loan amount
    • Example: A $375,000 mortgage with 2% assistance will receive $7,500 in down payment and/or closing cost assistance
  • First mortgage details:
    • Mortgages to purchase the home are for a term of 30-years with a fixed rate set by the Home At Last™ program
    • Rates vary depending on the loan type and percentage of assistance provided
    • Loan options with assistance will include a second mortgage for the amount of the assistance
  • Second mortgage details for loans that come with 1% or 2% assistance:
    • 3-year term with no interest and no payments
    • Assistance is forgiven on a pro-rata basis over the first 3 years of living in the home
    • Example: A borrower who receives $7,500 in assistance will have $208.33 forgiven each month over the first 36 months
  • Second mortgage details for loans with the 4% Advantage option:
    • 30-year term with no interest and no payments
    • Assistance is only forgiven at the end of the 30-year term (not prorated)
    • Example: A borrower who receives $7,500 in assistance will repay the entire amount if the home is sold or refinanced prior to the end of the 30-year term
  • Home At Last™ may be used for the purchase or refinance of a primary residence.
  • FHA loans and manufactured home loans may not be manually underwritten.
  • Pair the Down Payment Assistance program with a Mortgage Credit Certificate (MCC) to maximize long-term affordability, plus the estimated tax credit can be used as additional qualifying income when purchasing the home, which means the MCC is also a great tool to lower debt-to-income ratios!

View MCC Income & Purchase Price Limits

Income limits for the loan and down payment assistance program are shown below. Conventional loans for borrowers earning at or below 80% of the area median income will receive lower mortgage insurance premiums and a lower interest rate. If pairing the MCC with down payment assistance, check the income limits for both programs – the lowest limit will apply when determining eligibility.

 

Rates shown are effective for the date indicated and subject to change without notice. Home At Last™ participating lenders are responsible to follow all program guidelines and reserve loans at the rates published at eHousingPlus. Not all applicants will qualify. Home At Last™ is a program of Nevada Rural Housing Authority and does not originate mortgage loans or determine eligibility. Borrower eligibility for the program and mortgage financing is determined by licensed lenders approved to offer the Home At Last™ program.  The publishing of this program information is not an offer to lend money or solicit a mortgage application.