Home At Last™ *Advantage* Rates

GOVERNMENT LOANS
Loan Types: FHA, VA & USDA Guaranteed
$150,000 Income Limit

Down Payment Assistance	Rates for the First Mortgage
0%	7.125%
1% Advantage	7.250%
2% Advantage Temporarily Unavailable	N/A
3% Advantage Temporarily Unavailable	N/A
4% Advantage Temporarily Unavailable	N/A

CONVENTIONAL LOANS – Exclusively for borrowers earning at or below 80% of Area Median Income (AMI)
Loan Types: Fannie Mae & Freddie Mac

Down Payment Assistance	Rates for the First Mortgage
0%	7.250%
1% Advantage	7.375%
2% Advantage	7.500%
3% Advantage Temporarily Unavailable	N/A
4% Advantage Temporarily Unavailable	N/A

CONVENTIONAL LOANS – Exclusively for borrowers earning more than 80% of Area Median Income (AMI)
Loan Types: Fannie Mae
$150,000 Income Limit

Down Payment Assistance	Rates for the First Mortgage
0%	7.625%
1% Advantage Temporarily Unavailable	N/A
2% Advantage Temporarily Unavailable	N/A

Note: There is NO first-time homebuyer requirement for this program.

LENDERS: Click to open the US Bank Product Guide for Government loans

LENDERS: Click to open the US Bank Product Guide for Conventional loans

NOTE: The information on this website is provided as a courtesy only to help answer frequently asked questions regarding program eligibility. Lenders must follow the current loan agency guidelines (FHA, VA, USDA, and Fannie Mae/Freddie Mac Conventional), US Bank guidelines, and the program guidelines published on the eHousingPlus website.

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)

• FHA: $150,000
• VA: $150,000
• USDA Guaranteed: Refer to USDA guidelines View USDA Income Limits by County
• CONVENTIONAL/FANNIE MAE: $150,000 if borrower income is over 80% AMI. For borrowers with income at or below 80% AMI, refer to the Income Chart below or View the Fannie Mae AMI Lookup Tool by County
• CONVENTIONAL/FREDDIE MAC:  View the Freddie Mac AMI Lookup Tool by County

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

PURCHASE PRICE LIMITS

• Lenders must follow loan agency limits, if applicable. The Home At Last™ program does not establish purchase price limits.

LOAN LIMITS

• The Home At Last™ program does not establish a maximum or minimum loan limit.
• Lenders must follow loan agency limits, as applicable. The current loan limits are:
  • FHA: View FHA Loan Limits by County
  • VA: No limit
  • USDA Guaranteed: No limit
  • Conventional: $647,200 (no jumbo loans)

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:
  • All first mortgages 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 down payment assistance will include a second mortgage for the amount of the assistance
• Second mortgage details for loans that come with down payment assistance:
  • 30-year term with no interest and no payments
  • Assistance is forgiven at the end of the 30-year term (not prorated)
  • If a borrower sells, refinances, or prepays the down payment assistance prior to the end of the 30-year term, the entire amount of down payment assistance is repaid to Nevada Rural Housing Authority.
• 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 – DOWN PAYMENT ASSISTANCE PROGRAM
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.