Program Rates & Options
Rate Sheets are effective for loans reserved/locked with eHousingPlus on March 31, 2023.
Home At Last™ Advantage Rates & Options
| Borrower Assistance | Rates for FHA, VA, & USDA Loans | Rates for Conventional Loans (Fannie Mae or Freddie Mac) – Income Below 80% AMI | Rates for Conventional Loans (Fannie Mae) – Income Above 80% AMI |
| 0% – No DPA | 6.250% | 6.250% | 6.500% |
| 1% of Loan Amount | 6.500% | 6.375% | 6.750% |
| 2% of Loan Amount | 6.625% | 6.500% | 6.875% |
| 3% of Loan Amount | 6.750% | 6.750% | n/a |
| 4% of Loan Amount | 7.000% | 6.875% | n/a |
Home Means Nevada Rural DPA Program Rates & Options
| Borrower Assistance | Rates for FHA, VA, & USDA Loans | Rates for Conventional Loans (Fannie Mae or Freddie Mac) – Income Below 80% AMI | Rates for Conventional Loans – Fannie Mae – Income Above 80% AMI |
| $15,000 | 6.625% | 6.500% | 6.750% |
Buy in Nye Homeownership Program Rates & Options
| Borrower Assistance | Rates for FHA, VA, & USDA Loans | Rates for Conventional Loans (Fannie Mae or Freddie Mac) – Income Below 80% AMI | Rates for Conventional Loans – Fannie Mae – Income Above 80% AMI |
| $5,000 | 5.250% | 5.375% | 5.500% |
| $16,000 | 6.625% | 6.500% | 6.750% |
NOTE: Information is provided as a courtesy only. Participating lenders will determine borrower eligibility and must follow all program, U.S. Bank, and loan agency guidelines, and complete reservations with the rates published with eHousingPlus. Rates are subject to change without notice.
*Rate buy downs apply to the Home At Last program only and are permanent (no temporary buy downs are permitted). Lenders must submit rate buy down requests in writing to Diane@nvrural.org no later than 11am PT, and include the exact loan type, loan amount, and DPA percentage and details of the buy down request. If the cost to buy down the rate is acceptable, the lender must reserve the Home At Last loan in the eHousing reservation portal by 7pm. Rate buy downs not reserved before the program closes at 7pm will immediately expire.
CREDIT SCORE (FICO) REQUIREMENTS FOR ALL PROGRAMS
- Purchases:
- 640 with 45% maximum debt-to-income ratio (or 680 for manufactured homes)
- 680 with 45.01 – 50% maximum debt-to-income ratio (not permitted for manufactured homes)
- Refinances (Refinancing is permitted with the Home At Last™ program only):
- 640 with 45% maximum debt-to-income ratio (or 680 if property is a manufactured home)
- FHA streamline refinances are permitted
INCOME LIMITS
- Home At Last™ Program:
- $150,000
- If borrower income is 80% or less of the Area Median Income (AMI), then charter-level mortgage insurance will apply on Conventional loans and the first mortgage rate will be lower than for Conventional loans with borrower income exceeding 80% AMI. Refer to the Fannie Mae AMI Lookup Tool or the Freddie Mac AMI Lookup Tool to view the AMI amounts by county
- Home Means Nevada Rural DPA Program & Buy in Nye Homeownership Program:
- 300% of Federal Poverty Guidelines (FPG) based on household size
- 1 Person – $43,740
- 2 Persons – $59,160
- 3 Persons – $74,580
- 4 Persons – $90,000
- 5 Persons – $105,420
- 6 Persons – $120,840
- 7 Persons – $136,260
- 8 Persons – $151,680
- Add $15,420 for each additional household member
- 300% of Federal Poverty Guidelines (FPG) based on household size
PURCHASE PRICE LIMITS
- Home At Last Program:
- The Home At Last™ program does not establish a maximum or minimum purchase price.
- Home Means Nevada Rural DPA Program & Buy in Nye Homeownership Program:
- $647,200
LOAN LIMITS
- Lenders must follow loan agency limits, as applicable. The current loan limits are:
- FHA Loans:
- VA & USDA Loans:
- No limit
- Conventional Loans: Conforming Loan Limit Map.
- $726,200
- Jumbo loans are not permitted
- Loan amounts cannot exceed the purchase price limit for Home Means Nevada Rural DPA Program & Buy in Nye Homeownership Program
SECOND MORTGAGE DETAILS
- Home At Last Program:
- 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 first mortgage prior to the end of the 30-year term, the original amount of down payment assistance is repayable to Nevada Rural Housing
- Home Means Nevada Rural DPA Program & Buy in Nye Homeownership Program:
- 3-year term with no interest and no payments
- Assistance is forgiven at the end of the 3-year term (not prorated) or December 31, 2026, whichever occurs first
FIRST MORTGAGE DETAILS
- All Programs:
- All first mortgages are for a term of 30 years with a fixed rate established by Nevada Rural Housing
- Mortgage rates are determined by program, loan type, and amount of assistance provided
- Mortgages options with down payment assistance will include a second mortgage for the amount of the assistance
- Home Means Nevada Rural DPA mortgages must be originated by a participating lender by December 31, 2024.
- Buy in Nye Homeownership Program mortgages must be originated by a participating lender by December 5, 2023.
MORTGAGE TAX CREDITS
- Nevada Rural Housing offers the only Mortgage Credit Certificate (MCC) program in Nevada. For qualified borrowers, the MCC tax credit may be paired with any program offered by Nevada Rural Housing, or the MCC can be paired with a eligible non-program loan (referred to as a standalone MCC). The MCC may provide qualified borrowers with additional qualifying income to increase buying power and lower debt-to-income ratios to help more Nevadans qualify to buy a home of their own. Click to view the MCC Income & Purchase Price Limits.
LENDER RESOURCES
U.S. Bank Product Guide for Government loans
U.S. Bank Product Guide for Conventional loans