CARSON CITY — The Nevada Rural Housing Authority announced Tuesday that it is again making available the Home At Last program to help veterans and first-time homebuyers with low-interest loans and down payment assistance.
“With falling home prices and NRHA’s exciting financing program, this may be the best time ever for first-time homebuyers and veterans to purchase a home,” said Gary Longaker, NRHA executive director. “Without a doubt, these programs provide Nevada buyers with incredible savings opportunities and there really is no limit to the number of hard working Nevadans who can purchase their first home with this program.”
NRHA’s newest program, Home at Last Advantage, offers both down payment assistance and a competitive mortgage rate. Homebuyers can also pair Home At Last Advantage with the Home At Last MCC Program providing a mortgage tax credit equal to 20 percent or 35 percent of mortgage interest.
Here’s how it works: A family buying a $150,000 home will get a free $6,000 cash down payment at a competitive mortgage rate and save up to $2,000 a year in federal income tax (as much as $150 per month or more back in their pockets). Families can pick a FHA, RHS or VA 30-year fixed mortgage.
The program applies to qualifying applicants who purchase a home in a rural Nevada community with a population of fewer than 100,000. Every community in the state of Nevada is eligible, except Las Vegas and surrounding areas and within the city limits of Reno.
There are some restrictions. To qualify for NRHA’s Home At Last Advantage program, the buyer must not have owned a home in the past three years, must meet certain income qualifications and normal mortgage underwriting requirements, have a minimum credit score of 620 and must complete a homebuyer counseling program.
For more information, visit nvrural.org/advantage, or call 887-1795.