NRHA Announces Home At Last™ Bond--Lowest Rates In NRHA History

Carson City, NV - The Nevada Rural Housing Authority (NRHA) announces a $25 million bond program that offers a free cash down payment and competitive mortgage rates to first-time homebuyers and Veterans. The interest rates are the lowest the NRHA has ever offered in its history, and the program applies to qualifying applicants who purchase a home in a rural Nevada community with a population fewer than 100,000.

The Home At Last™ Bond Program provides a free cash down payment equal to 3 percent of the loan and a competitive 5.375 percent 30-year fixed mortgage rate. An even lower 4.875 percent 30-year fixed mortgage rate is another option for those willing to forgo the down payment assistance grant. Either option may be coupled with the current federal first-time buyer tax credit of up to $8,000 that expires on April 30th of this year.

How it works
Here's an example of how the program might work for a family buying a $150,000 home:

Option 1:
• A free $4,500 cash down payment (This is a down payment grant that does not have to be repaid)
• 5.375 percent 30-year fixed mortgage rate with a Federal Housing Administration (FHA), Rural Housing Service (RHS), or Veterans Administration (VA) loan

Option 2:
• Opt out of down payment assistance
• 4.875 percent 30-year fixed mortgage rate with an FHA, RHS or VA loan

Both of these options would qualify for an additional $8,000 federal first-time homebuyer tax credit if there is a purchase contract by April 30, and the sale closes by June 30.

"With falling home prices, government incentives and these exciting new financing programs, this may be the best year ever for first-time homebuyers and Veterans to purchase a home," said Gary Longaker, NRHA Executive Director. "These programs provide Nevada buyers with incredible savings opportunities, and we've helped more than 500 Nevada families purchase their first homes over the past three years. When more Nevadans are able to purchase a home of their own, we all benefit through stronger more stable and economically vital communities."

Who Qualifies
This program is for first-time homebuyers or qualified Veterans who will live in home as primary residence. Applicants who have not owned a home in the past three years are considered first-time homebuyers. There is no asset limit for homebuyers, however households must meet income qualifications and normal FHA, VA or RHS underwriting requirements.

There are limits to the cost of a home that can be purchased with this program, and the maximum home value limits vary by county:
• Carson City: $348,422
• Clark: $349,514
• Douglas $409,587
• Elko, Eureka and Nye: $283,980
• Lyon: $289,441
• Storey and Washoe: $352,791
• All other areas: $258,690

Homes must be purchased in rural Nevada communities with populations fewer than 100,000. Some of the larger communities this program applies to include: Carson City, Dayton, Fernley, Mesquite, Pahrump, and Sparks, to name a few.

There is no deadline to apply for the program, but the money is available on a first-come-first-served basis. Click here for more information on the NRHA's Home At Last™ programs, including a list of Home At Last™ Bond participating lenders.