NRHA on Channel 2's Money Watch
NRHA on Channel 2's Money Watch
Money Watch Q & A: The Home At Last Bond Program
Kristen Remington
Channel 2 News
If you are a first-time home buyer or a Veteran, wanting to move to a Nevada community with a population less of 100,000, you could be eligible for some financial assistance. Depending on your income, you may qualify for a grant of 3% of your loan - to put towards your down-payment. Along with that, you might be eligible for a 5.375% 30-year fixed mortgage rate. Now, if you opt out of the 3% grant, then your interest rate could be more like 4.875%.
The following example of how the program might work can be found on the NRHA web site. It pertains to 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 home buyer tax credit if there is a purchase contract by April 30, and the sale closes by June 30.
Again, to receive this financial assistance, there are certain requirements, like income; so make sure to speak with an expert about whether or not you qualify.
For the weblink to this article, click here.
For a PDF version, click here.
Thank you to Channel 2 News for allowing NRHA to share this article.
