New NRHA home owner assistance program launches today offering relief to Nevadans hurt by the "Great Recession" and housing crisis

Published on Mon, Jul 2, 2012 (8:56 a.m.)

Submitted by Nevada Rural Housing Authority

CARSON CITY, NEV (June 29, 2012) – The Nevada Rural Housing Authority (NRHA) today launched a new home mortgage and down payment assistance program that is designed to help a group that has received very little help until now: working Nevadans who have been hurt by the downturn in the economy and the housing crisis. What is different about this program is that you don't have to be a first time home buyer or a veteran in order to qualify.

The Home at Last™ Access program is designed to help qualified, working Nevadans afford to buy a home. It provides a generous 4 percent down payment grant, which does not have to be paid back. It also provides for a competitive mortgage interest rate – currently 4.00% for the 30-year, fixed rate FHA, VA, or USDA-RD home mortgages available under the program through participating mortgage lenders. The program is available to qualifying homebuyers who purchase a home in a rural Nevada community. Every community in the state of Nevada is eligible, except Las Vegas and surrounding areas and the city limits of Reno.

“This is the first and only program of its type because it is not limited to first time home buyers. Also, the income limits as well as home purchase price limit are very generous, making this program available to a wide range of Nevadans,” said Gary Longaker, NRHA executive director.

Homebuyers can also pair the Home At Last™ Access program with other NRHA programs such as the Home At Last™ MCC Program, if they are an eligible First Time Homebuyer. The MCC Program provides a federal income tax credit equal to 20 percent or 35 percent of the annual mortgage interest paid.

“Home prices are very affordable right now and interest rates are also very low. You can see that through the combination of programs, a home buyer could receive down payment assistance and a significantly lower their effective monthly mortgage payment,” said Longaker adding, “So, say you lost your home through a short sale two years ago. If you continued to pay your bills and your credit has had time to heal, this program might help you do something you never thought would be possible and that is to buy a home once again.”

While the down payment assistance grant is free money, there are restrictions. To qualify for NRHA’s Home At Last™ Access program you must meet certain income qualifications and normal mortgage underwriting requirements, have a minimum credit score of 640 and complete a homebuyer education program. There is also a home purchase price limit of $400,000, income limits of $95,000 for a family of two or less and $110,000 for three or more and the home must be your primary residence.

Home at Last™ Access is part of a family of programs developed by Nevada Rural Housing Authority to support home ownership and enhance the quality of life in Nevada's rural communities.

Details on the Home at Last™ Access program and a list of approved lenders can be found on Nevada Rural Housing Authority’s website at nvrural.org/access, or by calling 775-887-1795.