Although the Federal Homebuyer Tax Credit expired on April 30, it's still not too late for first-time homebuyers to take advantage of valuable incentives.
The Nevada Rural Housing Authority launched a $25 million bond program in January designed to help first-time homebuyers and veterans with the purchase of a home. So far, 43 families have purchased a home through the Home at Last Bond Program. This represents $5.9 million in mortgages in rural Nevada, and, according to the housing authority, there are still enough funds remaining to help an additional 111 Nevada families.
The bond program offers a free cash down payment and competitive mortgage rates to first-time homebuyers and veterans. The program applies to qualifying applicants who purchase a home in a rural Nevada community with a population fewer than 100,000.
"With falling home prices and the NRHA's 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 600 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."
The program provides a competitive 5.375 percent, 30-year fixed mortgage rate with a free cash down payment grant equal to 3 percent of the loan amount. Another option is an even lower 4.875 percent, 30-year fixed mortgage rate for those willing to forgo the down payment assistance grant.
The program is for first-time homebuyers or qualified veterans who will live in the home as a primary residence. Applicants who have not owned a home in the past three years are considered first-time homebuyers.
"The Home at Last program allows us to offer a trusted and stable product to our clients who are first-time homebuyers," said Nick Serrano, sales manager for Greater Nevada Mortgage Services. "As a local mortgage company, this program provides great benefit as it allows us to assist our fellow Nevadans with their home buying needs through a cost-effective means."
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. The Douglas County limit is $409,587. There is no deadline to apply for the program, but the money is available on a first-come-first-served basis.
For more information, visit www.nvrural.org.
