Nevada Rural Housing Authority Helps Nevadans Buy Homes of Their Own
Buying a home has long been the American dream, but it's not always easy. While many can afford the monthly mortgage -which oftentimes is less than rent - coming up with the down payment can be daunting. That's where the Nevada Rural Housing Authority (NRHA) comes in. Founded in 1973, NRHA has a mission to put rural Nevadans into homes they can afford, which is the cornerstone for building healthy communities.
Based on that philosophy, NRHA created the Home At Last™ (HAL) Home Buyer program in 2006, providing qualified rural Nevada families with the help they need to purchase a home.ada Rural Housing Authority (NRHA) comes in. Founded in 1973, NRHA has a mission to put rural Nevadans into homes they can afford, which is the cornerstone for building healthy communities.
The Home At Last™ homebuyer program has two components:
- Home At Last™ Access provides a grant ranging from two to five percent of the loan amount that may be used for down payment and/or closing costs. You heard correctly – it's a grant. That means it NEVER has to be repaid. You do not need to be a first-time homebuyer to get this grant. And, there are no loan origination fees. There are income limitations but they're set for hard-working Nevada families, so the maximum qualifying household income is $95,500 annually. The home purchase must fall below a maximum purchase price of $400,000, which would put families into very nice homes throughout most of rural Nevada.
- NRHA recently started offering the HFA Preferred program, which allows a loan-to-value ratio of up to 97 percent for single-family homes. This means that the potential homebuyer only has to come up with a three percent down payment, so the Home At Last™ Access grant could cover both the down payment and some of the closing costs!
- To complement Home at Last™ Access (or to stand alone), is the Home at Last™ Mortgage Tax Credit program (MTC), which offers qualified first-time buyers a federal income tax credit equal to either 20 or 40 percent of the interest paid on their mortgage loan. For most families, this will average around $2,000 a year, every year for the life of the loan. This money can be used for making an extra mortgage payment, home improvement, landscaping, furniture, or college tuition – really anything the family chooses. The first-time homebuyer qualification is waived for qualified military veterans.