Don’t Let the Term ‘Rural’ Fool You When it Comes to Home Buyer Assistance

Alleviating the affordable housing problem in the greater Reno Metro area starts with getting qualified buyers into home ownership and out of high priced rentals.  Lowering the demand for rentals will drive prices down and make it easier for those with fewer monetary resources to find homes. In my last post, Down Payment Assistance May Be Right At Your Fingertips, I provided details of some of the programs offered by the Nevada Housing Division. Today I hope to dispel some confusion surrounding another program available to Nevadans, Home At Last™

The Nevada Rural Housing Authority (NRHA) offers a program, Home at Last™ Down Payment Assistance, that can help home buying hopefuls with up to $24,000 in down payment assistance.  

The Nevada Rural Housing Authority (NRHA) offers a program, Home at Last™ Down Payment Assistance, that can help home buying hopefuls with up to $24,000 in down payment assistance.  

The term “Rural” often leads people to believe they will not be able to take advantage of the assistance if they want to live in their preferred area, but you may be surprised to find out that an area of interest to you actually does qualify.  People are often surprised to find out that areas such as Sparks, Carson City, and Fernley qualify.  To check an address of interest for eligibility you can visit the NRHAs eligibility map here.

The down payment assistance offered by the NRHA is provided in the form of a 3-year second mortgage that is completely eliminated (forgiven) after living in the home as a primary residence for three years.  The secondary loan does not charge any interest and requires no payments.  Eligible loan types include FHA, VA, USDA Rural Development, and exclusive Conventional loans known as HFA Preferred and HFA Advantaged. The program does not have any purchase price limits, although a homebuyer may be limited by their loan type.

Another differentiating feature of the NRHAs loan assistance program is that the home being purchased does not have to be the only property you own.  What this means is as long as you are planning to live in the new home as your primary residence, you do not have to have already sold your previous residence to qualify.

An additional benefit to the Home At Last™ program is their Home At Last™ Pals Pet Adoption Program. 

At the completion of your loan process you will be given a certificate, good for 60 days to present to your local animal shelter. With this certificate the NRHA will cover the entire cost of your pet adoption fee.  For more information on the Home At Last™ Pals Program you can call the Pals hotline at (775) 283-0173 or visit their website here.

If you need help navigating the options for home ownership assistance, feel free to contact me any time.  Although I am not a Loan Consultant, I would be happy to refer you to a lender that will find a program that works for you.  

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