Changes with the Nevada Rural “Home at Last” program

Did you know that as of July 2, 2012 the Nevada Rural Housing Authority’s “Home at Last” program is no longer limited to only first-time buyers (those who have not owned a home in the last three years). Here are some of the features of this program…

• Borrower can receive a grant of 4% of the final loan amount that can be used for down payment or closing costs. This grant does not need to be repaid
• Eligible areas? Rural areas throughout Nevada. What is “rural”? Cities with populations less than 100,000 – i.e. Spanish Springs, Cold Springs. Properties in the city of Reno are not eligible. [Note: if you’re wondering if a particular area qualifies, please contact me.]
• Income limits? 1-2 person household income up to $95,000; or households of 3 or more person income up to $110,000
• FHA, VA and RD programs
• Current rate is 3.75% [note: rate subject to change]
• No increase in processing time
• Click here to learn more about the Nevada Rural Program

Other loan programs that may be of interest…

The USDA Guaranteed Rural Program has eligibility areas that might surprise you. Homes in Truckee, South Lake Tahoe, Minden, Gardnerville, Fernley, Fallon , Cold Springs and even some areas in Spanish Springs. Always check the website with the home address to see if it’s eligible for USDA financing.

• 100% financing
• Very small monthly PMI
• 3.5% rate (note: rate subject to change)
• Income limits and loan limits vary by county
• Add 1-2 days to normal processing time for USDA approval
• Click here to learn more

Or, are you looking at houses that are rundown, out-dated or not eligible for FHA financing because of needed repairs?
Look at the possibilities the FHA 203 renovation loan affords in this quick video.

• Rates are about .25% higher than regular FHA loans
• 3.5% down payment on the total of the sales price + the improvements
• Processing times are no longer than regular FHA loans once you have contractor bids in place
• FHA loan limits vary by county and can be checked here

Thank you to the Home Mortgage Consultants at New American Mortgage for providing this information.