Mary Ann Kifer of Coldwell Banker Select Real Estate in Reno recently listed a beautiful two-story 3 bedroom, 2.5 bath home located at 5677 Peach Ct. in Sun Valley. The home has an open floor plan with a modern, spacious kitchen featuring new porcelain 18×18 sq. tiles with 6×6 triangle tile insets, new drop sink, Moen faucets, tile back splash and Silestone Counter tops. There is an electric range, built in dishwasher, and breakfast bar.
Located in the Stone Canyon Subdivision, there are nearby bike and hiking trails and it is close to the Sun Valley Elementary School. The middle school is Sparks and the high school is Spanish Springs. You will enjoy the quiet neighborhood and mountain views from this hillside location. The back yard is fully fenced rear with RV access.
Did you know that you may be eligible for down payment assistance? Academy Mortgage in Reno has teamed with the Nevada Housing Division and the Nevada Rural Housing Authority to provide 4% Non-Repayable Down Payment Assistance Grants to qualified buyers. If your qualifying income is less than $95,000 a year, you may qualify for the Nevada Housing Division “Home is Possible” program providing a non-repayable grant equal to 4% of your loan amount. The program requires a 640 decision credit score for the FHA and VA programs and a 680 decision credit score for the Conventional Housing Finance Agency (HFA) program.
The 4% grant can be applied to your down payment and closing costs. Qualified veterans can qualify for 100% financing while FHA requires 3.5% down. If qualified, the Conventional Housing Finance Agency (HFA) program is probably the best choice for non-veterans. It has a slightly higher interest rate but there isn’t any upfront mortgage insurance and the monthly MI factor is lower than FHA. Also the monthly MI can be cancelled with 20% equity after 5 years where the FHA MI is for the life of the loan.
First time buyers can combine the “Home is Possible” 4% Non-repayable grant with the Nevada Housing Mortgage Credit Certificate (MCC) program. The MCC program helps first time buyers lower their monthly payment with a federal tax credit equal to the lower of $2,000 a year or 40% or the interest paid. Based on maximum financing for 5677 Peach Ct, the MCC program will have a value in excess of over $50,000 over 30-years.
The above “Rent vs. Own” analysis compares renting a similar home for $1,400 a month with purchasing with the “Home is Possible” Program. Some of the benefits of owning your own home include building equity, mortgage interest tax deduction, and stable payments. Renting a similar home will cost you over $87,000. You will build over $20,000 in equity over the first 5 years of owning this home based solely on principle reduction. After subtracting your equity and tax benefit, owning this home will save you hundreds of dollars a month.
If you are a qualified veteran, with “Home is Possible,” you can own this home with little to no money out of pocket. Without seller concessions, I estimate you will need about $9,300 for the conventional HFA loan or $10,400 for the FHA loan. Asking the seller to contribute to your closing costs could reduce these figures, but we are still in a seller’s market and you may have to increase your offer equal to the amount of the seller concessions.
To learn more about this beautiful home, call Mary Ann Kifer @ 916-947-0612 or email firstname.lastname@example.org. For additional information about the “Home is Possible” and MCC programs, call Doug Kaller, Academy Mortgage @ 775-828-7006 or email email@example.com. To find out what you qualify for, please click on the orange “Pre-Qualify Now” tab at the bottom of this page. Don’t let the lack of a down payment prevent you from realizing the dream of owning your own home.