Is the lack of money for a down payment and closing costs preventing you from owning your own home?
Did you know there are down payment assistance and first time buyer programs available to purchase 3049 Creekwood Drive in Reno? Recently listed by Ferrari-Lund Real Estate; 3049 Creekwood Drive is located in Rosewood Lakes community in Hidden Valley.
Rosewood Lakes has been described as “One of the Best Kept Secrets in Reno.” Centrally located, 3049 Creekwood Drive is just minutes away from the Meadowwood Mall, Whole Foods, Trader Joes, and Sam’s Club. If you need to pick up, or drop someone at the airport, you can be there in minutes. Rosewood Lakes amenities include a pool, spa, clubhouse, tennis and basketball courts, and children’s playground. There is a walking trail along the slough. The Hidden Valley Regional Park offers a playground, picnic area, dog park, and hiking trails accompanied by free roaming wild horses. You are going to love living here!
Located on a quiet street, 3049 Creekwood Drive is a beautiful 1551 sq. ft. 3-bedroom, 2-bath single-story home you will fall in love with. The kitchen features oak cabinets with tile counter tops. Included are a gas range and oven, refrigerator, built-in dishwasher, built-in microwave and garbage disposal. There is plenty of counter space including a breakfast bar.
3049 Creekwood Drive has an open an appealing floor plan with a large family-dining room with high ceilings and gas log fireplace. The master suite features high ceilings, a large walk–in closet, plus master bath with separate shower and tub, ceramic tile counter top and double sinks. The gas forced air heat and central air conditioning will keep you comfortable throughout the year. There is a separate laundry room with a sink and plenty of cabinets.
Relax and barbecue on the back deck. The low maintenance yard is equipped with automatic sprinklers and a drip system. There is a 2-car garage and plus a separate storage shed. For additional information, or to schedule a tour of 3049 Creekwood Drive, call Regina Lockwood, Ferrari-Lund Real Estate @ 775-843-5133. Priced at only $275,000 3049 Creekwood Drive is a must see.
Home is Possible! Academy Mortgage in Reno has teamed with the Nevada Housing Division to provide 4% Non-Repayable Down Payment Assistance Grants to qualified buyers. If your qualifying income is less than $95,500 a year, you may be eligible for the Nevada Housing Division “Home is Possible” program providing a non-repayable grant equal to 4% of your loan amount.
“Home is Possible” requires a 640 decision credit score for FHA and VA programs and a 680 decision score the Home Finance Agency (HFA) Conventional loan. The 4% grant can be applied to your down payment and closing costs. The VA program offers 100% financing to qualified buyers.
First time buyers can combine the “Home is Possible” 4% Non-repayable grant with the Nevada Rural Housing Authority Mortgage Tax Credit (MTC) program. The MTC program helps first time buyers lower their monthly payment with a dollar for dollar federal tax credit equal to the lower of $2,000 a year or 40% or the interest paid. The cost of the MTC program is 1% of the loan amount plus a $175 processing fee. When purchasing 3049 Creekwood Drive, the value or the MTC program is more than $50,000 over 30-years.
Similar homes in Rosewood lake are renting for $1,400 a month. The above “Rent vs. Own” analysis compares owning 3049 Creekwood Drive with renting a similar home. Some of the benefits of owning your own home include building equity, the mortgage interest tax deduction, and stable payments. Renting a home similar to 3049 Creekwood Drive will cost you over $87,000 over the first 5 years. In the same time period, you will build over $22,500 in equity owning this home based solely on principle reduction. After subtracting your equity and tax benefit, owning 3049 Creekwood Drive will save you hundreds of dollars a month. “Home is Possible” will increase your buying power and save you thousands of dollars at closing.
The above illustration also compares buying 3049 Creekwood Drive with the Home is Possible FHA loan program with a regular FHA loan; illustrating the difference in the amount of money needed at the close. You will need more than $5,800 additional cash at closing with the regular FHA loan than with the “Home is Possible” program. Although the interest rate and gross payment with the “Home is Possible” program are higher, when combined with the “Home at Last” Mortgage Tax Credit program, your net monthly payment is significantly lower. In this example, you will receive the maximum $2,000 a year mortgage tax credit for the first 22 years that you own the home. On first glance, it appears your payment with the regular FHA program is $97.83 a month less. After subtracting the Home at Last $166.66 a month Mortgage Tax Credit, your net payment is actually $68.83 a month less when you combine the “Home is Possible” and the Home at Last Mortgage Tax Credit programs. The total savings is over $18,000 over the first 22 years that you own the home. Add to this the savings at closing, combining the “Home is Possible” program with the Home at Last Mortgage Tax Credit first time buyer program will save you over $24,000, should you keep your home for 22 years. How long and hard do you have to work to save $24,000?
To learn more about 3049 Creekwood Drive, call Regina Lockwood @ 775-843-5133 or email Regina@Ferrari-Lund.com . For additional information about the “Home is Possible” and MTC programs, call Doug Kaller, Academy Mortgage @ 775-828-7006 or email doug.kaller@AcademyMortgage.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.
5250 South Virginia Suite 240
Reno, NV 89502
( D: (775) 828-7006 | C: (775) 250-4421
( F: (888) 449-7473 | O: (775) 825-4545
LO NMLS #312085 | State Lic #NV Lic#10361 | Corp Lic #2731 | Corp NMLS #3113