Together, Home is Possible!
What’s keeping you from owning your own home? For many, it is an inability to save the money necessary for a down payment. That is no longer an excuse! The Nevada Housing Division just announced their new “Home is Possible” program for low and moderate income families wishing to purchase a home in either Washoe or Clark County. “Home is Possible” is intended to compliment the “Home at Last” program offered by the Nevada Rural Housing Authority (NRHA). Between the two programs, down payment assistance will now be available to low to moderate income families throughout the state.
“Home is Possible” will provide a competitive 30-year mortgage with a non-repayable down payment assistance (DPA) grant up to 4% of the mortgage amount to assist with your down payment and closing costs. Initially, FHA, VA and USDA 30-year fixed rate loans will be available but NHD is anticipating adding Fannie Mae eligible loans to the mix.
- No First-Time Home –buyer Requirement
- $95,500 Maximum “Credit Qualifying” Income
- $400,000 Maximum Home Purchase Price
- 640 Minimum Decision Credit Score (FHA, VA, USDA)
- 660 Minimum Decision Credit Score (Manufactured Homes)
- 680 Minimum Decision Credit Score (Fannie Mae Conventional)
- 45% Maximum Debt to Income Ratio
- Complete APPROVED Homebuyer Education Course
- Homebuyers ARE NOT subject to Recapture Tax
First-Time Buyers and Qualified Veterans can also pair “Home is Possible with an NHD Mortgage Credit Certificate (MCC) for additional savings. The Mortgage Credit Certificate (MCC) program provides eligible borrowers a tax credit of 40% up to $2,000 of your annual mortgage interest, lowering the amount of federal taxes they are required to pay to the IRS. An MCC is an on-going federal tax credit that can continue year after year for as long as you retain the loan and occupy the home as your primary residence. At today’s rate, your savings would be over $49,000 if you were to make the minimum payment for the full term of a $200,000 loan.
The median Reno/Sparks home price has increased 11% since this time last year. Where will prices be a year from now? Don’t let the down payment prevent you from realizing the dream of owning your own home! Call Doug Kaller @ 775-828-7006 to learn more about this fantastic program or click on the orange “Pre-Qualify Now” tab below to apply online. There are no more excuses.