Buying 3685 Virgo Court with 4% Grant

virgo virtual tour image Did you know there is down payment assistance available for the purchase of 3684 Virgo Court in Wingfield Springs? Listed by Ferrari-Lund Real Estate; 3684 Virgo Court is located in the Foothills at Wingfield Village in Sparks, NV.

3684 Virgo Ct. is a fabulous 1988 square foot, 4-bedroom, 2-bath single-story home. You will love the kitchen with its granite slab counter tops and tile backsplash. 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, island and breakfast nook.

Located at the opposite end of the home from the other three bedrooms; the master suite features high ceilings, a large walk –in closet, plus master bath with garden tub, granite slab counter top and double sinks. The gas forced air heat and central air conditioning will keep you comfortable throughout the year. The separate family room is separated from the combination living room/dining room by a double-sided gas log fireplace. The separate laundry room has a sink with a granite slab top and plenty of cabinets.

Relax and barbeque on the beautiful patio while gazing out at open space and mountain views. The yard is beautifully landscaped with automatic sprinklers and drip system. It is a short walk from 3684 Virgo Court to Golden Eagle Park and local schools include Spanish Springs Elementary, Shaw Middle School, and Spanish Springs High. For additional information or to schedule a tour of 3684 Virgo, call Regina Lockwood, Ferrari-Lund Real Estate @ 775-843-5133. Priced at only $299,000 3684 Virgo Court is a must see.

Home Is Possible! 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 3684 Virgo Ct, the MCC program will have a value in excess of $50,000 over 30-years.

Virgo_RvO

The above “Rent vs. Own” analysis compares renting a similar home for $1,595 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 $96,795 over the first 5 years. In the same time period, you will build over $25,000 in equity 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 $10,900 for the conventional HFA loan or $12,300 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 Regina Lockwood @ 775-843-5133 or email Regina@Ferrari-Lund.com . For additional information about the “Home is Possible” and MCC 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.

Doug Kaller

Loan Officer

Academy Mortgage

5250 South Virginia Suite 240

Reno, NV 89502

( D: (775) 828-7006 | C: (775) 250-4421

( F: (888) 449-7473 | O: (775) 825-4545

*doug.kaller@AcademyMortgage.com

www.AcademyMortgage.com/dougkaller
LO NMLS #312085 | State Lic #NV Lic#10361 | Corp Lic #2731 | Corp NMLS #3113