Carson City, Nev. – Nevada Rural Housing Authority has announced that its Home At Last™ homeownership program now offers a new down payment assistance option designed to provide access to more down payment assistance paired with lower interest rates. The “4% Advantage” product from Home At Last™ is the agency’s response to a challenging housing market and an innovative way to help homebuyers get the down payment amounts they need to afford a home of their own.
“There are indeed people who are ready to take the homeownership leap, and this product can help them do just that,” said Diane Arvizo, Nevada Rural Housing Director of Homeownership Programs. “The 4% Advantage brings an affordable interest rate and down payment assistance of 4% of the loan amount – plus the life-changing opportunity to stop renting, start paying a mortgage and begin building generational wealth.”
The 4% Advantage option will provide 4% of the first mortgage loan amount in the form of a 30-year forgivable second loan with no interest or payments. The assistance is forgiven upon the completion of the 30-year loan term. If the borrower refinances or sells the home before the end of the 30-year term, the entire amount of down payment assistance must be repaid to Nevada Rural Housing Authority. With this “pay it forward” concept, Nevada Rural Housing Authority will be able to help more homebuyers for years to come.
“It’s always a good time to start the homebuying journey,” Arvizo says. “It’s also important to work with a partner who can guide you through the process, provide access to the best tools, and connect you to the products that make the most sense for your situation. That’s what Home At Last™ and our network of lenders and real estate partners deliver to rural Nevadans.”
Home At Last™ by Nevada Rural Housing offers homeownership options for eligible homebuyers who earn less than $150,000 annually and have a minimum credit score of 640* throughout Nevada in communities with populations under 150,000. For Washoe and Clark Counties, visit HALMap.org to verify eligible areas. To get started, homebuyers should first connect with a Home At Last™-approved lender who is trained on the details of the program, including the new 4% Advantage option. To find a lender in your area, call 833-GO-HAL-NV or email HAL@NVRural.org. Details and rates are also available at HALRates.org.
*Home At Last™, a program of the Nevada Rural Housing Authority, does not originate mortgage loans. Eligibility for the program is determined by licensed lenders approved to offer the Home At Last™ program. Not all applicants will qualify. This is not an offer to lend money or solicit a mortgage application. Home At Last™ participating lenders are responsible to follow all program guidelines and reserve loans at the rates published at eHousingPlus. Borrower eligibility for the program and mortgage financing is determined by licensed lenders approved to offer the Home At Last™ program.
About the Nevada Rural Housing Authority (NRHA)
Nevada Rural Housing Authority’s mission is to promote, provide and finance affordable housing opportunities for all rural Nevadans. NRHA does this through homeownership programs, rental services, community development initiatives and an exclusive Weatherization program. The Authority serves Nevada’s 15 rural counties and the rural portions of Clark and Washoe Counties – a coverage area of 110,000 square miles and home to more than 1.3 million Nevadans. For more information, visit www.nvrural.org.