Homebuyers can pair loans with grants

The Nevada Rural Housing Authority Home at Last program is providing an increasing number of mortgage grants in Fallon.

The program, which started 10 years ago and expanded its loan product suite last year, has helped 146 families in Churchill County with $20.4 million in mortgage assistance. The expansions addressed homebuyer and lender feedback to provide more borrower down payment and closing cost aid.

“Many people think homeownership isn’t possible due to rising home prices, reduced inventory or lack of a down payment,” said Diane Arvizo, director of Homebuyer Services for the program. “The reality is with rising rents, lack of adequate and affordable rental housing as well as the influx of people moving to the region to seek expanded job opportunities, now is a great time to buy.”

The Home at Last enhancements combined with the Federal Housing Administration (FHA) mortgage insurance premium decrease last year is encouraging low-to-moderate income borrowers into the housing market, often for the first time.

The program has provided $1 billion in mortgages and $28.6 million in down payment assistance to help over 5,300 households statewide. Government and conventional loans can be used with down payment assistance of up to five percent of the loan as well as tax credits. Government loan options include FHA, Department of Veterans Affairs (VA) and Department of Agriculture Rural Development as well as conventional housing finance agency (HFA) preferred loans.

Arvizo stated becoming a homeowner gives people control over their housing costs and provides stability while helping drive local economic recovery.

She explained how in Fallon, the rural development or VA loans are a great option because no down payment is required, allowing a homebuyer to use the entire grant to cover closing costs. She also emphasized that the program provides customizable grant options. Plus, their Fannie Mae conventional loan offers nearly 50 percent lower mortgage insurance and is only available through an approved HFA such as the authority.

“If saving up for a down payment is your only barrier to becoming a homeowner,” Arvizo said, “and you have a stable and dependable income with a minimum credit score of 640, then the Home at Last program is perfect for you.”

All grants are paired with a 30-year, fixed interest rate loan.

The Carson City office that serves Northern Nevada can be reached at 775-887-1796 or HAL@nvrural.org. Visit www.nvrural.org/homebuyer-services to learn more.

Online and face-to-face education can be provided in Spanish.

“We know how scary and exciting it can be to take that first big step toward becoming a homeowner,” Arvizo said. “We’re here to help.”