There are a couple of great programs through Home At Last designed to help people who may not be able to get into a home otherwise.
The first is their down payment assistance program. This is a grant-funded program that pairs the grant with a 30-year fixed rate loan. You can use this program with an HFA preferred conventional loan, an FHA loan, a VA loan, or a USDA loan.
There are several options with this grant program, depending on how much assistance you need, that will determine your interest rate.
You can use this grant in rural Washoe County, which includes areas like Sparks, Spanish Springs, Cold Springs, Lemon Valley, Sun Valley, Hidden Valley, Washoe Valley, the Red Rock area, and any rural Washoe County area.
You can also use this program in Storey County and Lyon County.
The second program is a mortgage credit certificate program. This is a dollar-for-dollar program, which means that for every dollar you spend on your mortgage interest, you get a federal income tax credit of $1.00.
The average homeowner gets a tax refund of about $2,000 with this tax credit. You can receive all of that in your tax refund or adjust your W4 to receive more money on your paycheck. Of course, the second option would reduce your tax refund at the end of the year.
The difference between a tax credit and a tax deduction is that the credit is dollar for dollar,while the deduction is 15 to 28 cents per dollar you spend.
You can use this program to purchase a new or existing home, a condo, a townhouse, manufactured housing, a duplex, or a fourplex.
If you are a veteran, Home At Last appreciates your service. They will waive the $795 program fee for any qualified veteran.
The maximum home price for Home At Last is $317,646.
If you are interested in either of these programs or if you have any questions, please give me a call or send me an email. I would be happy to put you in touch with a lender that works with these programs. I look forward to hearing from you!