Nevada Housing Division offers programs for new homebuyers

The State of Nevada Housing Division's First-Time Homebuyer Program is being offered to help the state's low-to-moderate income residents buy a home.

"Today we can offer prospective homebuyers an amazing low mortgage rate of 4.5 percent," said Charles L. Horsey, administrator, Nevada Housing Division. "The Division was established in 1975 and historically this is the lowest rate we've ever been able to offer Nevadans."

In addition to the 4.5 percent, mortgage interest rate, the division offers a down payment assistance program of up to $4,500. If eligible, the buyer can also take advantage of up to $8,000 federal tax credit for first-time homebuyers and up to $6,500 tax credit for repeat buyers.

A first-time homebuyer is considered to be anyone who has not owned a home within the past three years. However, these conditions are waived for veterans if they meet the income criteria. The division's income limits represent one of the highest limits of any government program anywhere in the state. For a household size of 3 or more persons, income limits range from $75,785 up to $103,320 per household, depending where in the state a family resides. The maximum purchase price of a home ranges from $258,691 up to $409,587.

The Nevada Housing Division serves all areas within Nevada, both rural and urban, and has more than 50 participating lenders serving the state. Since the Nevada Housing Division's creation in 1975, the agency has funded more than $2 billion in loans and has assisted more than 20,000 families achieve homeownership.

Anyone interested in learning more about the Division and learn about qualifications for the 4.5 percent mortgage rate, visit nvhousing.state.nv.us. The Web site features criteria for securing a loan, steps to follow in becoming a homeowner, along with a list of participating lenders.