State offers home loan program

The Nevada Housing Division has announced a new low mortgage rate for Nevada's first-time homebuyers. It is offering a 3.50 percent interest rate for a 30-year fixed rate loan to qualified buyers.

This new rate became effective on Dec. 1, with a guarantee by the Housing Division that this rate will be available through June 30. There will be a total of $69 million in lendable proceeds available for Federal Housing Administration- or Veterans Affairs-qualified first-time home-buying borrowers. NHD's Down Payment Assistance Program assistance will remain at the loan limit of $4,500.

"(This) will allow many of our state's middle-income families -- who have been struggling to stretch every dollar -- to now achieve the dream of homeownership," said Charles L. Horsey, Nevada Housing Division administrator.

"This dramatic low interest rate, especially when matched with the Division's generous down payment assistance, makes it possible for more Nevadans to buy a home," said Nevada Gov. Brian Sandoval. "Even as we look for new and improved ways to keep Nevadans in their homes, this program can help other Nevada families realize the dream of home ownership."

For more details, visit nvhousing.state.nv.us/ and, under programs, select first-time homebuyer program, or call 486-7220.