It just may become the American dream once again. Buying a house hasn't paid off for 6 years now. But prices have nosedived, and for many Nevadans…getting affordable again. As compliance specialist Nicole Larrimore told us, "Everybody's watching this market crash, saying 'I wish I could buy a home right now."
Apartment renting is at a high, and so are rents. There are people who want to buy homes, but money is tight, along with credit…or they're having trouble qualifying for financing. As Tammy Lancaster with the Nevada Rural Housing Authority told us, "One of the biggest hurdles to buying a home is the down payment for a lot of people in the low-to-moderate income range."
Problem solved for single mom Debra Christensen. Standing outside a newer home in a quiet neighborhood in Carson City, she proudly told us, "This is my house. Yes. I can do whatever I want with it. I don't have to move again if I don't have to."
Debra found out about a new money-saving program called "Home at Last Advantage" from her lender, New American Mortgage. She's now queen of her castle, giving us a private tour. Outside, she said, "My daughter and I just recently started talking about planting an herb garden back here now that the home is ours." Inside, she told us, "I love the floor plan of the house because this end of the house, it's my teenage daughter's room and her bathroom."
In this new program, the buyer gets a down payment that doesn't have to be repaid, and a low interest rate. They can also qualify for a mortgage tax credit equal to up to 35% of the mortgage interest. The only catch is, it's not for everybody. You have to live in an area of less than 100,000, which is any Nevada community outside of Reno and Las Vegas…and you also have to be someone who hasn't owned a house for at least 3 years.
Debra's almost-new home in Carson City is the same one she's been renting for $1,150 a month. As an owner, she's paying less now…"My mortgage payment is $150 less than what my rent payment was."
Almost all the other government incentives, like the federal First Time Homebuyers Credit, are long gone. Nicole Larrimore told us that Home at Last Advantage, "Just launched in March. It's an amazing program, and it's going to be around for a really long time."
With the bennies from the new program, Debra has something she never thought was affordable. She has just one more thing to add to her bathroom..."Possibly put maybe a whirlpool bathtub, or something like that in there..."
She can do it now. It's her home.
It's even easier for veterans to qualify for "Home at Last Advantage." If you'd like to take advantage yourself of this program provided by the Nevada Rural Housing Authority, just click this link:
Saturday, May 25 2013 2:16 AM EDT2013-05-25 06:16:04 GMT
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