New Nevada Program Turns Renters into Buyers - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

New Nevada Program Turns Renters into Buyers

Posted: Updated:

John Potter

Channel 2 News

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:

www.nvrural.org/advantage

 

  • NewsMore>>

  • Reno 1868 FC Earns a Disappointing Draw with Portland

    Reno 1868 FC Earns a Disappointing Draw with Portland

    Sunday, July 23 2017 2:20 AM EDT2017-07-23 06:20:41 GMT
    Reno 1868 FC earned a much-needed point and remained unbeaten for the fifth-straight match after tying Portland Timbers 2 Saturday night. Reno tied 1-1 with Portland in front of 6,027 fans on a night filled with emotion. At halftime, Reno 1868 FC midfielder Matheus Silva returned to Greater Nevada Field for the first time since an accident at Lake Tahoe on July 4. Silva met with the heroes who helped pull him from the water and received a standing ovation from the Greater Neva...More >>
    Reno 1868 FC earned a much-needed point and remained unbeaten for the fifth-straight match after tying Portland Timbers 2 Saturday night. Reno tied 1-1 with Portland in front of 6,027 fans on a night filled with emotion. At halftime, Reno 1868 FC midfielder Matheus Silva returned to Greater Nevada Field for the first time since an accident at Lake Tahoe on July 4. Silva met with the heroes who helped pull him from the water and received a standing ovation from the Greater Neva...More >>
  • Negron Lifts Aces to Win Over Sky Sox

    Negron Lifts Aces to Win Over Sky Sox

    Sunday, July 23 2017 1:23 AM EDT2017-07-23 05:23:13 GMT

    The Reno Aces took the field on the road Saturday night marking their first victory at Security Service Field in game two of the series with 17 hits over the Colorado Springs Sky Sox. Trailing by two runs in the ninth, Reno rallied with six runs on six hits to take the final 12-8 lead. Kristopher Negrón was the hero on the night after he gave the Aces the advantage in the ninth with his bases loaded clearing double. 

    More >>

    The Reno Aces took the field on the road Saturday night marking their first victory at Security Service Field in game two of the series with 17 hits over the Colorado Springs Sky Sox. Trailing by two runs in the ninth, Reno rallied with six runs on six hits to take the final 12-8 lead. Kristopher Negrón was the hero on the night after he gave the Aces the advantage in the ninth with his bases loaded clearing double. 

    More >>
  • More Than 2,000 Without Power in Washoe County

    More Than 2,000 Without Power in Washoe County

    Sunday, July 23 2017 1:05 AM EDT2017-07-23 05:05:40 GMT

    NV Energy reports more than 2,000 customers are without power due to an equipment issue.

    More >>

    NV Energy reports more than 2,000 customers are without power due to an equipment issue.

    More >>
Powered by Frankly
All content © Copyright 2000 - 2017 Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.