Reno On the Rise for First-Time Homebuyers - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Reno On the Rise for First-Time Homebuyers

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The Biggest Little City is getting recognition for being one of easiest locations to buy your first home. 

The national lender firm, The Money Source has added Reno to its list of the "top 10 cities for first-time homebuyers."    

The Money Source looked at employment, business activity and quality of life to make the list. And Reno seemed to have a lot to offer, including the home prices for places like this up for sale. 

Money Source looked through data from more than 70,000 loan applications in the country. They found out that new families are looking for affordable housing options, employment opportunities and a city rich in culture. Now first-time homebuyers are considering Reno as a possibility to live.

CJ Manthe, the administrator for Nevada Housing Division said, "Reno's a great place to live. there's a lot of affordable houses to choose from. there's Lake Tahoe, great shopping, and a lot of jobs being created."

Despite having the highest unemployment rate out of the listed cities, Reno still managed to make Money Source's list. Local real estate agent, J.D. Drakulich told us he's been noticing an uptick in first-time buyers, who are starting to dip their toes into the market.

"Since the recession ,we've found a good increase in home values, a blossoming culture in food, and obviously we offer a lot of outdoor activities," said J.D. Drakulich with RE/MAX real estate.

According to Drakulich, now is a good time to buy because the interest rates are low for what people are looking for.

"You're discovering what you can afford, what you're comfortable with. then deciding on area and price. Then really nailing down your criteria. How many bedrooms you want. A lot of people need a certain amount of bedrooms for their kids, or you know, planning on having a family so they want to own now and grow into a home," said Drakulich.

Nevada wants you to grow into your first home by offering the "Home is Possible Program".

"Many families pay their bills on time, they have a good paycheck, they can afford the monthly mortgage payment, but where they find the struggle is coming up with enough with the down payment in closing costs. And that's where our program comes in," Manthe.

The program grants as much as 5% of the loan amount needed.

Manthe said, "We're able to serve families that make up to $95,000 dollars with our program and they can buy a home up to $400,000 so many homebuyers can qualify for the Home is Possible Program."

So if you're interested in buying a home in Reno for the first time and you want to use the Home is Possible Program, all you have to do is first contact an approved lender with Nevada Housing Division.

Home is Possible Program: http://housing.nv.gov/programs/FTH/Home_is_Possible/

The Money Source: http://blog.themoneysource.com/10-cities-on-the-rise-for-first-time-homebuyers-in-2016?utm_content=26337430&utm_medium=social&utm_source=twitter

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