The “Buy In Nye” program officially launched in December of last year and just three months later, one of the program’s participants is on the cusp of completing their first home purchase, a fact that has officials at the Nevada Rural Housing Authority quite excited.
Diane Arvizo, director of homeownership programs for the Nevada Rural Housing Authority, or NRHA, was very enthusiastic when presenting a quarterly report to the Nye County Commission on the status of the Buy In Nye program. Nye County contributed the $400,000 needed to support the Buy In Nye initiative, money which came from the county’s American Rescue Plan Act, or ARPA, dollars.
“We are throwing everything at this program,” Arvizo told commissioners during the board’s March 7 meeting. “About seven weeks in, we have helped our first family with the Buy In Nye program… They are going to be closing escrow, I believe, this week. So we are very excited to see that.”
The program participant is a 61-year-old with a credit score of 721. Arvizo said she was “tickled pink” that the buyer is a senior, as the average age for NRHA’s Home At Last program, which the Buy In Nye program mimics, is mid-30s.
Commissioner Donna Cox honed in on the participant’s credit score, asking if the interest rate offered to participants is based on that factor.
“None of our homeownership programs, the Home At Last, the Buy In Nye and the Home Means Nevada, none of those have low-level adjustments because of our arrangements and agreements we have in place with Fanny Mae and Freddy Mac. So there are no hits to the interest rates for our borrowers. A borrower with a 640 credit score will get the same low interest rate as a borrower with a credit score of 840.”
As to the overall interest rates offered through the program, Arvizo explained that there are two down-payment assistance options. The first is $16,000 with an interest rate at or slightly below market, or $5,000 with an interest rate that is 1.5% below market. She said those were competitive with the current market but she wanted to look into utilizing a portion of the $400,000 ARPA money to “buy down” the interest rates in the future.
“Because we are going to see rising rates and more rising rates,” Arvizo said. “With that, you have the flexibility in this Buy In Nye program to add a little of that funding into the rate and actually help homebuyers maintain the affordable option… I’ll report on that more in the next quarter.”
The Buy In Nye program is geared toward first-time homebuyers, or those who have not purchased a home in the last three years. The program can help finance the purchase of single-family units, townhomes, condos and manufactured homes that have been converted to real property. Certain multi-family units may also qualify, as long as the buyer will occupy one of the units. The minimum credit score for a manufactured home purchase is 680 while all other types of housing have a requirement of a 640 credit score.
For those interested in the Buy In Nye program, or any of the NRHA’s homeownership programs, there are two events coming up this month, including the “Homebuyer 101 Workshop” with Axia Home Loans and the “Realtor Buy In Nye Program Training” with Asia Home Loans. Both event dates had yet to be determined but they will take place in Pahrump.
For more information about the time and date of the upcoming events or the program overall, contact Arvizo at Diane@NVRural.org or 775-886-7900 extension 140.
More information can also be found online at www.NVRural.org
Contact reporter Robin Hebrock at firstname.lastname@example.org