How the Buy in Nye program helped these 4 families become homeowners

June is National Homeownership Month and four local families have a reason to celebrate after purchasing their first home, thanks to the Buy in Nye program.

Launched in December, 2022, the Buy in Nye program is an initiative created exclusively for Nye County residents by the Nevada Rural Housing Authority.

Eligible applicants can secure a 30-year mortgage with a fixed interest rate as well as assistance with making a down payment. The program is geared toward first-time homebuyers who make up to 300% of the federal poverty guidelines.

To fund the program, Nye County awarded the NRHA a $400,000 grant from its American Rescue Plan allotment and Diane Arvizo, director of homeownership programs at the NRHA, reported on its success.

“To date, we have had a total of five loans reserved with the program,” Arvizo told Nye County commissioners during their Tuesday, June 6 meeting. “Three loans have already closed and those homebuyers have moved into their homes. One loan is still in escrow and one loan was canceled — most likely because of ineligibility for the program.”

As detailed in Arvizo’s presentation, two of the loans were funded through loanDepot.com, the third was through LeaderOne Financial and the fourth was through Castle and Cooke Mortgage. Axia Home Mortgage is also a participating partner, although it has not yet been used to fund a Buy in Nye loan.

The loan amounts ranged from just over $150,000 to upward of $400,000 with household sizes ranging from two to eight-plus persons. The average annual household income for the four applicants came in at $65,238 and the average age of the primary borrowers is 39. Mortgage rates for the four, which are fixed, range from 5.25% to 6.99%.

The four program participants have collectively received $53,000 in down-payment assistance, Arvizo detailed, with an additional $8,106 utilized to lower the mortgage rate for two of those homebuyers.

This leaves the NRHA with plenty of remaining funding and the NRHA will continue working to get the word out to those who could benefit most from the program.

“Our efforts in the first six months indicate that one-on-one engagement with partners and direct consumers continues to be the best way to connect with those who are most likely to benefit from this one-of-a-kind program,” Arvizo stated. “Key media partnerships that target Nye County also continue to ensure messaging reach and relationships with lending and real estate partners are being nurtured, as we know these professionals are the key to connecting homebuyers to the program.

“So as we move into June, which is National Homeownership Month, NRHA will focus on the most effective outreach messages and help connect potential homebuyers who are most likely to meet the narrow program requirements with the lender agents and partners who have been actively using and supporting the program,” Arvizo concluded.

To qualify, at least one of the borrowers must have a minimum of six-months residency in Nevada with no record of homeownership in the last three years. A detailed breakdown of the income eligibility limits, which vary by household size, is available at www.BuyInNye.org

The NRHA has multiple engagement activities planned over the summer months to help educate potential buyers on the program.

For more information on upcoming events or the program as a whole contact Arvizo via email at Diane@NVRural.org or call 775-886-7900 extension 140.

Contact reporter Robin Hebrock at rhebrock@pvtimes.com