If you’re looking to buy a home in the near future but don’t know if you’ll be financially ready, a program coming to town could help ready you to take that big step.
The free Homebuyers’ Seminar put on by the Nevada Rural Housing Authority is taking place Wednesday at 5:30 p.m. at the Pahrump Community Library, 701 East Street.
The seminar will educate potential homebuyers about programs offered through the Nevada Rural Housing Authority.
The two main focuses of the event will be telling those in attendance how they can receive a free down payment toward a home, or save up to $2,000 a year with a mortgage tax credit when they buy a new home.
There’s two different programs for homebuyers offered through the Home at Last ACCESS program, one of which is a down payment assistance program.
“It provides a four percent grant to homebuyers,” Melanie Evans of the Nevada Rural Housing Authority said. “So if they’re buying a $200,000 house, they get an $8,000 grant that can be used toward their down payment and closing costs. That money they don’t have to pay back.”
There are some qualifications anyone who’s interested in the program must meet, including: having a 640 minimum credit score and meet normal Federal Housing Authority, Veterans Administration or U.S. Department of Agriculture-Rural Development underwriting requirements (minimum of 660 credit score on manufactured housing), a maximum income limit of $95,500, they must use the home as primary residence, must complete a homebuyer education class, and the home’s price must be below a maximum purchase price of $400,000.
The other homebuying program offered is a mortgage tax credit one, which is a federal income tax credit on the mortgage interest one pays on their home every year.
“Most of our home buyers get $2,000 back with that mortgage credit each year,” Evans said.
The Nevada Rural Housing Authority has been around since 1973 when an act of the state legislature created the organization whose mission was to help provide affordable housing opportunities to Nevadans living in rural parts of the state.
Although the organization has been around for 42 years, this will mark the first seminar of its kind in Pahrump. The main focus of the event will be to let those who might be hesitant to buy a home due to the initial costs know that there is help to get them started.
“Just to get the word out about our program so people know that they can use them and that they’re available,” Evans said. “Usually the biggest impact on those getting into a home is that down payment. So we feel like our programs can help get people into a home that couldn’t otherwise.”
If you have any questions call the Nevada Rural Housing Authority Southern Nevada division at 702-992-7215. You can also RSVP for the event by emailing melanie@nvrural.org.