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Press Release

Nevada Rural Housing Authority’s new home owner assistance program lowers interest rate to 3.5%

CARSON CITY, NV – A popular, new program offered by the Nevada Rural Housing Authority (NRHA) is making home ownership even more affordable. Through the Home at Last™ Access program, qualified home buyers receive a generous 4% down payment grant, which does not have to be paid back. Now, the program is offering even lower mortgage interest rates on a conventional, 30-year fixed rate loan. Through participating lenders, the interest rates on FHA, VA or USDA-RD home mortgages have dropped from 3.75% to the current rate of 3.5%, which is an historic low.

The program has proved to be extremely popular. Since its inception in July, the program has provided nearly 300 loans to qualified homebuyers who have purchased a home in a rural Nevada community. The Home at Last™ Access program is a first of its kind. It is NOT limited to first time home buyers and the income limits as well as the home purchase price limits are very generous.

“There has never been a better time to buy a home because home prices and interest rates are so low,” said Gary Longaker, NRHA executive director. “Unfortunately, many working Nevadans just can’t afford a down payment because they were hurt by the Great Recession. This program is helping a lot of Nevadans get back on their feet.”

The program is available in the jurisdictional areas of the Nevada Rural Housing Authority which is defined as populations of 100,000 or fewer. That means every community in the state of Nevada, except Las Vegas and surrounding areas and the city limits of Reno would be eligible.

In addition the Home at Last™ Access program, some homebuyers are able to lower their monthly mortgage payments even further by pairing this program with NRHA’s Home At Last™ MCC Program. The Home At Last™ MCC Program allows eligible first time homebuyers to receive a federal income tax credit that is equal to 20 percent or 35 percent of the annual mortgage interest paid.

While the down payment assistance grant is free money, there are restrictions. To qualify for NRHA’s Home At Last™ Access program you must meet certain income qualifications and normal mortgage underwriting requirements, have a minimum credit score of 640 and complete a homebuyer education program. There is also a home purchase price limit of $400,000, income limits of $95,000 for a family of two or less and $110,000 for three or more. Also, the home must be your primary residence.

Home at Last™ Access is part of a family of programs developed by Nevada Rural Housing Authority to support home ownership and enhance the quality of life in Nevada's rural communities.

Details on the Home at Last™ Access program and a list of approved lenders can be found on Nevada Rural Housing Authority’s website at, or by calling 775-887-1795.