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Buy 1619 Picetti, Fernley, NV with $0.00 Down and 4% Grant

By Doug Kaller

Mortgage and Lending with Academy Mortgage, Reno, NV

May 06, 2015 06:23 AM

Are you tired of throwing your money away on rent? Is the lack of money for a down payment and closing costs preventing you from owning your own home?

Did you know there are down payment assistance and zero-down mortgage programs available to purchase 1619 Picetti Way in Fernley? Listed by Eric Gothan, Sierra Nevada Properties in Fernley; 1619 Picetti Way will qualify for both USDA and VA 100% financing.

Located in Upland Ranch Estates, 1619 Picetti Way is a "turn-key" 2280 sq. ft. 3-bedroom, 2-bath, single-story Stucco home. This home features a 3-car garage, a large living room and a separate family room. You will love the gas log fireplace, laminate flooring and the open kitchen area with lots of counter space for all your cooking appliances. The master bedroom has a sitting room with sliding glass door out to the back yard. The master bath has garden tub and separate shower stall, and a walk in closet. There is a spacious laundry room with storage cabinets. The landscaped back yard will be a source of pride, and I know you will enjoy barbequing and entertaining on the patio . For additional information, or to schedule a tour of 1619 Picetti Way, call Eric Gothan, Sierra Nevada Properties @ 775-240-1533. Priced at only $239,900; 1619 Picetti Way is a must see.

Home at Last! Academy Mortgage in Reno has teamed with the Nevada Rural Housing Authority to provide 4% Non-Repayable Down Payment Assistance Grants to qualified buyers. If your qualifying income is less than $95,500 a year, you may qualify for the Nevada Rural Housing Authority “Home at Last” program providing a non-repayable grant equal to 4% of your loan amount. The program requires a 640 decision credit score for USDA Rural, FHA and VA programs. The 4% grant can be applied to your down payment and closing costs. Both USDA and VA programs offer 100% financing to qualified buyers.

First time buyers can combine the “Home atLast” 4% Non-repayable grant with the Nevada Rural Housing Authority Mortgage Tax Credit (MTC) program. The MTC program helps first time buyers lower their monthly payment with a dollar for dollar federal tax credit; equal to the lower of $2,000 a year or 40% or the interest paid. The cost of the MTC program is 1% of the loan amount plus a $175 processing fee. When purchasing 1619 Picetti Way, the value or the MTC program is more than $50,000 over 30-years.

1619_Picetti

Similar homes in Fernley are renting for $1,300 a month. The above “Rent vs. Own” analysis compares owning 1619 Picetti Way with renting a similar home. Some of the benefits of owning your own home include building equity, the mortgage interest tax deduction, and stable payments. Renting a home similar to 1619 Picetti Way will cost more than $80,000 over the first 5 years. Owning 1619 Picetti Way, with either the "Home at Last" USDA or VA loan, you will build over $22,000 in equity over the same 5-year period, based solely on principle reduction. After subtracting your equity and tax benefit, owning 1619 Picetti Way will save you hundreds of dollars per month. “Home at Last” increases your buying power and save you thousands of dollars at closing.

The current "Home at Last" interest rates is 4.375%. The above illustration compares renting a similar home with purchasing 1619 Picetti Way. The illustrations are based on the Home at Last 4% non-repayable grant program combined with the Home at Last first time buyer mortgage tax credit program. The Home at Last USDA and VA programs offer 100% financing. The Home at Last FHA program requires a 3.5% down payment. Not only do you need less cash to close with USDA or VA, but the monthly payment is less also. With the Home at Last 100% USDA and VA Non-Repayable 4% Grant Programs, there is no excuse for continuing to rent.

To learn more about 1619 Picetti Way, call Eric Gothan, Sierra Nevada Properties @ 775-240-1533 or email mailto:eric@snphomes.com . For additional information about the “Home at Last” and MTC programs, call Doug Kaller, Academy Mortgage @ 775-828-7006 or email doug.kaller@AcademyMortgage.com. To find out what you qualify for, please click on the orange “Pre-Qualify Now” tab at the bottom of this page. Don’t let the lack of a down payment prevent you from realizing the dream of owning your own home.

Doug Kaller

Loan Officer