How can I get assistance with buying my own home?
June 23, 2005
When it comes to buying a home, families often struggle with making the down payment.
Citizens for Affordable Homes Inc. was approved by the Western Nevada Home Consortium Board of Directors to administer the Down Payment Assistance Program for Carson City and Douglas, Storey, Churchill, Lyon, Mineral and Pershing counties.
The amount of funds available for down payment assistance is about $1.1 million. The program is for first-time home buyers who meet income limits and purchase a home within federal guidelines. This program is not limited to self-help home builders, but is open to all first-time home buyers who meet income qualifications. Realtors, mortgage lenders, developers and individuals can phone the CAHI office at 883-7101 for details.
Maximum annual incomes to qualify are $9,300 for a single person, $12,500 for a couple, $15,670 for a family of three, and $18,800 for a family of four.
Lyon County Comptroller Josh Foli said qualifying applicants become eligible for a second mortgage on the home through federal funding, which helps lower the monthly payment. The homeowner pays principal and interest only on the first mortgage.