Carson City, Nev. (June 4, 2024) – Nevada Rural Housing (NRH) has announced Launchpad, a new affordable homeownership program designed to provide access to a lower-than-market rate of 6.17% that is paired with down payment assistance. Launchpad is an innovative solution to help combat higher interest rates and help first-time homebuyers access the affordable credit and assistance they need to enter the market. Launchpad is now open to southern rural Nevada (rural Clark, Nye and Lincoln counties) through July 21 and will then open to NRH’s full jurisdiction statewide (areas under 150,000 population – visit HALMap.org for property eligibility).
“Launchpad not only helps buyers get in the door with down payment assistance, but they’ll also reap the benefits of an interest rate that’s hard to find anywhere right now,” Kevin Hickey, NRH Homeownership Programs manager, said, “and if you’re ready to purchase a home, this program makes it a good time to buy.”
- Launchpad is for first-time homebuyers only (Veterans and those buying in targeted areas exempt from the first-time buyer requirement).
- Launchpad provides 4% down payment assistance (of the loan amount) paired with 30-year, fixed-rate government loans.
- Launchpad down payment assistance has a 5-year term that is forgiven at maturity.
- Launchpad funds are limited, and the first issue of the program will offer $25 million in mortgage funds.
- Income limits apply.
- Visit BuyRuralNV.org to view income limits and full program details.
To get started, interested homebuyers should first connect with an NRH-approved lender who is trained on the details of the program. Interested buyers can find an approved lender at BuyRuralNV.org or by contacting HAL@NVRural.org.
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About the Nevada Rural Housing (NRH)
Nevada Rural Housing’s mission is to promote, provide and finance affordable housing opportunities for all rural Nevadans. NRH does this through homeownership programs, rental services, community development initiatives and a Weatherization program. NRH serves Nevada’s 15 rural counties and the rural portions of Clark and Washoe Counties – a coverage area of 110,000 square miles and home to more than 1.3 million Nevadans. For more information, visit www.nvrural.org.
Nevada Rural Housing does not originate mortgage loans. Eligibility for the program is determined by licensed lenders approved to offer the homeownership programs. Not all applicants will qualify. This is not an offer to lend money or solicit a mortgage application. NRH-participating lenders are responsible to follow all program guidelines and reserve loans at the rates published at eHousingPlus. Borrower eligibility for the program and mortgage financing is determined by licensed lenders approved to offer the program.
