Does or has anyone in the Reno area ever heard of a FHA loan with a $50K down payment?

In the bay area a former client just received a FHA loan with a $50K down payment that does not have to be paid back for 30 years. It is a city program that the city has offered for years. If you sell within 5 years you have to pay the entire $50K back, after five years you do some equity sharing. Just wondering if any lenders or agents in this area know if something like this exisits in Northern Nevada.

Thank you!

Terrie
  • July 09 2011 - Reno
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Answers (4)

Best Answer

Profile picture for Michael Helton
The Reno Housing Authority does subsidise rent for low income families so that would be a good resource (in addition to lenders).

They also received 20Mil from HUD and have some other grants with the goal to stabilize the market (Reno/Sparks is #9 in the nation for distressed property sales).  Go look here http://www.renoha.org/

I know a couple quality lenders in the area, so send me a message if you are interested in asking them.
  • July 09 2011
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My Brother got a loan like with in Arizona. FHA alows for a silent second from public gov or non profit grants enities.  Just tell them not to sell.  It is a really sweet deal if they can get it.
  • July 12 2011
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Profile picture for Michael Helton
Well, one good thing about being on the leading edge of the housing decline is I believe our market may have hit bottom ahead of the rest of the country.  Many market indicators lead me to believe that prices are stabilizing.  We will see!
  • July 09 2011
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Thank you for your reply. I am familar with the programs the Reno Housing Authroity all the many HUD programs and grants. The one in the Bay Area could be used for any type of housing.

It most likely wond not make a whole lot of sense for this market, a declining market, unless the buyer planned on living in the property for an extended period of time.

I was just wondered if any had used this program in my area and get another perspective on the program.

Thanks again!

Terrie

  • July 09 2011
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