| Money available for first-time homebuyers
First-time homebuyers and qualifying veterans again have some help in achieving the American dream with the help of the Nevada Rural Housing Authority.
For the second time, the housing authority is offering down payment assistance and low-interest mortgages for qualifying first-time homebuyers and veterans.
"It truly is a grant," said Gary Longaker, executive director of NRHA. "You don't have to pay it back."
Borrowers are considered first-time homebuyers if they haven't owned a home in the past three years. Income requirements for Churchill County buyers are a maximum of $60,300 for a family of two or fewer or $69,345 for a family of three or more. The maximum value of a home in Churchill County eligible for the program is $237,031.
A press release from NRHA states President Bush signed legislation last year waiving the first-time home buying provision for veterans, allowing any veterans meeting income guidelines to become eligible.
Financial Coach: Reverse Mortgages Offer Seniors Relief from High ...
CLEVELAND, March 14 /PRNewswire/ -- As national attention becomes increasingly focused on the crisis in the housing market, a financial coach and registered investment advisor believes reverse mortgages may be the answer for some cash-strapped senior citizens trapped in high interest mortgages. "Many seniors are fearful of reverse mortgages because they simply don't understand them and how they can benefit from them," said Kevin Kroskey, owner of True Wealth Design, Inc. of Greater Cleveland. His firm specializes in providing sound advice on home-equity management. Kroskey said too many .
Co-owner seeks best buy-out arrangement
DEAR BOB: Is it possible to add someone to the title to a property but not to the mortgage loan obligation? If so, after that buyer dies, does the surviving owner get to buy out the deceased's share of the property? --Paula T. DEAR PAULA: From the tone of your letter, it sounds like you want to sell someone an interest in your property. Yes, that can be done without their taking on the mortgage payment obligation. Purchase Bob Bruss reports online. However, when a co-owner dies, his or her share of the property is usually left to an heir named in his or her will. Other than holding title as joint tenants with right of survivorship, there is no titleholding method allowing the surviving co-owner to buy out the deceased's share of the property. If you want a special buy-out agreement upon the death of a co-owner, the best way to accomplish that is with a partnership agreement.
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