Bond issue creates funds for buyers

The Housing Division of the Nevada Department of Business and Industry has announced the closing of its third single-family home bond issue of 2001.

The 2001C series generates about $13.8 million in funds for qualified first-time buyers with low to moderate incomes. Also with this issue, the division has set aside about $2 million for FHA/VA qualifying energy-efficient mortgages.

"These new funds are at an attractive rate of 5.99 percent," said Charles L. Horsey, division administrator. "The funds being set aside for energy-efficient mortgages will be offered at 5.7 percent."

Both the 2001C single-family mortgages and the energy-efficient mortgages are 30-year, fixed-rate loans with no discount points. The funds are available through the division's participating lenders.

Deputy administrator Nancy Corbin said that through the energy-efficient mortgage program, a borrower can finance into the mortgage the cost of eligible energy-efficient improvements or purchase a newly built home that qualifies as an energy-efficient home.

"They also benefit through increased savings in utility costs," she said.

Eligibility requirements include being a first-time home buyer, and having an annual income at or below $55,400 for a household of one or two persons, or $63,710 for a household of three or more persons.

For more information, call 486-7220 ext. 225.

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