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♥ Nevada Down-Payment Assistance Grants ♥

Owning a home is still the American dream, but for many potential buyers, saving the money for the down payment and closing costs makes buying a home more of a dream than a reality. There is a misconception that you need 20% down in order to purchase a home. Veterans Administration and USDA Rural Development are no money down programs. Housing Finance Agency (HFA) Conventional loans require only 3% down and FHA loans require 3.5% down.

According to a recent study conducted by Builder.com, researchers determined that residents in Nevada, on average need 10.71 years in order to save enough to put 10% down on a median priced home and 3.21 years to save enough to put just 3% down. Fortunately,   Nevada home buyers have a number of non-repayable down payment assistance options available, and they are not just limited to first time home buyers. The funds can be used for both the down payment and for closing costs.

“Home at Last” offered by the Nevada Rural Housing Authority will celebrate its 10th anniversary in 2017. The program is available in communities throughout Nevada with populations less than 150,000. You can receive a non-repayable grant equal to 2%-5% of you loan amount.

 

“Home is Possible” is offered by the Nevada Housing Division. Originally developed to fill the void for buyers wishing to purchase a home in  Washoe or Clark Counties, Home is Possible is now available throughout the state.  “Home is Possible” will celebrate the milestone of helping 10,000 Nevadan families sometime in 2017.  The “Home is Possible” non-repayable grant program provides non-repayable down payment assistance grants from 3%-5% of you loan amount.

 

“Home At Last” and “Home is Possible” highlights include:

  • No First-Time Home –buyer Requirement
  • $95,500 Maximum “Credit Qualifying” Income
  • $400,000 Maximum Home Purchase Price
  • 640 Minimum Decision Credit Score (Conventional, FHA, VA, USDA)
  • 680 Minimum Decision Credit Score (Manufactured Homes)
  • 680 Minimum Decision Credit Score (Fannie Mae Conventional)
  • 45% Maximum Debt to Income Ratio
  • One-time fee of $675
  • Complete APPROVED Homebuyer Education Course

The Nevada Housing Division also offers “Home is Possible for Heroes” and “Home is Possible for Teachers.” Both of these programs offer below market interest rates which are approximately .5% less than a comparable VA or FHA loan.

“Home is Possible for Heroes” was developed to “say thanks” to our veterans and active military personnel. This hero-worthy program gives veterans and military personnel more buying power and even more opportunities to experience the joys of homeownership—for less. Check out the program benefits and requirements.

 

  • Below-market fixed interest rate 30-year loan
  • Reduces monthly mortgage payment
  • No first-time homebuyer requirement
  • Can be combined with the Mortgage Credit Certificate (MCC) with program fees waived
  • Statewide program

Program Requirements:

  • Qualifying income must be below $95,500
  • Home price below $400,000
  • Government issued loans only (no conventional loans)
  • Minimum credit score of 640
  • Homebuyer must live in home as primary residence
  • Homebuyer education course required
  • Must meet standard underwriting requirements
  • One-time fee of $675

If you’re a veteran who has been honorably discharged; are in the National Guard; are a surviving spouse; or you’re on active military duty, “Home Is Possible For Heroes” was made specifically for you.
“Home is Possible for Teachers” is available to licensed K-12 full time public school teachers. The key benefits are:

  • $10,000 in bonus money
  • Usable for down payment and closing costs
  • Forgivable after five years (if you stay in your home)
  • Below-market fixed interest rate 30-year loan
  • Statewide program
  • No first-time homebuyer requirement
  • Can be combined with the Mortgage Credit Certificate (MCC) program with program fees discounted

Program Requirements:

  • Must be a licensed full-time K-12 public school teacher in Nevada
  • Qualifying income below $95,500
  • Home price below $400,000
  • Minimum credit score of 660 FHA, 640 VA or USDA
  • Government insured loans only (no conventional loans)
  • Teacher must live in home as primary residence
  • Homebuyer education course required
  • Must meet standard underwriting requirements
  • Required to record a second mortgage and pay associated fees
  • Funding amount available for 300 teachers, provided on a first come, first served basis

Both “Home at Last” and “Home is Possible” offer a Mortgage Credit Certificate or MCC program for First-Time Buyers and Qualified Veterans. A first time buyer is anyone who hasn’t owned a home within the previous 3 years. The MCC program provides a dollar for dollar tax credit of 20%-30% of the amount you paid in mortgage interest the previous year. This is an IRS program. The maximum home price and income are county specific and are lower than the “Home at Last” and “Home is Possible” down payment assistance programs. In Washoe County, the maximum purchase price is $306,867 and the maximum household income is $70,769 for a family with 2 or fewer people or $81,384 for a family with 3 or more people. The fee for the First-Time buyer MCC programs is $795 plus a processing fee of $175. When combined with a “Home at Last” or “Home is Possible” down payment assistance program, there is a $400 discount. As a thank you for their service, the MCC program is FREE to all qualified veterans.

If you would like to own your own home, have okay credit and a stable income; why not make 2017 the year you own your own home? Let’s get together, complete an application, review the programs, and determine what you qualify for. Will review the payments and how much cash you may, or may not need to turn your dream into a reality.

You may be a homeowner sooner than you thought possible. Worse case; I show you what you need to do to make owning your own home a reality in the near future.