Down Payment Assistance – NHD – Home Is Possible

DOWN PAYMENT ASSISTANCE - NEVADA - LAS VEGAS

Down Payment Assistance     If a down payment has been a challenge on your path to homeownership, the Home Is Possible™ Down Payment Assistance grant helps Nevadans realize their dream.  With funds made available by the Nevada Housing Division (NHD), buyers are eligible for a grant equal up to five percent, that can be used for down payment and closing costs. This program is a grant, not a deferred loan, therefore you will not have to repay the money so long as you stay in the home & keep the loan for 3 years. This is free money that shouldn’t be passed up!  To qualify for Nevada Housing Divison's Home Is Possible™ program, you must meet certain income qualifications and credit qualifying requirements.

Program requirements:

  • Must pair grant with a 30-year fixed rate mortgage loan
  • Must purchase a home as your primary residence
  • Borrowers, as well as co-borrowers, have to take a Home Buyer Education class
  • Can be used in conjunction with FHA, USDA, VA & Conventional home loans
  • Income limits of $98,500
  • Debt-to-income ratio no higher than 45%
  • Maximum purchase price of $400,000
  • Minimum FICO score of 640

Key Benefits:

  • Up to 5% grant assistance depending on loan type
  • May use towards down payment and/or closing costs
  • Grant is non-repayable & 100% forgivable after 3 years of living in the home
  • No first time home buyer requirement
  • No asset limits for FHA, VA, USDA-Rural Development. For Conventional HFA Preferred there are no asset limits however you cannot own another home at the time of purchase
  • Up to 97% LTV for single family homes (Conventional HFA Preferred loans) may eliminate Mortgage Insurance when loan balance reaches 78.8% of home value
  • May combine with Home at Last Mortgage Credit Certificate (MCC)
 

This program is usable in the entire state of Nevada.

View Details of the Home Is Possible™ program at Nevada Housing Division

Do you dream of owning a home, but don’t think you can qualify for a loan?

The Home Is Possible™ program from Nevada Housing Division could be the answer!

Contact Casey Moseman for pre-approving (702) 271-1274Down Payment Assistance

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