No Money Down Mortgage - NEVADA - LAS VEGASIf a no money down mortgage is what you are looking for, look no further. The Home Is Possible™ Down Payment Assistance grant helps Nevadans realize their dream. For some, a down payment is a challenge on the path to homeownership. With funds made available by the Nevada Housing Division (NHD), buyers are eligible for a grant. This grant is equal up to five percent and 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.
- 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% for FHA
- Debt-to-income ration no higher than 50% for Conventional
- Maximum purchase price of $400,000
- Minimum FICO score of 640
- 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
- Also 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). You may eliminate Mortgage Insurance when loan balance reaches 78.8% of home value
- Finally, this no money down mortgage may combine with Home at Last Mortgage Credit Certificate (MCC)
As a result, this program is usable in the entire state of Nevada.
Furthermore, 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) 271-1274