Zero Down Mortgage for First Time HomebuyersA Zero down mortgage is available in Nevada through Home Is Possible™. Buy a home & put your hard earned money towards your future rather than paying someone else's mortgage through rent. What's even better about this particular grant is that it works for those who aren't a first time homebuyer also. I've written about all the down payment assistance grants that Nevada has to offer. So why write about this one again? Well, let me tell you... Home Is Possible™ has announced that as of January 22, 2019, they are now giving up to 4% grant on all government loans. First of all, this is huge. Because never before has this much been given on a government no money down mortgage. You will need to check back from time to time because this offer has a tendancy to be unpredictable. Depending on funds available, it may or may not be available 100% of the time. In the past, the maximum offering for government loans was 3% down. This program strives to compete with the Conventional HFA program that offers 5% down payment assistance. However, it should also be noted that for 2019 there were changes made to the Conventional HFA 5% down. Hence, I've noted those couple of changes below that are effective as of 2019. Home Is Possible™ offers this zero down mortgage in the form of a 3-year forgivable, 0% interest, and no payment second loan. They couple this with a 30-year first mortgage that has a fixed interest rate. There is more…. Therefore, you don’t have to fill out separate applications and you need not worry about slowing down closing.
The Nevada Housing Division:Sponsors the first mortgage and the Down Payment Assistance program, set the rate, term, points, and markets the program. Secondly, if you choose me as your loan officer, I will put your file through processing, underwriting and approve the first mortgage with down payment assistance at closing. As a result, after closing, we will sell your loan to the Master Servicer which is very typical of most mortgages in today's day.
Home is Possible™ eligibility:
- FHA Requires a minimum 640 score in order to qualify for the full 4% offered
- VA Requires a minimum 640 score in order to qualify for the full 4% offered
- Debt Ratio may not exceed 45%
- The maximum qualifying income going on the loan cannot exceed $98,500 for government loans
- No First Time Homebuyer Requirement
- Must be buyers primary residence
- Borrower is limited to using this program one time
- Finally, all buyers must attend an approved online homebuyer education course
Significant changes to Home Is Possible™ program include:
- The Loan Amount is now the same for both government & conventional loans
- 4% assistance is a grant for all government loans. Yes, this increased!!!
- Conventional now has new income maximum limits that decreased.
- New Conventional maximum income amount is $70,100 for Clark County
- Government Loans maximum income limit remains $98,500
- Above all, the loan amount for all government loans now up to $484,350 for the state of Nevada
Consequently, Be sure to work with a qualified lending partner such as me! Getting Started is Easy Contact me! Casey Moseman, CMPS at 702-271-1274 to discuss your zero down mortgage.