The Nevada Home Is Possible GRANT down payment assistance program rolled out last week, and is set to financially help a huge number of Nevada buyers become new HOMEOWNERS! This is FREE Money. Do Not Sit On The Fence! When This Grant Money Is Gone, It Is Gone!
The Nevada Housing Division (NHD) recently launched , Home is Possible, a program that provides qualified buyers, purchasing in Clark and Washoe Counties, a grant of 4% of the loan amount to be applied toward the down payment and/or closing costs. The program will be available to home buyers financing a primary residence with a government insured FHA, USDA RD or VA mortgage beginning September 22. Grants for borrowers seeking conventional financing will be available in November. The best part is the grant never needs to be repaid.
Key Benefits as of 9-30-2014
- Fixed interest rate 30-year loan
- No first-time homebuyer requirement
- Grant is non-repayable
- Must be homebuyer’s primary residence
- No asset limits for homebuyers
- Provides a grant up to 4% of the home loan amount that can be used for down payment assistance and/or closing costs
Program Requirements as of 9-30-2014
- Minimum credit score of 640 for government insured loans, 660 for manufactured homes and 680 for most conventional loans
- Qualifying income on mortgage application must be below $95,500
- Home price below $400,000
- Homebuyer education course required
- Must meet normal government or conventional loan underwriting requirements
How to Get Started as of 9-30-2014
- Find an an approved lender
- Complete homebuyer paperwork with the lender – only one additional signature required