Home Is Possible Down Payment Assistance Grant
Financial Assistance for Homebuyers in Nevada
The Home Is Possible program offers homebuyers a 30-year, fixed rate mortgage. The grant amount can be as much as 4 percent of the loan amount and must be put toward the down payment and closing costs. The grant does not have a repayment requirement if you stay in the home for at least 3 years and is available to residents all over the state of Nevada.
This program is only available to first time homebuyer's which, means you have not owned a home in the past 3 years. All homebuyers must have a credit score of at least 660 for government-backed and conventional loans (680 for manufactured homes).
Maximum Income Thresholds
In order to be eligible, there is a maximum income threshold which varies by county and the number of persons in your family. For 1 to 2 person families, the gross income cannot exceed $84,600 up to $112,300. For 3 or more people, the gross income cannot exceed $97,290 up to $123,970. Maximum income by county and persons can be found on their website.
Applicants must pay a one-time fee of $759, and successfully complete a homebuyer education course. All homebuyers must meet normal government or conventional loan underwriting requirements.
Any property purchased under the Home Is Possible program must serve as the homebuyer's primary residence. The maximum purchase price of the home depends on the county and can vary anywhere from a low of $349,525 to a high of $472,967. Maximum purchase prices can be found on their website.
(Note: All figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Nevada
Qualifying applicants receive a customizable grant with different loan types, including FHA, VA, USDA, or the Fannie Mae HFA Preferred Conventional loan. All Home at Last loans are 30-year, fixed rate mortgages, and the grants do not have to be paid back.
This grant provides funds to homebuyers whose savings fall short of the necessary upfront costs of the mortgage process. The grant amount (which is forgivable after 3 years) can be as much as 4 percent of the loan amount, to be used towards down payment and closing costs.
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