As I mentioned last week, down payment assistance doesn’t just help new home buyers. There are down payment assistance programs available to help Teachers, Veterans, first time home buyers, and many other home buying hopefuls.
Below are some highlights of the programs offered by the Nevada Housing Division, with links to the program websites for more information.
Home Is Possible was established by the state of Nevada in 2014 to help home buyers get up to 5% of their home loan value to use towards a down payment or closing costs. This can amount to thousands of dollars for a one time fee of $675. Some of the other features of the program include attractive 30 year interest rates, an option for manufactured homes, no first time home buyer requirement, and forgiveness if you live in the home as your primary residence for at least three years. To qualify for the program the borrower may not own another property at the time of closing, must earn less than $98,500 for government loans (FHA, USDA, VA), and be purchasing a home with a price below $484,350. The applicant must meet standard underwriting requirements and have a credit score of at least 640.
The Home is Possible for Teachers program aims to aide those who have dedicated their careers to educating our youth. There is no first time home buyer requirement for this statewide program, which provides a below market interest rate for 30 years and $7500 in bonus money that can be applied toward a down payment or closing costs. The funds are forgivable after five years if the home has been lived in as a primary residence. To qualify for the program the borrower may not own another property at the time of closing and must be a licensed full-time K-12 public school classroom teacher in Nevada, making below $98,500, with a minimum credit score of 660 or 640, depending on the type of loan being secured. The program is good for a home with a price below $484,350 that will serve as a primary residence.
With the Home is Possible for Heroes program, an honorably discharged veteran, member of the National Guard, surviving spouse or individual on active duty can qualify for a below market 30 year fixed VA or FHA mortgage anywhere in the state of Nevada. There is no first time home buyer requirement, and the program is good for a home up to $484,350 with a qualifying income below $98,500. The borrower must live in the property as their primary residence and may not own any other property at the time of closing. Credit must meet standard underwriting requirements and the applicant must have a credit score of at least 640.
These are just some of the super amazing programs offered by the Nevada Housing Division. Though I do not function as a financial services provider, as a real estate professional who wants to see every qualified home buyer realize their real estate dreams, I would be happy to help guide you toward a qualified loan consultant that can get you the assistance you may need.