The Home is Possible initiative, launched by The Nevada Housing Division, gives qualified homebuyers who are financing a primary residence in Las Vegas a grant of up to 4 percent of the loan amount to put toward down payments or closing costs.
The program also specificies that the loan should be one with government-backed mortgage insured by the Federal Housing Authority. In order to qualify, homebuyers need a minimum credit score of 640 for goverment-insured loans, or 680 for conventional loans. The qualifying income on the mortgage application must be below $95,500 and the home must cost under $400,000.
In additional to qualifying, borrowers also have to take a homebuyer’s education course and meet lenders’ underwriting requirements. Participants do not need to be first time homebuyers.
With a grant up to 4 percent of the loan, it could be huge. For instance, if you are looking to purchase a $150,000 home with a FHA loan, there is a possibility that you can put nearly no money down for the house. This would be a big help for qualified homebuyers and the best thing is, you don't even have to be a first time homebuyer.
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