Prior to this new program the only real down payment assistance was from Nevada Rural and only worked outside of highly populated areas like Reno and Vegas. In order to help those within the highly populated areas the Nevada Housing Division has created the "Home Is Possible" program.
Here's how it works:
The program will give the buyer up to 4% of the loan's value for down payment or closing cost assistance. The keywords here are "loan's value". If you're buying a $200,000 house with an FHA loan you would need to put down 3.5%. The 3.5% is equal to $7,000 so your loan amount is $193,000 (leaving out upfront MI). The 4% would then be calculated off the loan amount of $193,000, or $7,720. In this scenario you would have enough program funds to pay for your down payment and put $72o towards your closing costs.
- No first-time home buyer requirement like in Nevada Rural.
- Grant is non-repayable.
- No asset limits
- Minimum credit score of 640 for government loans and 680 for conventional loans
- Qualifying income must be below $95,500
- Home price below $400,000
- Buyers must attend a home buyer education course
- Meet normal underwriting requirements of the underlying loan
For more information contact me at (775) 393-9601 or Ricky@RickyBeach.com
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