Posts Tagged ‘Down payment Assistance’

Home is Possible Program – Free Down payment Assistance to Buy a Home in Nevada

Home is Possible – Free Down Payment Assistance Program

How to Get Started

  • Call 702-527-4498
  • Fill out form below

Home Is Possible Form

Home Is Possible Form

 

The Home Is Possible grant program helps make the dream of home ownership a reality for qualified Nevadans.  Introduced in 2014, this program helps those who can afford the monthly mortgage payments, but whose savings may fall short of the necessary down payment.

The down payment assistance grant amount can be as much as 5% of the loan amount, to be used for covering down payment and closing costs. For example, on a $ 200,000 loan amount, your down payment assistance grant, pending the qualifications specified below, may be as high as $10,000. This grant never needs to be repaid.

Key Benefits

  • Fixed interest rate 30-year loan
  • No first-time homebuyer requirement
  • Grant is non-repayable
  • Available state-wide
  • No asset limits for homebuyers
  • Now offering up to a 4% grant with government loan types and up to a 5% grant with conventional loan financing
  • Grants are based upon the loan amount and can be used for down payment assistance and/or closing costs.

Program Requirements

  • Minimum credit score generally 640 for government insured and most conventional loans
  • Qualifying income on mortgage application must be below $95,500
  • Home price below $400,000
  • Must be homebuyer’s primary residence
  • Homebuyer education course is required
  • Must meet normal government or conventional loan underwriting requirements
  • Effective February 1, 2016, manufactured housing loans will be available for government loans
  • One Time Fee of $675.00