Nevada is well known for beautiful desert landscapes, as well as being the entertainment and gambling capitol of the world! Rising real estate prices can make home ownership in Nevada difficult, however. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The Nevada Rural Housing Authority and the Nevada Housing Division are two organizations that offer such programs.
If you're thinking about purchasing a home in Nevada, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
Through the Nevada Rural Housing Authority, eligible applicants can receive as much as $24,000 in assistance funds. This can be used to help cover the down payment of a home purchase.
This is a second mortgage with a three-year term that is forgivable providing that the borrower uses the property as their primary residence for at least three years. This second mortgage has no interest and no monthly payments.
All applicants will have to finish a homebuying education class, which is offered for free online.
In order to qualify, applicants cannot make more than $135,000 if they have a conventional loan, or $116,000 if they have an FHA, VA, or USDA loan. They must also have a minimum credit score of 640. Further, their debt-to-income ratio cannot be more than 50%.
The Nevada Housing Division offers Home is Possible grants for up to 5% of the mortgage amount in order to help cover the costs of closing and the down payment. This program is available statewide and can be used in combination with the Mortgage Credit Certificate program.
In order to be eligible, applicants must have a minimum credit score of 640 (for government loans) or 680 (for conventional loans). Applicants cannot earn more than $98,500 (as of 2020).
Applicants will also be required to finish a homebuying education class and pay a fee of $675.
This program can only be used to purchase primary residences, and the property cannot have a price higher than $400,000 as of 2020.