Carson City, NV - November 23, 2015
Nevada Housing Division (NHD) has been awarded the 2015 Trailblazer in
Affordable Housing Award by Raymond James. The award honors the Division’s
highly successful launch of the Home Is Possible homebuyer grant program.
“Homeownership is a tangible piece of
the American Dream. Owning a home can provide a solid foundation for
individuals and families across Nevada, an essential part of building strong
communities,” said Governor Brian Sandoval. “I am pleased that the Home is Possible
program has provided a path to home ownership to thousands of our neighbors and
friends across Nevada.”
"It is rewarding for the Home is Possible
program to help so many Nevada families achieve their dream of owning a home
and we look forward to helping even more first-time homebuyers realize their
dreams in 2016," said CJ Manthe, NHD Administrator.
highlights and accomplishments
its first year, the Home is Possible program assisted 3,363 low and moderate
income homebuyers through down payment grants and a competitive fixed rate
mortgage. Cumulatively, the program provided more than $643 million in
mortgage funds and $25 million in grants to homebuyers statewide.
funding comes from private taxable mortgage funds made possible through a
public private partnership between NHD and national investment firm Raymond
James. The program has produced net revenue for the Division, which reinvests
those funds into other affordable housing programs that benefit Nevadans.
addition, the award recognizes the economic impact of administering the program
which generated additional business for approximately 60 mortgage lending
partners and aided in the housing market and economic recovery throughout
to make the dream of homeownership a reality
to the National Association of REALTORS ® 2015 Housing Pulse Survey, the
majority of Americans feel now is a good time to buy a home, but cite having
enough money for a down payment and closing costs as an obstacle. With
the Home Is Possible program, nearly 20 Silver State families each day find a
way to overcome that obstacle to homeownership and now hold the keys to their
new front door.
Home is Possible program requirements/guidelines:
must purchase the home to occupy as the primary residence
credit score of 640 for government insured loans; 660 for manufactured
homes and 680 for conventional loans
purchase price under $400,000
income on mortgage application must be below $95,500
must take an approved home buyer education course
must meet the lender’s specific underwriting requirements
is no repayment obligation for the grant; no first-time home buyer
participate in the Home Is Possible grant program, you must contact one of the
program’s participating lenders to apply. A list of approved
lenders can be found on the NHD website at http://housing.nv.gov.
Created by the Nevada Legislature in 1975, the Nevada Housing
Division was enacted to encourage the investment of private capital and
stimulate affordable housing financing by leveraging public funds. The Division
provides low interest rate mortgages and down payment assistance to qualifying
individuals and provides funding for affordable multi-family housing
developments for seniors and families.