Carson City, NV -
October 05, 2016The
Nevada Housing Division’s (NHD) Home
Is Possible program has won the national Program Excellence Award for Homeownership from the National Council of State Housing
Agencies.
In only its second year, the innovative program has assisted
more than 8,300 families with a total of $1.6 billion in mortgage loans, and
provided more than $65 million in down payment assistance grants. This program
is funded without the use of taxpayer dollars.
“This award is a testament
to how the Home is Possible program helps thousands of Silver State families
achieve the American dream,” said NHD Administrator CJ Manthe. “We’re proud of how it showcases the
partnership between the state and industry, working toward a common goal.”
Coming on the
heels of the financial and foreclosure crisis which so negatively impacted
homeowners throughout Nevada, NHD was determined to be part of the solution and
much needed housing recovery. With this goal in mind, NHD worked closely with
partners at US Bank Home Mortgage (servicer), eHousingPlus (online loan
reservation administrator), Raymond James (investment banker) and more than 80 lender
partners to structure a program unique to the needs of Nevada borrowers.
The Home Is Possible program provides a (non-repayable) down
payment grant of up to five percent of the loan value for Nevada families
with a household income of less than $95,500 and a minimum credit score of 640,
purchasing a home for less than $400,000. The buyer must meet standard
underwriting requirements, complete a homebuyer education course and live in
the home as a primary residence.
In
addition to the down payment assistance program, NHD also offers the Home Is
Possible Mortgage
Credit Certificate program that provides
buyers with a federal income tax savings of up to 30 percent of the interest
paid on their mortgage loan every year. This could add up to nearly $40,000 for
the typical buyer over the life of the mortgage loan. The money saved can be
used to pay off bills, make an extra mortgage payment or to make home repairs
which helps money stay in the local economy.
“Our Housing Division won
this award for creating the nation’s best housing program,” said State of
Nevada Director of Business & Industry Bruce Breslow. “This is unprecedented for the state of Nevada and we’re very proud of
NHD Administrator CJ Manthe and her team.”
For
more information, visit http://homeispossiblenv.org
and then contact an approved
lender.
About the Nevada Housing Division
Our mission is to provide
affordable housing opportunities and improve the quality of life for Nevada
residents. Nevada Housing Division (NHD), a division of the State of Nevada
Department of Business and Industry, was created by the Nevada State
Legislature in 1975. NHD is committed to making Nevada a better place to live
and work. We connect Nevadans with homes by providing financing to developers
to build affordable apartment homes, by providing innovative mortgage
solutions, and by making more homes energy efficient, thereby lowering utility
expenses. To learn more, visit www.housing.nv.gov.
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