Carson City, Nv -
April 28, 2016The
Nevada Housing Division’s (NHD) Home
Is Possible program has helped 5,700 Nevada families realize the American
dream of homeownership since it launched in September 2014. Grants have
been awarded to approximately 4,577 homeowners in Clark County and 1,016
homeowners in Washoe County. The total also includes grants to 338 veterans and
active military personnel.
The
Home Is Possible program offers free money to low and middle-income homebuyers
who can afford a monthly mortgage payment, but may face some challenges when it
comes to securing a down payment and closing costs.
“It was time to buy a house instead of rent, so I applied to
the Home Is Possible program. I got approved and I received about $5,000,”
said Reno homeowner Cassie Secord. “I already had money saved up for a down
payment so I used the money for closing costs. It was honestly simple and
straightforward.”
The
Home Is Possible program provides a non-repayable down payment grant of up to
five percent for Nevada families purchasing a home for less than $400,000 with
a household income of less than $95,500 and a minimum credit score of 640. The
buyer must meet standard underwriting requirements, complete a homebuyer
education course and live in the home as a primary residence.
The
typical Nevadan benefitting from the program:
·
Average purchase price of home: $200,000
·
Average household income: $57,000
·
Average age of primary borrower: 38 years old
·
Average household size: 2
The
program is funded through the use of a private/public partnership model, which
has funded $44 million toward down payment and closing costs, for a total of
more than $1 billion in closed mortgages since the program was founded.
“The Home is Possible program is a great example of a
successful public private partnership,” said NHD Administrator CJ Manthe. “Our
investment banking partner Raymond James allows us to offer this program
without using taxpayer dollars to help Nevadans realize homeownership.”
The
program is provided through more than 70 mortgage company partners throughout
the state. The mortgage companies work with the buyers to ascertain the best
alternatives for their specific situations and then walk them through the
process.
In
addition to the down payment assistance program, NHD offers the Home Is
Possible Mortgage
Tax Credit 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, money that can be used to pay off bills, buy furniture or
landscaping, or anything else the homeowner desires.
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.
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