Carson City, NV -
September 22, 2014The
Nevada Housing Division (NHD) today launched Home is Possible, a new home buyer program that provides qualified homeowners
in Clark and Washoe counties a grant of up to 4% of the loan amount to be applied
toward down payment and/or closing costs. The program will be available to
homebuyers financing a primary residence with a government insured FHA, USDA RD
or VA mortgage beginning September 22. Grants for borrowers seeking
conventional financing will be available in November.
Home is Possible
General Requirements:
- Homebuyer must purchase the
home to occupy as the primary residence
- Minimum credit score of 640
for government insured loans; 660 for manufactured homes and 680 for
conventional loans
- Home purchase price under
$400,000
- Qualifying income on mortgage
application must be below $95,500
- Borrowers must take an
approved home buyer education course
- Borrower must meet the
lender’s specific underwriting requirements
- There is no repayment
obligation; no first-time home buyer requirement
“This
is a unique down payment assistance program in that borrowers are not required
to be first-time home buyers and a higher income limit means more people can
qualify,” said Housing Division Administrator CJ Manthe.
The
program, funded from private taxable mortgage funds, will be available on an
ongoing basis. To get started, interested home buyers should visit http://housing.nv.gov to find a list of
participating lenders.
About the Nevada Housing Division
The
Nevada Housing Division was created by the Nevada Legislature in 1975, when it
was recognized that a shortage of safe, decent, and sanitary housing existed
throughout the State for low- and moderate-income Nevadans. Their mission is to
improve quality of life by providing affordable housing opportunities. For more
information visit www.housing.nv.gov.
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