Las Vegas, NV -
May 18, 2018Southern Nevada
homebuyers in eligible zip codes can now take advantage of a down payment
assistance program that provides a forgivable loan of 10 percent of the purchase
price, up to $20,000, toward the purchase of a home. The Hope
Brings You Home program is available to homebuyers in areas that are still
considered distressed from the housing crisis.
The first-come, first-served
program will be offered until its $36 million allocation has been
distributed. A minimum of 1,800
qualified homebuyers will receive down payment and closing cost assistance. Once
approved, the financial assistance comes in the form of a second mortgage with
a zero percent interest rate and no monthly payments for a 3-year term. The
loan is forgiven at the end of the 3-year term.
“In 2011, our state led the nation in foreclosures and the
Nevada Housing Division has worked diligently to help homeowners in our state,”
Governor
Brian Sandoval said. “I am incredibly
pleased that the Division has partnered with the Nevada Affordable Housing
Assistance Corporation and the U.S. Department of Treasury to offer the Hope
Brings You Home program to homebuyers in certain, still distressed, Southern
Nevada areas. I encourage potential homebuyers in Southern Nevada to reach out
to NAHAC for more information.”
To qualify for the
program, a homebuyer must purchase the home to occupy as their primary
residence, complete a required homebuyer education course, and meet certain
income, debt and credit score requirements.
Other Hope Brings You Home program
eligibility requirements include:
- Eligible property
zip codes: 89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102,
89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89118, 89119,
89120, 89121, 89122, 89128, 89142, 89146, 89156, 89169
- Homebuyer must
purchase the home to occupy as the primary residence
- Borrower income
under $98,500
- Minimum credit score
of 660 for FHA loans, 640 for all other loan types
- Eligible loan
types: FHA, VA, USDA, or conventional
- Debt ratio of 45%
for government insured loans, 50% for conventional
- Existing
properties only
- Single family,
condos, townhomes and manufactured homes qualify
- Borrowers must
take an approved homebuyer education course
- Home purchase
price under $400,000
- You may be
required to repay the loan if you sell, refinance, or move out of the home
before the end of the 3 year term.
The Nevada Housing
Division (NHD) and Nevada Affordable Housing Assistance Corporation (NAHAC) are
working together to offer the Hope
Brings You Home program, which is funded through the U.S. Department of
Treasury’s Hardest Hit Fund Program. The Hope
Brings You Home program is meant to stabilize and revitalize neighborhoods
that were hardest hit during the recession.
The Housing Division currently offers a down payment assistance program
that has helped more than 15,000 Nevadans achieve homeownership since 2015. By partnering with an experienced provider
like NHD, NAHAC can utilize an existing lender network and infrastructure to
ensure this program benefits as many potential homebuyers as possible.
Information about the
Hope Brings You Home down payment assistance program is available at www.nahac.org.
About the Nevada Housing
Division
The Nevada Housing Division, a division of the Department of
Business and Industry, was created by the Nevada Legislature in 1975. Our
mission is to provide affordable housing opportunities and improve the quality
of life for Nevada residents. We connect Nevadans with homes by providing
financing to developers to build affordable apartment homes, by providing
innovative mortgage solutions and down payment assistance programs, and by
making homes more energy efficient, thereby lowering utility expenses. To learn
more, visit www.housing.nv.gov.