NHD Home Is Possible for First-Time Home Buyers

The Nevada Housing Division spearheads several down payment assistance Nevada initiatives to empower prospective homeowners, most notably 'Home Is Possible,' which offers aid in obtaining mortgages and assistance in covering deposits and closing costs. Among these is a specially crafted loan for Nevada first-time home buyers that extends up to 4 percent of the total amount as subsequent financing in the form of a second mortgage to subsidize the down payment.

To explore first-time home buyers Nevada requirements, people can collaborate with over 80 approved loan providers throughout the state. The program exclusively offers FHA, VA, or USDA loans while omitting conventional options.

Applicant criteria encompass:

• A minimum credit rating of 640
• A debt-to-income proportion not surpassing 50 percent
• Completing a complimentary online homebuyer education course online
• Fulfilling NHD income boundaries that fluctuate by county

Income ceilings range from $88,100 for two or fewer individuals in areas like Churchill, Esmeralda, and White Pine to $131,860 for three or more individuals in counties like Storey and Washoe.

Property prerequisites include:

• Location within Nevada
• Designation as a primary domicile
• Adherence to NHD purchase price constraints that vary by county and extend from $481,176 to $670,545.

NHD Home Is Possible for Teachers

Until June 30, 2024, instructors working in Nevada's public education system from kindergarten to 12th grade have access to an additional benefit under the Home Is Possible program. This first-time home buyer grant in Nevada offers educators up to $7,500 that can be applied towards either down payments or closing costs for those seeking to purchase a home, coupled with an attractive below-market mortgage interest rate. Unique to other housing assistance programs, applicants are not obligated to be first-time home buyers. Nonetheless, they must refrain from owning any real estate and commit to living in the purchased property as their primary residence long-term. After five years, loan can be forgiven.

To qualify under the primary criteria include:

• Individual applicants earning less than $140,000 annually
• A minimum credit rating of 660 for FHA loans, 640 for VA or USDA loans, or 680 for manufactured homes
• A debt-to-income ratio capped at 50%
• A one-time cost of $755 associated with the primary mortgage
• Successful completion of a homebuyer education course
• A maximum purchase price allowable of $766,550 for the property

NHD Home First Program

The NHD Home First program offers eligible first-time buyers assistance through a forgivable loan for down payment costs. Up to fifteen thousand dollars is available to those meeting specific prerequisites exclusively aimed at making homeownership a reality. While closing expenses are not covered, three years of continual residency will absolve repayment of the funds. To be considered for such first-time home buyer programs Nevada, applicants must satisfy the following prerequisites:

• Must be a first-time homeowner (any homeownership in the last three years is a disqualifier).
• At least six consecutive months of living in Nevada is mandated.
• A credit rating of no less than 640 is necessary.
• An online homebuyer education course must be finished.
• Yearly earnings cannot exceed the lender's income boundary.

Home At Last Down Payment Assistance Program

The program is financed by the Nevada Rural Housing Authority and is known as the Home At Last — a type of down payment assistance program. This program includes a three-year, interest-free, and no-payment second mortgage. The mortgage would be forgiven after three years of considering the property a person's primary residence. The chosen loan product uses specific eligibility requirements, including income restrictions, credit score conditions, etc. Besides, there are no purchase value restrictions, but a participant cannot exceed the lender's limit. An eligible participant would be anyone who has completed a free online education class, and works with a participating lender. This home buyer program Nevada is not necessarily for first-time buyers.

Workforce Initiative Subsidy for Homeownership (WISH) Grants

Greater Nevada Mortgage, with the support of the Federal Home Loan Bank of San Francisco, allows a one-time 4:1 match beyond the Higher Lender gift up to $29,172 of the borrower's down payment and closing cost investments. First-time buyers who meet the income and Greater Nevada Credit Union membership criteria qualify. Additionally, all potential applicants must fully participate in a homebuyer counseling session.

Middle-Income Down Payment Assistance (MDPA) Grants

Greater Nevada Mortgage offers a 5:1 match of the borrower's contribution, up to $50,000 for down payment and closing costs, to qualifying first-time homebuyers. To be eligible for such first-time home buyer programs in Nevada, applicants must complete homebuyer counseling, be members of Greater Nevada Credit Union, and earn between 80.01% and 140% of the regional median area earnings. Both borrower savings or gift contributions must be at least $10,000.

Home Means Nevada Rural Down Payment Assistance

August 1, 2023, through the closing date of the time-limited program, qualified rural Nevada homebuyers may receive closing costs at zero cost. Qualifying first-time homebuyers are eligible for principal housing for people with populations of less than 150,000 in rural areas. The second loan is secured by the assistance of the first payment and without interest, which will be forgiven between three years and December 31, 2026, or whatever comes later. This closing down payment assistance Nevada will expire in 2024 or after the expiration date of the last grant.

FHA Loans

Federal housing options ease acquisition for restricted budgets. FHA loans require minimal credit and tiny down payments, allowing credit as low as 580 and just 3.5% down.

VA Loans

VA loans exclusively serve active military and veterans, regularly providing reduced rates versus standard mortgages while eliminating down payments for scores starting at 580.

USDA Loans

Rural homeowners seeking affordable homes encounter USDA loans, a program aiding those missing conventional loan qualifications and residing in remote regions. Targeting low to moderate earners outside urban areas, these no-money-down mortgages furnish the likelihood of securing affordable, fixed interest for the long haul. In agricultural Nevada, the USDA's Section 502 Direct Loan Program, funded directly by the agency, assists indigent rural borrowers. Payment helps bolster repayment power and cultivates safe housing procurement.