First-time home buyers in Nevada who meet income and other eligibility requirements can get 30-year mortgages at competitive interest rates through Nevada’s Home Is Possible loan and assistance programs.
- Help with down payments and closing costs is available for low- and moderate-income borrowers.
- Active military and veterans may be eligible for below-market interest rates.
- Teachers may receive $7,500 in down payment and closing cost assistance.
- Most programs have income limits.
- Some programs establish limits on home prices.
- Home must be a primary residence in Nevada.
- Minimum credit scores vary by program.
- Program-specific requirements may apply.
The Home Is Possible program gives first-time and repeat home buyers up to 5% of the loan amount to pay the down payment, or closing costs or a combination. The money doesn't have to be repaid if you keep the home as your primary residence for three years or more. The program can be used to buy a manufactured home. Loans have 30-year terms and competitive interest rates. Borrowers have to meet income and home-price limits, must have a credit score of 640 or higher and have to take a home buyer education course. The fee is $675.
The mortgage credit certificate program is for first-time home buyers and qualified veterans. It provides an annual credit that reduces the federal income tax bill. The credit is up to 30% of the interest paid on the mortgage, up to $2,000 a year. The program charges a one-time fee of $795, and a home buyer education course is required.
This variation of the Home Is Possible program is strictly for first-time home buyers and qualified veterans. It combines down payment and closing cost assistance with a mortgage credit certificate that provides an annual break on federal income taxes. HIP Plus provides up to 5% of the loan amount that can be used to pay the down payment, closing costs or a combination. The money doesn't have to be repaid. The mortgage credit certificate provides an annual tax credit of up to 30% of the interest paid that year on the mortgage, up to $2,000 a year. The HIP Plus program can be used to buy a manufactured home.
This Home Is Possible program is for borrowers whose incomes are under a threshold that varies by county. Borrowers get up to 5% of the loan amount to pay for any combination of down payment and closing costs, as with the core HIP program. HIP 1500 bestows an extra $1,500 for closing costs and a reduction in monthly mortgage insurance premiums. This program was scheduled to expire at the end of 2018.
Veterans and active military personnel are eligible for this version of Home Is Possible. It offers below-market interest rates and can be combined with a mortgage credit certificate, with the certificate's usual $795 fee waived. There are income and home-price limits and the minimum credit score is 640. Borrowers must take a home buyer education course. The program is for government-issued loans only and is open to active-duty military, honorably discharged veterans, members of the National Guard and surviving spouses.
This version of Home Is Possible is for licensed, full-time K-12 public school teachers in Nevada. It provides $7,500 for down payment and closing costs, which doesn't have to be repaid if the borrower remains the home for five years or more. There are income and home-price limits and a minimum credit score of 660. Borrowers must take a home buyer education course. First-time buyers can combine the loan with a mortgage credit certificate.
This is by far the absolute best down payment assistance program available. It offers a $7500 grant to help purchase a home, the grant is fully forgiven after 5 years without any payment obligation
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