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 and the interest rate is the lowest available on the market. There is no better deal than this!
Another cool feature of this program is the length of employment requirements. Both FHA (Federal Housing Administration) and VA (Veterans Administration) allow borrowers to include their schooling as part of their work history, so long as they are in the same line of work that they trained for. The employment history requirement for both administrations is 2 years so, a bachelor’s degree in education meets the employment history by itself. A freshly minted teacher can qualify for this program after only 30 days on the job!
The $7500 grant can be applied towards a down payment, closing costs, or principal reduction. I.E. if you are using your VA loan with this program and your closing costs are less than $7500, you can apply the remaining funds towards reducing your initial loan amount.
I can’t think of a better way to thank our Nevada Educators.
Seven things that we would suggest from home buyers that save time, energy, and money.
These programs were made for our Nevada residents. The best option depends on your occupation and current standing in the home buying process