Non-repayment requirements money up to 5% of the loan value, no 2nd lien! No first-time homebuyer requirement Useable for down payment & closing cost Fixed 30 year loan Avaiable statewide in all counties (Nevada) Borrower can own another home when utilizing this program but they must occupy the new home within 60 days of closing NO prepayment penalty NO recapture tax Maybe combined with MCC No Asset Restrictions
Key Program Requirements
Minimum credit scores 640-680 Qualifying income must be below $95,500 Maximum home price $400,000 Must complete homebuyer education course Homebuyer must live in home as primary residence (Must be "Owner Occupied" within 60 days from closing) Must meet standard underwriting requirements Must be approved by a participating lender Appraisal must indicate at least 30 year remaining useful life of property
Background/History of the program
The Nevada Housing Division was created by the Nevada Legislature in 1975 when it was recognized that there was a serious shortage of safe, decent and sanitary housing available to low and moderate income persons in the state.
To provide affordable housing opportunities, improve the quality of life for Nevada residents & To assist in making Nevada a better place to live & work
Continuous funding through private taxable mortgage funds
Non-government funds are used for these down payment grants
Program is available statewide with no geographic restrictions
Introduced in 2014 to provide down payment assistance to homebuyers within the state of Nevada
Offers up to 5% of the loan amount to homebuyers with competing 30 year fixed interest rate/first mortgages
In less than 2 years, has helped over 8,000 families with buying a new home
Loans now total over $1.5 billion
Close to 500 Veterans have used our programs
Key Program Benefits
Offers non-repayable grants of up to 5%, based on loan type, which can be used for down payment and/or closing cost assistance
Available state-wide in all 17 Counties
No first-time homebuyer requirements
No asset limitation for homebuyers *There is a income limitation of $95,500
HIP Grants can be combined with MCC program *Contact me to find out more
Fixed Interest Rate 30 Year First Mortgage Products
Loan Products Available
HFA PREFERRED CONVENTIONAL
FHA STREAMLINE 203K
*Temporary buy-downs are permitted & subject to federal agency guidelines, limitations, and/or rules
Interests Rate can change daily depending on market conditions
Current rates available- Call or Email me today
Need an Approved Lender?
There are over 85 lenders avaiable
Call or Email me today email@example.com
New or existing properties
Residential units only. 1-4 units detached or attached, condos, and townhomes that meet servicer/insurer/guarantor requirements
Manufactured homes allowed for government loans
Debt to income
Debt-to-Income ratio cannot exceed 45% No exceptions allowed* *Lender shall calculate/approve
Non-Occupying co-signers are permitted to the extent permitted by applicable Agency
Treat co-signer income as directed by Agency
A co-signer cannot have any ownership interest in the property (May not appear on the mortgage/deed/warranty deed)
Allowable Fees What fees will be incurred?
Lender's may charge up to .50% in origination fees; as well as, normal and customary fees including appraisal fee; credit report fee; survey fee; title insurance; etc
Must be fully disclosed
U.S Bank Fee $400; Tax Service Fee $85
eHousingPlusFee: Program Fee $275
Call me today to see how you could possible save on these fees!
Grant program available for teachers also!
This program has different requirements grant amounts etc. This program however is limited for 300 teachers on a first come first serve basis! Contact me for details
Grant program available for Veterans also!
This program has different requirements grant amounts etc. Contact me for details
Disclaimer info is deemed reliable gut not guaranteed. Grant programs terms, guidelines, laws are changed and info on this site may not be current please contact me for up to date details and program facts. Thank you