Down Payment Assistance Nevada: Helping You Achieve Your Homeownership Dreams

First Time Homebuyer Nevada Down Payment Assistance

Buying a home is a major financial milestone, which could be challenging to save up for a down payment. Fortunately, if you’re a homebuyer in Nevada, there are several down payment assistance programs available to help you make your dream of homeownership a reality.

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Nevada’s Home At Last Down Payment Assistance

The Home at Last program offers up to $25,000 in down payment assistance for homebuyers in rural Nevada. Eligible applicants can select from different 30-year fixed-rate loan options and receive grants for down payment assistance, which don’t need to be paid back. The assistance amount varies from 2 to 5 percent of the loan amount, depending on the loan type.

Benefits of the Home At Last DPA

The Home at Last program provides flexibility in grant amounts allowing Nevada borrowers to tailor their assistance to their needs. The program also provides a range of loan options. Moreover, a significant advantage is that the grants are forgivable, saving borrowers money over the life of their loan.

Eligibility Requirements for Nevada’s Home At Last Program

To participate in this program, you must meet specific criteria, including a minimum credit score of 640 (or 680 for manufactured homes) and maintaining an income below the program’s $95,500 threshold. Unlike some programs, being a first-time homebuyer is not a requirement, but completing a mandatory homebuyer education course is necessary.

Nevada’s Home First Down Payment Assistance

Nevada’s Home First down payment assistance program is designed for first time home buyers in Nevada. It offers $15,000 in down payment assistance, making homeownership more accessible. Specifically, the home’s purchase price can go up to $570,000, with the specific limit varying by county.

Benefits of Home First Program for First Time Home Buyers in Nevada

The Home First program streamlines the home-buying process by providing down payment assistance. This program offers generous home price limits, expanding the pool of eligible properties available. Notably, the down payment assistance becomes forgivable after three years of homeownership, providing long-term financial relief.

Eligibility Requirements for Nevada’s Home First Program

To qualify for this program, you should be a first time home buyer, meaning you haven’t owned a home in the past three years. Additionally, your credit score should be at least 640, and if it’s 680 or higher, your debt-to-income ratio should not exceed 50%. If your credit score is less than 680, your ratio should not exceed 45%. Completing a homebuyer education course is mandatory, and there are income limits, varying by county, that you must meet to be eligible for the program.

FHA 100% DPA

This program provides homebuyers with 100% financing without requiring a down payment. However, closing costs are still required. This is achieved through a combination of a 1st and 2nd mortgage. This DPA program can be used to obtain an FHA loan and the amount of the 2nd mortgage can be up to 3.5% of the sales price or the appraised value, whichever is less. The term for the 2nd mortgage is 10 years.

Eligibility

To qualify for the program, you need to have a minimum credit score of 620 and a maximum Debt-to-Income (DTI) ratio of 45%. You must complete a Homebuyer Education course. And the eligible properties for financing are defined by FHA guidelines based on the maximum HUD county limit. The program covers single-family homes, duplexes, manufactured homes, PUDs, townhouses, and condos.

How to Apply for Nevada’s Down Payment Assistance Programs

To apply to either one of these down payment assistance programs follow the steps below:

1. Reach out to a participating lender like Direct Mortgage Loans to assist with getting pre-approved for a mortgage.
2. Enroll in the mandatory Homebuyer Education Course offered by the Nevada Rural Housing Authority.
3. Submit an application to the Nevada Housing Division and provide documentation of your income and assets.
4. Once your application has been approved, you will be able to start shopping for a home.

FAQ’ s About Nevada Down Payment Assistance Programs

Can I use the down payment assistance for any type of property?

Yes, you can use the Nevada down payment assistance for any type of property, if it is your primary residence. This includes single-family homes, townhomes, condominiums, and manufactured homes.

Is there a limit to how much down payment assistance I can receive?

The amount of down payment assistance you could receive depends on the program that you qualify for. The Home at Last program offers up to $25,000 in down payment assistance while the Home First program offers up to $15,000 in down payment assistance.

Are there any restrictions on the geographical location of the property I want to purchase?

Yes, there are some restrictions on the geographical location of the property that you can purchase. In particular, the Home at Last program is only accessible to properties located in rural areas of Nevada, which are counties with populations of less than 150,000 people. However, the Home First program does not have any restrictions, so you can consider properties in any location within Nevada.

Is the down payment assistance a loan that needs to be repaid?

The down payment assistance for the Home at Last program is a grant that does not need to be repaid. Nonetheless, the down payment assistance for the Home First program is a deferred loan, which means that you do not have to make any payments on the loan until you sell the home or move out. The loan will then be forgiven, as long as you have lived in the home for at least three years.

Down payment programs subject to additional eligibility requirements that may vary. Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral and underwriting requirements. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.org). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Suite 400 Hunt Valley, MD 21031. Equal housing lender.