Home Is Possible program helps make the dream of home ownership a reality for qualified Nevadans. Introduced in 2014, this program helps those who can afford the monthly mortgage payments, but whose savings may fall short of the necessary down payment.
The Home Is Possible down payment assistance amount can be as much as 5% of the loan amount, to be used for covering down payment and closing costs. For example, on a $ 200,000 loan amount, your down payment assistance grant, pending the qualifications specified below, may be as high as $10,000. This grant never needs to be repaid.
The Home Is Possible Key Benefits:
- Fixed interest rate 30-year loan
- No first-time home buyer requirement
- Grant is non-repayable
- Available state-wide
- No asset limits for home buyers
- Now offering up to a 4% grant with government loan types and up to a 5% grant with conventional loan financing
- Grants are based upon the loan amount and can be used for down payment assistance and/or closing costs.
- Can be combined with The Mortgage Credit Certificate (MCC) Program. For more information, click here
The Home Is Possible Program Requirements:
- Minimum credit score 640 for government insured and most conventional loans
- Qualifying income on mortgage application must be below $98,500
- Home price below $400,000
- Must be home buyer’s primary residence
- Home buyer education course is required
- Must meet normal government or conventional loan underwriting requirements
- Manufactured housing loans available
- One Time Fee of $675.00
You can also check out The State of Nevada’s website on this program for more information on The Home Is Possible program by clicking on the image to the right.