Down Payment Assistance Program Home Is Possible Down Payment Assistance Program page. The Home Is Possible grant program helps make the dream of home ownership a reality for qualified Nevadans.
Helping Nevadans Feel at Home
Introduced in 2014, this housing grant program helps those who can afford the monthly mortgage payments, but whose savings may fall short of the necessary down payment.
The Down Payment Assistance Program housing grant 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 housing grant, pending the qualifications specified below, may be as high as $10,000.
This Down Payment Assistance Program grant never needs to be repaid.
- Fixed interest rate 30-year loan – current rate click here
- No first-time homebuyer requirement
- Grant is non-repayable
- Available state-wide
- No asset limits for home ownership homebuyers
- 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
Down Payment Assistance Program Requirements
- Minimum credit score generally 640 for government insured and most conventional loans
- Qualifying income on mortgage application must be below $95,500
- Home price below $400,000
- Must be homebuyer’s primary residence
- Homebuyer education course is required
- Must meet normal government or conventional loan underwriting requirements
- Effective February 1, 2016, manufactured housing loans will be available for government loans
- One Time Fee of $675.00
Down Payment Assistance Program – How to Get Started
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