Nevada down payment assistance programs help moderate and low income residents buy homes. These programs are administered by public agencies operating with state and federal funds which are often run in conjunction with private lenders. There are diverse categories of these programs which primarily aims at assisting different categories of people such as single mothers and teachers amongst others who might be unable to raise down payments to buy homes. People wishing to get benefit from these programs are just required to meet the necessary requirements.
In Nevada, qualified applicant of down payment assistant programs can receive up to ten thousand dollars toward down payment and closing cost of the homes they intend to buy. The applicants are required to have incomes which are below eighty percent of the area median income. After applying and being approved to get the down payment assistants, beneficiaries are not required to pay on monthly basis like in ordinary mortgages. Instead, applicants repay the amounts given if; they sell their homes, they transfer ownership of their homes, they move out of the particular homes and after paying off or refinancing their first mortgages. Applicants who might be earning more than the set minimum amount can utilize other channels such as the Nevada Housing Finance Corporation so as to get down payment assistance.
One of the most important aspects while applying for these Nevada down payment assistance programs is filling the applications correctly. All the details required should be filed truthfully and in a clear manner. This is important because the authorities that determines the eligibility of the applicants can deny the assistance if they detect some untrue information. For this reason, it is advisable to ask for assistance from the people who provide these down payment assistance programs while filling the applications so as not to omit some important details or fill the applications in the wrong way. Therefore, moderate and low income people wishing to buy homes in Nevada can benefit from the various down payment assistance programs as long as they meet the minimum requirements and they apply in the right way.
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Nevada Down Payment Assistance Programs
Home buyers in Nevada get $5,000 down payment assistance through the Washoe County Community Service Agency New Opportunities For Homeownership Program.
PHONE: (775) 786-6023
Regardless of which type of down payment program, you will first need a mortgage. Below are mortgages that require low or no down payments:
No Down Payment Mortgages – mortgages that require no down payment
USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
More places to find assistance on down payment:
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
Nevada Housing Agencies
Nevada housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.