Learn about the Home Is Possible program & the many advantages of Home Ownership!
The Nevada Housing Division is sponsoring a new grant program called Home is Possible to help qualified buyers accomplish their dream of homeownership. Only one loan type is available in this program—an Assisted Rate Loan with funds available first-come, first served.
The Assisted Rate Loan offers the buyer a 30-year fixed rate, fully amortizing first mortgage loan with 360 level monthly payments as well as an assistance payment equal to 4.00% of the note amount to apply toward down payment or closing costs. All loan types are permitted with HFA preferred. Please note that rates and assistance grant amounts are subject to change at any time.
- There is no first time homebuyer requirement in this program.
- Non-residents must follow agency (FHA, VA, etc.) guidelines.
- Buyers must have minimum FICO credit score of 640 (mid score must be the minimum or above). If your score is below the minimum, please contact us and we can work with you to raise your score or to find alternative loans programs.
- Buyers must have maximum Debt-To-Income (DTI) of 45%.
- All buyers must attend a homebuyer education course from a list of courses approved by the program.
- Buyers must occupy the property within 60 days of closing.
- For all family sizes, household income is limited to $95,500.
- Property must be residential units only (can be new or existing). Mobile, recreational, seasonal, or other types of vacation or non-permanent homes not permitted.
- Purchase price limit is $400,000 for both new or existing residences. This must include everything paid by buyer or on buyer’s behalf.
This is a great opportunity for any homebuyer to receive down payment or closing cost assistance. Please contact us for additional questions regarding eligibility and information on the program.