HIP For First-Time Homebuyers NEVADA HOUSING DIVISION

Table of Content

• Loan Programs
• NRHA Home At Last Homeownership Program
• Closing Cost Assistance Programs for Home Buyers
• Nevada First Time Home Buyer
• HIP For First-Time Homebuyers
• First Time Home Buyers in Nevada

The National Homebuyers Fund is a non-profit public benefit corporation that sponsors home buyers with up to 5 percent of a home’s purchase price. In exchange for cash, home buyers agree to live in their home and make payments for five years, at minimum. By definition, grants don’t require repayment because grants are a contribution to a public good.

If you’re a Nevadan who is ready to experience the joys and responsibilities of homeownership, this program is for you! Carmen Chai is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. For NewHomeSource, Carmen covers a variety of topics, including insurance, mortgages, and more. The Nevada Housing Division offers a program specifically designed to say thanks to the state’s teachers for their dedication in educating young minds. Click here to read AdvisoryHQ’s disclaimer on the mortgage loan table displayed on this page. Find AgentsIf you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction.

Loan Programs

For first-time homebuyers in Nevada, a down payment assistance program called “Home Is Possible” can be an invaluable resource. Provided by the Nevada Housing Division, it helps low and moderate-income homebuyers buyers cover both closing costs and down payments. The MCC provides eligible homebuyers a non-refundable federal income tax credit used with your mortgage. In a nutshell, it reduces your federal income taxes, creating additional income for you to use towards your mortgage payments and other expenses. Eligible participants must have a credit score of at least 640, and the purchase price of the home must be under $548,250. Borrowers are also required to pay a one-time fee of $755 and take a homebuyer education course.

Here’s a closer look at each program’s details, how to apply as well as the fine print.

NRHA Home At Last Homeownership Program

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Closing Cost Assistance Programs for Home Buyers

Several federal government programs are designed for people who have low credit scores or limited cash for a down payment. Although most of these programs are available to repeat homeowners, like state programs, they can be especially helpful to people who are buying a first home or who haven’t owned a home in several years. Additionally, it’s important to learn about the purchasing process, especially for first-time homebuyers. A great place to begin is Money Smart – an FDIC financial education program designed to help people of all ages sharpen their financial skills and create positive banking relationships.

You must also have a credit score of at least 640 and an annual income that’s below $95,500. The funding is provided in a deferred loan that’s interest-free. You have to repay the loan with you sell your home or finish paying off your first mortgage. This Home Is Possible offshoot still comes with a $755 fee and a requirement to complete a homebuyer’s education course.

If, someday, you decide to sell your home, you’ll pay back the state with the proceeds from the sale. Applicants using a VA, USDA-RD, or FHA loan funding source make low down payments – just 2 to 5 percent of the overall loan amount. "This was the first time that my wife and I purchased property. From the moment we met Mitch, he was there for us 110%. We highly recommend him to anyone buying or selling a home. There is no one better."

Let’s explore the best programs for first-time homebuyers in Nevada. Closing cost assistance programs are home buyer stimulus plans that pay up to 100% of a buyer’s purchase closing costs, including title expenses, transfer taxes, and mortgage fees. State and local governments sometimes provide cash grants to qualified first-time buyers. Grant sizes range from $500 to $50,000 and can be applied toward mortgage closing costs, mortgage rate reductions, and down payments on a home.

HIP For First-Time Homebuyers

These programs are designed to simplify the path to home ownership, especially for low-income, rural and otherwise disadvantaged homebuyers. Buying a home can be nerve-wracking – especially if you’re taking the leap as a lifelong renter. With so many expenses involved (think closing costs, long-term loans, mortgages, and down payments) a home for you and your family may seem like an unrealistic goal in this economy. Nevada Housing Division’s Home is Possible DPA Program offers eligible borrowers a grant of up to 5% of their loan amount. The program is available for first-time and repeat homebuyers who earn less than $105,000 annually. Instead, you'll pay a VA loan funding fee at closing, which can range from 1.4% to 3.6% of the purchase price.

The money can also be used for closing costs and is forgivable after three years if you stay in the home. VA Home Loans The Department of Veterans Affairs generally does not require down payments for its mortgage loans. Interest rates are competitively lower, closing costs are limited, and Private Mortgage Insurance isn’t needed. Best of all, VA loans come with a lifetime qualification that applicants may benefit from indefinitely.

Data about first-time homebuyers in Nevada is hard to come by, but the average age nationally is 33. The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes. Step 1 is to see if you meet the qualifications of one or more of the programs, and Step 2 is to contact a participating lender and get pre-approved. You are now leaving the SoFi website and entering a third-party website. SoFi has no control over the content, products or services offered nor the security or privacy of information transmitted to others via their website. We recommend that you review the privacy policy of the site you are entering.

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Best Rates & Programs for Nevada First Time Home Buyers

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