Last Updated on August 23, 2023 by Hannah Stevens
Mortgage Assistance for Homebuyers in Nevada
City of Henderson Neighborhood Services First Time Homebuyer Program
The City of Henderson’s First Time Homebuyer Program helps low-income families purchase their first home through providing zero-interest loans to cover closing costs and down payments.
Available Assistance
The City of Henderson offers assistance funds up to $45,000 through the First Time Homebuyer program. Then, 6% of the purchase price or 10,000 (whichever is lower) is for the down payment and/or closing costs. It also provides up to $35,000 to cover home repairs. It is given as a deferred loan with zero-interest. Therefore, the loan does not require monthly payments. The loan, however, must be repaid if the home is sold, transferred, or is not the primary residence of the borrower anymore. It can also be repaid earlier without being penalized.
Eligibility Requirements
All applicants of the First Time Homebuyer Program must be first-time buyers who have not owned a property within the past three years. They must also have resided or worked in Henderson for at least one year before applying. Borrowers must have a minimum credit score of 640, less than $25,000 in assets, and their annual income must not exceed 80% of the Area Median Income to be qualified. Additionally, they need to invest a minimum of $1,500 from their own funds for the purchase of the home. They must also complete a Homebuyer Education program.
Property Guidelines
Properties bought with the program funds must become the borrower’s primary residence. It must also be within Henderson city limits. The eligible properties include: single-family detached or attached units, condominiums, or townhomes. These must be priced at least or below the HUD median area sales price of $257,450. It includes down payment, closing costs, and rehabilitation costs. Moreover, the property must be occupied by the owner or vacant for at least 90 days before offering.
Income Limits
- 1-person household: $35,250
- 2-person household: $40,250
- 3-person household: $45,300
- 4-person household: $50,300
- 5-person household: $54,350
- 6-person household: $58,350
- 7-person household: $62,400
- 8-person household: $66,400
Home Is Possible Down Payment Assistance Grant
The Nevada Housing Division offers grants for homebuyers who have not saved enough to cover the initial costs of a mortgage with the Home Is Possible down payment assistance program.
Available Assistance
Homebuyers can get a fixed-rate mortgage for a period of 30 years through the Home Is Possible program. The grant amount may be up to 5% of the loan amount, and it must be used for the down payment or closing costs. Residents throughout Nevada can apply for the grant without any repayment requirements. You can combine the Home is Possible program with Nevada Housing Division’s Mortgage Credit Certificate (MCC) Program.
Eligibility Requirements
The program is not exclusive to first-time homebuyers, and applicants are not required to have certain assets. This is different from most assistance programs. Every homebuyer must have a minimum credit score of 640 for a government funded loan and 680 for conventional loans. The minimum income for mortgage applications must not exceed $98,500. The applicants are required to pay a one-time free of $675, and they need to successfully complete a homebuyer education program. All homebuyers must satisfy the underwriting requirements of conventional loans or normal government loans.
Property Guidelines
The home must be the primary residence of the buyer who purchased it under the Home Is Possible program. The price of the home must not exceed $400,000. Government loans are now available for manufactured housing loans starting February 1, 2016.
Home at Last Access Down Payment Assistance Grant
The Home at last Access Down Payment Assistance Grant, the Nevada Rural Housing Authority’s inclusive home financing program, allows borrowers to choose the amount of assistance that they need. Applicants who qualify are given a flexible grant that can be used to fund different types of loans, such as FHA, VA, USDA, or the Fannie Mae HFA Preferred Conventional loan. All Home at Last loans have a 30-year fixed rate mortgage, and the grants are not required to be repaid.
Many states has the Down Payment Assistance Grant, but it is not one of the First-Time Homebuyer Assistance Programs in Nebraska.
Available Assistance
The borrowers have various grant options from the program that provide up to $22,600 of down payment assistance. Applicants who have FHA, VA and USDA-RD loans have the option of a down payment that ranges from 2 to 5% (depending on their loan type). However, applicants who have the Fannie Mae HFA Preferred Conventional loan have down payment options of either 3, 4 or 5% of the loan amount.
Eligibility Requirements
In order to be deemed qualified for the Hole At Last program, applicants must meet certain credit requirements. FHA, VA, USDA-RD loans require a credit score of at least 640 (or 680 in the case of manufactured homes). The Fannie Mae HFA Preferred Conventional loan requires at least a credit score that ranges from 640 to 680 (depending on the property type and loan-to-value). All applicants must meet the $95,500 income requirement of the program.
Property Guidelines
Applicants must meet FHA, VA, or USDA-RD loan property requirements (manufactured houses, condos, townhomes, as well as 2-4 family units are allowed, subject to FHA, VA, and USDA requirements), and Fannie Mae HFA Preferred Conventional loans (manufactured home, condos and townhomes as well 2-4 family units are allowed with a maximum 95% loan-to-value).
Are you interested in the First-Time Homebuyer Assistance Programs in New Hampshire?
