So obviously we want to know: “what’s the catch?” After talking to one of our Weichert Golden Services Managers, I was able to get some insight as to what this program entails. This is a new fund for the Nevada Housing Division and it is available for a very limited time. I will break down the details and include a form at the bottom of this page in case you are interested in having one of our agents give you a call to get you started. So now on to the details of this Nevada down payment program…
This program is available for down payment and closing costs! Arguably one of the coolest features about this loan program because it makes it possible for more people to qualify to become homeowners. I will go over the qualifications in the next section; let’s get on to more features! The amount that can be used is equal to 10% of the purchase price up to $20,000. The loan is a 30 year fixed rate and is only limited to select zip codes in Southern Nevada. There is an allocated $17.9 million in funds available so it will not last long. Nevada Affordable Housing Assistance Corp and Nevada Housing Division have made this fund available now to the follwing zip codes:
This program is available to households limited to a combined $98,500 per year. The home also needs to have a purchase price under $400,000 and you must live there as your primary residence. It also must be your only property to qualify for the program. The minimum credit score is a 660 FICO for FHA and a 640 FICO for all other types of loans. Speak with your lender or use one of our partners to find out more specifications about the underwriters terms for qualifying for a loan.
Basically, this doesn’t have that many more stipulations than the traditional loans but does give an opportunity to purchase a home with little to no costs towards the purchase of your home. Of course home buying journey always has costs like appraisals and inspections but this grant can definitely cut into those entry costs and this program is extremely limited. At $17,900,000, and let’s say the full $20,000 is used per transaction, then you will only have a fund for about 900 homes. That’s usually less than a weeks worth of inventory so time is of the essence when it comes to programs like this!
I am David and I love to learn about technology; mostly digital marketing to be specific. I worked at Google helping Realtors grow their business using digital advertising on our platform and eventually that led me to marketing positions for local agents in Las Vegas. After growing two separate businesses, I decided to try and sell houses myself. I did it for only 9 months before I saw what my true calling was, getting into programming and getting this antiquated industry updated. I look forward to publishing quality content and helping a lot of you with the stuff I struggled with as an agent!