If you’re a resident of Nevada and worried that coming up with the down payment and closing costs is a hurdle that will keep you from ever buying your first home, there’s some great news to be aware of. In 2014, the Nevada Housing Division created their “Home Is Possible” program that provides a grant of as much as $20,000 to “help make the dream of home ownership a reality for qualified Nevadans.”
Welcome to the State of Nevada’s Home Is Possible Down Payment Assistance Program page. The Home Is Possible grant program helps make the dream of home ownership a reality for qualified Nevadans. Introduced in 2014, this program helps those who can afford the monthly mortgage payments, but whose savings may fall short of the necessary down payment.
The down payment assistance grant amount can be as much as 5% of the loan amount, to be used for covering down payment and closing costs. For example, on a $ 200,000 loan amount, your down payment assistance grant, pending the qualifications specified below, may be as high as $10,000. This grant never needs to be repaid.
The grant can be up to 5% of the purchase price, which must be under $400,000. For more information on this Nevada first time home buyer grant, visit the Nevada Housing Division webpage for complete details and grant requirements.