Special Loan Programs For 1st Time Buyers In NV
Looking to purchase your 1st residence in Nevada but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Nevada are provided by the Nevada Housing Division (NHD). Not only do they provide great fixed interest rates on your 30-year mortgage loan, they also provide other significant programs for 1st time home buyers.
Here are some details on NHD’s loan program:
- Fixed interest rate 30-year loan – current rate click here
- No first-time homebuyer requirement
- Grant is non-repayable
- Available state-wide
- No asset limits for homebuyers
- Now offering up to a 4% grant with government loan types and up to a 5% grant with conventional loan financing
- Grants are based upon the loan amount and can be used for down payment assistance and/or closing costs.
- Can be combined with The Mortgage Credit Certificate (MCC) Program. For more information, click here
- Minimum credit score generally 640 for government insured and most conventional loans
- Qualifying income on mortgage application must be below $95,500
- Home price below $400,000
- Must be homebuyer’s primary residence
- Homebuyer education course is required
- Must meet normal government or conventional loan underwriting requirements
- Effective February 1, 2016, manufactured housing loans will be available for government loans
- One Time Fee of $675.00
How to Get Started
- Find an approved lender (link below)
- Complete homebuyer paperwork with the lender
For complete details on this loan, including contact information and instructions on how to apply, please visit this NHD home loan information page. To find a NHD participating lender near you, please visit this page.
More Nevada First Time Buyer Resources
In addition to the above first time homebuyer loan from NHD, there are resources available as well. Be sure to visit Nevada down payment assistance, as well as our page that shares details about grants available in NV to purchase your first home.