Get A 5% Down Payment Grant
If you’re looking for down payment assistance in Nevada, we have some exciting news. The Nevada Housing Division offers two very lucrative options for first time property purchasers who need help coming up with the funds for the down payment.
The down payment assistance program is called “Home Is Possible.” First time home buyers can get a grant of as much as 5% or the purchase price (purchase price not to exceed $400,000) to be used towards the down payment. From the State of Nevada website:
Helping Nevadans Feel at Home
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.
Fixed interest rate 30-year loan
No first-time homebuyer requirement
Grant is non-repayable
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.
As the above details make clear, there are two options for this DPA program: 4% grant with government loan types and up to a 5% grant with conventional loan financing. To find out more and get your application process started, visit the Home Is Possible page of the Nevada Housing Division.
More Nevada Down Payment Assistance
In addition to this statewide DPA program, you should also check to see if there are local programs offered in Nevada that provide additional help that can be applied toward your down payment.