Carson City, NV – June 23, 2015 – (RealEstateRama) — The Nevada Housing Division (NHD) this month is honoring National Homeownership Month by highlighting programs and services that are helping Nevadans realize the dream of homeownership.
Home Is Possible Grant Program (Clark/Washoe County)
The Home Is Possible grant program provides grants of 4 percent of the loan amount toward down payment and closing costs for qualified borrowers in Clark and Washoe counties. The program helps borrowers whose savings fall short of the amount needed for entry but can otherwise afford the monthly mortgage payments. There is no first time homebuyer requirement and the grant is not required to be repaid.
· Fixed interest, 30 year loan on a primary residence below $400,000
· Minimum credit score of 640 for government insured loans, 660 for manufactured homes and 680 for conventional
· Qualifying income on mortgage application below $95,500, no asset limits
· Borrowers must complete a HUD approved homebuyer education course
NHD has provided down payment assistance to more than 20,000 families to date. “Responsible and sustainable homeownership is at the heart of Nevada Housing Divisions programs. For many Nevadans, homeownership represents personal pride and financial stability,” said NHD Administrator CJ Manthe.
Helen Villarreal is one of the many Nevadans that have benefited from the NHD Home Is Possible grant. During the process of searching for a new home, the realtor she was working with provided her with information about the myriad programs available to assist in purchasing a home. Helen was pleased to learn that the Home Is Possible grant would provide financial assistance with the down payment, allowing her to utilize some of her savings to put her own touches the home. “The team of professionals that I worked with to purchase my first home were amazing. They answered all my questions and put my mind at ease throughout the buying process,” said Villarreal.
Get the Key to Homeownership Seminar (Reno)
NHD is again joining forces with local industry professionals to provide guidance to help families overcome potential obstacles to homeownership such as limited or damaged credit and navigating market pricing. The Nevada Housing Division will provide information about down payment and closing cost assistance available with fewer restrictions than previous programs.
Home Buying Seminar
June 27, 2015, 11:00 am
5905 S. Virginia Street, Suite 300, Reno (Bank of America building, close to Whole Foods)
Registration required: myrenohome (at) gmail (dot) com or (775) 338-4126
Before Brian Peters attended a Get the Key to Homeownership Seminar, he had no idea what he was doing. According to Brian, “Before the seminar, I didn’t know if buying a home was even possible for me. The information and resources provided gave me a huge confidence boost and helped me realize that buying a home was possible.” Brian was able to meet and work with industry professionals that helped make the impossible, possible. He has since closed on his first home purchase. “They were the best team!” said Peters.
For more information about the Home Is Possible Grant Program or the Homeownership Seminar, please contact the Nevada Housing Division at (702) 486-7220 in Las Vegas; (755) 687-2040 in Carson City or visit housing.nv.gov.
Created by the Nevada Legislature in 1975, the Nevada Housing Division was enacted to encourage the investment of private capital and stimulate affordable housing financing by leveraging public funds. The Division provides low interest rate mortgages and down payment assistance to qualifying individuals and provides funding for affordable multi-family housing developments for seniors and families.