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HomeBank LoanNevada First-Time Homebuyer Applications | The Lenders Community

Nevada First-Time Homebuyer Applications | The Lenders Community


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Home is Possible Program

The Nevada Housing Division Homebuyer Program offers low- and moderate-income homebuyers a fixed interest rate 30-year loan and receive up to 5% of the home loan that can be used for the down payment and closing costs. That’s thousands of dollars for a one-time fee of just $755 (paid at closing). When you qualify, you can use that money for your down payment or closing costs. Read more

Benefits

  • Get up to 5% of the loan amount for the down payment and closing costs
  • Low interest rates on a 30-year mortgage
  • Do not need to be a first-time homebuyer
  • Available for single-family and manufactured homes
  • Available statewide

Requirements

  • The borrower may not own another property
  • Qualifying income up to $105,000 OR with 2 or more borrowers: qualifying income up to $135,000
  • For conventional loans, income limits vary
  • Home price below $647,200
  • 640 credit score (680 for manufactured homes)
  • Only available for primary residences
  • Homebuyer education class required
  • One-time fee of $755 at closing

Home is Possible for Heros

The Home is Possible for Heros Programs gives veterans and military personnel more buying power. With similar borrower requirements as the Home is Possible Program, applicants must be a qualified veteran, being a first-time homebuyer is not required. Read more

Benefits

  •  Below-market fixed interest rate 30-year loan
  •  Reduces monthly mortgage payment
  •  No first-time homebuyer requirement
  •  Statewide program

Program Requirements:

  • The borrower may not own another property
  • Qualifying income up to $105,000 OR with 2 or more borrowers: qualifying income up to $135,000
  • For conventional loans, income limits vary
  • Home price below $647,200
  • 640 credit score (680 for manufactured homes)
  • Only available for primary residences
  • Homebuyer education class required
  • One-time fee of $755 at closing

Home is Possible for Teachers

The Home Is Possible For Teachers program was created to help Nevadian teachers achieve the dream of homeownership offering up to $7,500 for the down payment and closing costs on a new home purchase. Read more

Benefits

  • $7,500 for the down payment and closing costs
  • Forgivable after five years (if you stay in your home)
  • Low fixed interest rate 30-year loan
  •  No first-time homebuyer requirement
  •  Statewide program

Program Requirements:

  •  Must be a licensed full-time K-12 public school classroom teacher in Nevada
  • The borrower may not own another property
  • Qualifying income up to $105,000 OR with 2 or more borrowers: qualifying income up to $135,000
  • For conventional loans, income limits vary
  • Home price below $647,200
  • 640 credit score (680 for manufactured homes)
  • Only available for primary residences
  • Homebuyer education class required
  • One-time fee of $755 at closing

National First-Time Homebuyer Loans

  • FHA LoansFHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
  • Conventional LoansConventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
  • USDA LoansUSDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
  • VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
  • HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.

Helpful Resources

Statewide and Regional Programs

Getting Started

Buying a Home

Owning and Maintaining Your Home

Other Nevada Resources

RELATED ARTICLES

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