With the Home is Possible down payment assistance program, the Nevada Housing Division provides grants to homebuyers whose savings fall short of the necessary upfront costs of the mortgage process.
The Home Is Possible program offers homebuyers a 30-year, fixed rate mortgage. The grant amount can be as much as 5 percent of the loan amount and must be put toward the down payment and closing costs. The grant is forgivable with no repayment requirement if you stay in your home for 3 years.
Unlike most assistance programs, the program is not exclusive to first-time homebuyers, and there are no asset limits that applicants must fall under. All homebuyers must have a credit score of at least 640. The qualifying income on mortgage applications must be below $98,500. Applicants must pay a one-time fee of $675, and successfully complete a homebuyer education course. ?All homebuyers must meet normal government or conventional loan underwriting requirements.
Any property purchased under the Home Is Possible program must serve as the homebuyer's primary residence. The purchase price of the home must be below $484,350.