A new grant program to assist homebuyers has been announced by the Nevada Housing Division. The Home Is Possible initiative offers qualified buyers a grant of up to 4 percent of the loan to be put towards a down payment or closing costs. Loans approved for this grant are FHA, VA and rural development loans. Grants will be offered to buyers using conventional loans (Fannie Mae, Freddie Mac) in November. The program applies to owner occupied residences only.
Qualified borrowers will need a credit score of 640 or above (minimum 680 for conventional loans). The purchase price of the house must be below $400,000. Borrowers cannot have an income above $95,500. Additionally, the borrower must complete a homebuyer’s education class and be able to qualify for a loan from a participating lender.
To see all the details of the program and to find out who the participating lenders are, this link will help. Contact me (Lisa) at 702-401-2349 for additional information.