Down Payment Assistance Program
In Nevada, the American dream of home ownership now may be a step closer, thanks to a new grant program created to assist buyers with down payments. The Nevada Housing Division’s Home is Possible™ program aims to help offset down payments, which can be a significant obstacle for many potential homebuyers.
Funds are limited and may run out as soon as November, so contact a Pardee Homes New Home Specialist or your lender to get started right away.
For qualified homebuyers in Washoe and Clark counties, the program provides a down payment grant along with a competitive fixed mortgage rate. Clark County encompasses the entire Las Vegas Valley, including Las Vegas, Henderson and North Las Vegas. Residents can receive a grant of up to 4 percent of the mortgage amount to assist with down payment and closing costs. The grant never needs to be repaid.
The Home is Possible down payment grants are funded through private taxable mortgage funds. No government funds are used.
Initially, the program will be available to homebuyers financing a primary residence with a government-insured FHA, USDA or VA mortgage. Grants for borrowers seeking conventional financing will be available in November.
- Provides a grant up to 4 percent of the home loan amount that can be used for the down payment or closing costs. For example, on a $300,000 mortgage, that would be a grant of $12,000.
- Fixed interest rate 30-year loan
- Grant does not have to be paid back
- No first- time buyer requirement
- Homebuyer must live in the home as a primary residence
- The home purchase price must be under $400,000
- Qualifying income on the mortgage application must be below $95,500
- A minimum credit score of 640 is required for government-insured loans; 680 is required for conventional loans
- Buyers must complete an approved Homebuyer Education course
- Buyers must meet normal government or conventional loan underwriting requirements
Our lending specialists can help you complete the paperwork required to obtain a Home is Possible grant and help you enroll in an approved homebuyer education course. To get started, connect with a New Home Specialist.
Even More Savings
First-time buyers and qualified veterans may be eligible for even more savings. The Mortgage Credit certificate (MCC) program provides eligible borrowers a tax credit of 40 percent up to $2,000 of your annual mortgage interest, lowering the amount of federal taxes you are required to pay. An MCC is an ongoing federal tax credit that can continue each year for as long as you have the loan and live in the home as your primary residence. Ask your lender for more information about the MCC program.