What does it take to purchase a home? Good credit. Steady income. Low debt-to-income ratios. Job history. Oh yeah, and money in the bank… The average sales price of homes in the state of Nevada is $277,900, so that means home buyers will have to come up with the following down payment amounts to purchase a home at the average sales price:
If you’re one of the many Americans that meet all the requirements to purchase a home but fall short on the funds for a down payment, you’re not alone. That’s where down payment assistance programs come in! The Nevada Housing Division provides its residents with bonus money for a down payment with the Home is Possible program. It is designed to help low and middle class Americans into homes, and better yet, you don’t have to be a first time home buyer.
“From the first time our lender mentioned Home Is Possible until we closed on the house, it was only three weeks. We got over $7,000 from the program. We wouldn’t have been able to purchase when we did without the program, plain and simple. What a relief.” – Courtney S., Home is Possible recipient of $7,000
Check to see if you qualify below
Nevada’s Home is Possible Program
Qualifications:
- Your income is below $98,500
- The home is priced below $400,000
- Your credit score is 640+
- The home purchased is your primary residence
- Complete the required buyer education course
Benefits:
- Get up to 5% of the loan value in bonus money
- Usable for down payment and closing costs
- Forgivable after 3 years (if your stay in your home)
- Attractive 30-year interest rate
- No first-time home buyer requirement
- Financing available for manufactured homes
- State-wide program
