If you are thinking about buying a home, there are many programs in Nevada to help you achieve your goal of homeownership. The following is a list of some of the programs available.
Nevada Affordable Housing Assistance Corp. administrator of the Nevada Hardest Hit Fund – A non-profit that has partnered with the U.S, Department of Treasury to provide four programs to help homeowners that owe more than the home is worth, are past due on their mortgage, have had problems with employment or financial hardship. These programs have $65 million to help stabilize neighborhoods by preventing foreclosures.
The Mortgage Reinstatement Assistance Program – This is a program for borrowers that have gone through a financial hardship. It provides reinstatement assistance up to $54,000 to bring a mortgage current and focuses on households with an income of $98,500 or lower.
The Principal Reduction Program – A program that addresses the remaining effect of the Great Recession. For homeowners that owe more on the mortgage than the home is worth. This can provide up to $100,000 to pay down the balance.
The Second Mortgage Reduction Plan - This program is designed to help those with financial troubles and who have a second mortgage. For those that would be able to make mortgage payments if the second mortgage was eliminated. This program provides up to $50,000 for households that earn less than $98,500 and have a credit score of 640 or higher.
The Unemployment Mortgage Assistance Program – provides help of up to $3000 per month to cover principal, interest, taxes and insurance, HOA dues and maxes out at $54,000. There is also a down payment assistance program that is equal to 10 percent of the purchase price up to $20,000. This comes with a three-year, no interest, and no payment forgivable note. The home’s price has to be under $400,000 and family income must be under $98,500.
Home is Possible – division of The Nevada Housing Division that was established in 2014. The program offers money to low and middle income families that are able to pay the monthly mortgage payment however having trouble coming up with a down payment and closing costs. Home buyers can receive up to 5 percent of the loan to use for the down payment etc. and it’s forgivable if you stay in the home for over three years.
Home at Last – is a down payment assistance program through the Nevada Rural Housing Authority that also can be used for closing costs. The assistance is up to $22,500 up to 5 percent of the loan amount. The income limit is $130,000 and purchase price of home under $400,000.
Nevada Partners administers the Culinary and Bartenders Housing Partnership Program – members of the local union that are interested in purchasing a home can receive up to $20,000 for down payment. The applicant must contribute 3.5 percent of the down payment or closing costs.
The Neighborhood Housing Services of Southern Nevada – a program that has helped around 1,200 people close on homes in Southern Nevada over the last five years. The payments go through NeighborhoodLIFT – a program sponsored by Wells Fargo and Neighborhood Works America. This program provides homeowners with $7,500 in matching funds for down payment assistance or closing costs.
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. I have thirteen years in New Home Sales and sixteen years in General Real Estate sales!
Thanks and make it a terrific day…………Robin