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June 4, 2018 | By Robin Smith

There are some eligible zip codes in Southern Nevada that can get the benefit of this down payment assistance program.  The Hope Brings You Home program provides a forgivable loan of 10 percent of the purchase price – up to $20,000 toward the home price.

This program is available to homebuyers in areas that are still considered distressed since the housing market recession.  This program is a first come, first served basis and will be offered until its allocation of $36 million has been dispersed.  It has been estimated that this program could aide 1,800 qualified homebuyers with down payment costs and closing costs.  Once the homebuyer is approved the financial support comes to you in the form of a second mortgage with a zero percent interest rate and no monthly payments for a three-year-term.  At that time the loan is forgiven.

This program Hope Brings You Home is part of the Nevada Housing Division that has worked with the Nevada Affordable Housing Assistance Corp. and the U.S. Department of Treasury to start this program to help people purchase homes in distressed areas of Southern Nevada.

To qualify a homebuyer must purchase the home as their primary residence, finish a required homebuyer education course and meet income, debt and credit score requirements.  Homes in the following zip codes qualify for the program -89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102, 89103, 89104, 89106,89107, 89108 , 89109, 89110, 89115, 89118, 89119, 89120, 89121, 89122, 89129, 89142, 89146. 89156 and 89169.

Other requirements are your income must be under $98,500 and have a credit score of 600 for FHA loans and 640 for all other types of loans like Veterans Affairs, U.S. Department of Agriculture or conventional loan with the debt ratio of 45 percent for government insured loans and 50 percent with a conventional loan. 

The home purchase price must be under $400,000 and the property being bought is an existing home – not newly built.  The property can be a single-family, condo or town home.  If you sell before the three-year term has completed you may be required to repay the loan.

Bottom Line – If you want more information on this program go to www.nahac.org.

Keep in mind that whether you are interested in buying a home or listing 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!

I am here to answer any questions you might have - just email or call me.

I Sell Las Vegas!

Thanks and make it a terrific day…………Robin