Homeownership is a challenge to many Nevada families, and many common misconceptions keep low- and middle-income families from pursuing this vehicle for growing generational wealth. The most powerful myth is that low- and middle-income families are on their own when it comes to buying a home – in fact, there are various state programs that can help families buy a home. For some programs, families and individuals don’t have to be first-time homebuyers or low-income – they may not even have to be current residents! How can Nevada help you achieve homeownership? Well…
- Home is Possible | With this Nevada down payment assistance program for low- and middle-income families, the state kicks in a few thousand dollars, as much as 5% of the loan value, towards a buyer’s down payment and closing costs. Depending on the loan type, a buyer can take the entire down payment from state assistance and have some left over to pay closing costs, drastically reducing what they need to have in savings before submitting an offer. Low income buyers can qualify for even more cash assistance with closing costs.
- Home at Last | Similar to Home is Possible, this program is designed to serve Nevadans living in low population areas – which include some regions of the Las Vegas metro – with down payment assistance, closing cost assistance, and a mortgage credit certificate which allows the buyer to get money back on their taxes in proportion to the mortgage interest they pay each year.
- Section 8 Mortgage Assistance | The Housing Choice Voucher (HCV) homeownership program can be used by individuals and families that qualify for Section 8 to help them make a mortgage payment if their monthly housing costs would be more than 30% of their income, which would normally preclude buyers from qualifying for a mortgage. This program is funded by the Department of Housing and Urban Development of the United States federal government and locally administered by public housing authorities such as the Nevada Rural Housing Authority.
Each of these programs has their own conditions, restrictions, and qualifying process – some programs are easier to qualify for than others. To find out how you might be able to take advantage of one of these programs, contact our team to schedule a free consultation.
*Each program, while administered by a state governmental authority, is not funded by Nevada state tax dollars. Home is Possible and Home at Last are funded by private partnership, while Section 8 is federally funded.