The Nevada Housing Division has recently made an exciting announcement that aims to help first-time homebuyers in the state. The organization plans to allocate $10 million in down payment assistance (DPA) programs to eligible buyers. These programs will provide $15,000 in DPA to help cover the initial costs associated with buying a home.
The DPA will come in the form of a second mortgage, which does not require any payments or interest. After three years of residing in the home, the DPA will be completely forgiven. However, certain eligibility requirements must be met to participate in the program. Applicants must be first-time homebuyers who have not owned a home in the past three years and must have a minimum of six months’ residency in Nevada.
A minimum credit score of 640 and completion of a homebuyer education course are also required. In addition, household income must fall within a specific range, which can be found on the Nevada Housing Division’s website.
Bill Brewer, the executive director of Nevada Rural Housing, expressed his excitement about the initiative, stating, “The investment in homeownership programs through the Home Means Nevada Initiative is inspiring to see. We are excited to continue to offer the opportunity of homeownership to more rural Nevadans.”
It is important to note that the assistance cannot be used for closing costs. For those interested in learning more about the program, visit the Nevada Housing Division’s website at Nevada Housing Division.