Overview of government-sponsored Las Vegas first-time home buyer programs
The following are the Las Vegas first-time home buyer programs which are Government Sponsored. In the next page, we will write about private Las Vegas first-time home buyer programs that are offered by banks which have fewer restrictions.
Matches three times the amount the buyer has for down payment. Minimum contribution is $1500 (buyer has $500 for down payment) and maximum contribution is $15,000 (buyer has $5,000 for down payment). There is no area restriction and buyers can buy anywhere in Greater Las Vegas. The assistance is forgivable after 5 years of occupancy of the home.
Buyers have to buy within one year of approval by Wish Program.
They must use a certified lender and Realtor.
Income limitations for WISH are 78% of maximum area median income rather than 80% which we have discussed in Overview of Nevada first-time home buyer programs and grants.
City of North Las Vegas Home Program, Nevada Housing Services (NHSSN)
Nevada first-time home buyers can get up to $14,999 for down payment and closing costs in the City of North Las Vegas.
Assistance sits as a silent second mortgage with no interest, however, has to be paid back upon the sale of the house or refinancing with cash out.
Buyer has to have a minimum of $2500 in unseasoned funds.
Buyer must contribute $1500 of their own funds towards the transaction.
The maximum purchase price has to be below $176,000 for existing homes and $228,000 for new construction and be in the City of North Las Vegas.
House cannot be zoned in a flight path or flood zone and cannot have a pool or spa.
Buyer cannot have in excess of $30,000 in liquid assets.
Can purchase approved short sales, standing inventory new construction, for sale by owner, foreclosure or traditional sale homes.
Home is Possible Grant (this is currently the most popular program)
Home is Possible provides for up to 4% of the mortgage loan with government-backed mortgages and 5% for conventional financing to cover down payment and closing costs for homes priced below $400,000, along with a mortgage at competitive interest rates to qualified buyers.
Home is Possible for Teachers provides $10,000 if you are a teacher.
This is our favorite first time home buyer program because it is a grant that doesn’t have to re-paid and doesn’t have as many restrictions as other programs.
The qualifying income is $95,500 and there is no limit on the buyer’s assets.
Buyer’s FICO score should exceed 640 for government backed loans and 680 for conventional loans.
Home at Last by Nevada Rural Housing Authority
First-time home buyers get free grant up to 5% of the mortgage that will be forgiven in 5 years.
The maximum income limit is $95,500.
You must have a minimum 640 FICO score.
No limits on the first-time home buyer’s assets.
Home must be located in a rural area-Mountain’s Edge qualifies.
Nevada Housing Division Teachers First program
Must use participating lenders for a first mortgage at 3.5% (SWEET) and qualifying teachers can get $15,000 as a 20 year second mortgage at 5.5% interest rate.
Teachers must have 640 or above FICO score.
Maximum income for up to two persons is $77,400 and for 3 or more is $90,580.
Certified Realtor Participation:
HUD requires certified Realtor participation. We are certified for Las Vegas first time home buyer programs and will guide you through the process.
Interest rates and down payment assistance amounts get changed over time, for the most current info visit Nevada Housing Division First Time Home Buyer Program.
The information above is just a summary. After completing the mandatory Nevada first time home buyer class, you will be assigned a counselor and they will have a full explanation of these programs for you. Call us at 702-478-7800 with any questions.