When it comes to first time home buyer assistance programs, some states offer more while other states offer less. Unfortunately for Nevada residents, their state is one that offers fewer options when compared to some others. Nonetheless, first time home buyers in Nevada do have access to two state programs as well as a handful of county and local programs. Interested residents should speak to their real estate agents or home mortgage lenders for information about what may be available to them.
In Nevada, all state assistance programs are administered through the Nevada Housing Division's First Time Homebuyer Program. The program offers two options to help low to moderate income buyers get into their first property. Both options are subject to certain restrictions and requirements which must be strictly adhered to. Investors, repeat buyers, and those interested in commercial real estate are automatically ineligible for this assistance.
NHD Fixed Rate Mortgage
The first option offered by the NHD comes by way of a low-interest, 30-year, fixed-rate mortgage. The loans can be issued as VA, RHS, FHA, or Fannie Mae products. Applicants must meet credit criteria as outlined by each of the individual types of loans. In addition there are some other stringent restrictions that apply, not the least of which are income and asset restrictions. Total household income cannot exceed the maximum limits set for each individual area in the state, and total assets of all individuals living in the home cannot exceed 50% of the total purchase price. All approved applicants must also attend a mandatory eight-hour home ownership counseling course.
NHD Down Payment and Closing Cost Loan Program
This program operates as a secondary loan which provides as much as $4,500 in assistance for down payment and closing costs. This is a fixed-rate loan with a maximum life of 20 years, to be paid back in conjunction with the primary mortgage. Restrictions for this program are identical to the fixed rate mortgage restrictions except where total assets are concerned. To be eligible for down payment and closing cost assistance the total assets of all of the home's occupants after closing cannot exceed $5,000. Those assets include cash, bank accounts, all types of securities, and other real property.
Other Assistance Options
Unfortunately, Nevada residents don't have much to choose from by way of state-sponsored first time home buyers assistance programs. Not only that but requirements for the state’s programs are pretty strict when compared to many other states. If you're not eligible for one of the two programs listed above there's always the possibility that you might qualify for a county or local program. These programs are offered from time to time and may offer low-interest mortgages, down payment assistance, or even grants. Below is a partial list of such programs as taken from the HUD website. There's no guarantee this information is accurate at the time of reading.
- Clark County Neighborhood Housing Services of Southern Nevada Inc Revolving Loan Fund (RLF)
- Clark County Neighborhood Housing Services of Southern Nevada, Inc. First Home Down Payment Assistance Program (DAP)
- Henderson First Time Home Buyer Program (FTHB)
- Multi Counties Western Nevada HOME Consortium Down Payment Assistance (DPA)
- Rural Nevada Development Corporation Down Payment Assistance Program DPA
- Washoe County Community Service Agency New Opportunities For Homeownership Program