Las Vegas Down Payment Assistance Programs

Dated: 11/13/2018

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Las Vegas Down Payment Assistance Programs

First Time Homebuyers here is a list of Down Payment Assistant Programs. If you choose Team Mary Baker as your Buyers Agent to help you purchase your Home you also qualify for our Home Buyers Advantage Program. You can get up to $2500 back towards your closings costs in addition to the Down Payment Assistance Programs. Contact Mary Baker at 702-764-4459 for more information on the Homebuyers Advantage Program. Keep Checking back on this BLOG I add new Programs as they come out weekly. Let me know what you need and we will find it for you.
1. HOME IS POSSIBLE
THIS IS A PERMANENT PROGRAM! Established by the state of Nevada in 2014, Home Is Possible helps homebuyers just like you to get up to 5% of the home loan value. That's thousands of dollars for a one-time fee of just $675. When you qualify, you can use that money for your down payment or closing costs. Yes, really. So what are the highlights of the Home Is Possible program? Here’s a handy dandy list.Key Benefits:
  • Get up to 5% of the loan value

  • Usable for down payment and closing costs

  • Forgivable after three years (if your stay in your home)

  • Attractive 30-year interest rate

  • No first-time homebuyer requirement

  • Financing available for manufactured homes

  • Statewide program

Program Requirements:
  • Qualifying income below $98,500 

  • Home price below $400,000 

  • Minimum credit score of 640

  • Must live in home as primary residence

  • Homebuyer education course required 

  • Must meet standard underwriting requirements

  • One-time fee of $675

2. HOME IS POSSIBLE FOR HEROS
Thanks to our veterans and active military personnel, we’re free to give the dream of homeownership. Humbly, we deliver through our Home Is Possible For Heroes program.
This hero-worthy program gives veterans and military personnel more buying power and even more opportunities to experience the joys of homeownership—for less. Check out the program benefits and requirements.
Key Benefits:
  • Below-market fixed interest rate 30-year loan

  • Reduces monthly mortgage payment

  • No first-time homebuyer requirement

  • Can be combined with the Mortgage Credit Certificate (MCC) with program fees waived

  • Statewide program

Program Requirements:
  • Qualifying income below $98,500

  • Home price below $400,000

  • Government issued loans only (no conventional loans)

  • Minimum credit score of 640

  • Homebuyer must live in home as primary residence

  • Homebuyer education course required

  • Must meet standard underwriting requirements

  • One-time fee of $675

If you're a veteran who has been honorably discharged, are in the National Guard, are a surviving spouse or you’re on active military duty, Home Is Possible For Heroes was made specifically for you.
3. HOME IS POSSIBLE FOR TEACHERS
Teachers make it their life’s work to educate young minds. To show our appreciation, we've created Home Is Possible For Teachers. This homebuyer program is like extra credit for teachers who help make Nevada a great place to live.
Check out the program benefits and requirements.
Key Benefits:
  • $7,500 in bonus money

  • Usable for down payment and closing costs

  • Forgivable after five years (if you stay in your home)

  • Below-market fixed interest rate 30-year loan

  • Statewide program

  • No first-time homebuyer requirement

  • Can be combined with the Mortgage Credit Certificate (MCC) program with program fees discounted

Program Requirements:
  • Must be a licensed full-time K-12 public school teacher in Nevada

  • Qualifying income below $98,500

  • Home price below $400,000

  • Minimum credit score of 660

  • Government insured loans only (no conventional loans)

  • Teacher must live in home as primary residence

  • Homebuyer education course required

  • Must meet standard underwriting requirements

  • One-time fee of $675 on first mortgage

4. Chase Banks Dreammaker Program
JPMorgan Chase announced it is now offering up to $3,000 in grants and incentives that will cover closing costs and the down payment for homebuyers in low- to moderate income communities.
Qualified buyers will be eligible to receive a $2,500 grant along with an additional $500 available for customers getting a DreaMaker mortgage after they complete a homebuyer education course.
Currently, more than 90 million Americans currently live in eligible lower income areas, according to the American Community Survey data from the U.S. Census Bureau.
5. 1% Down Payment Loans
  • 1% Down Payment Mortgage Programs Overview

There are a number of mortgage programs that enable borrowers to buy a home with a down payment as low as 1% of the property purchase price. Although details of these programs vary, they generally work the same way. Borrowers are required to make a 1% down payment (or less in some circumstances) and then receive a down payment assistance grant from the lender or a local housing agency to add to their down payment. For example, a borrower who wants to buy a $100,000 house contributes $1,000, or 1% of the purchase price, in personal funds toward the down payment and receives a grant for $2,000, or 2% of the purchase price, for a total down payment of 3%.
The down payment grant enables borrowers to own additional equity in the property when the mortgage closes. The total amount of down payment required from the combined contribution of the home buyer and the grant depends on program guidelines but is typically 3% of the purchase price.
In the past, borrowers who wanted to purchase a home with 1% down would typically combine a down payment assistance grant with a government-backed programs such as the FHA mortgage program, which requires a 3.5% down payment. Other government-backed programs include the VA home loan program that enables eligible military personnel and veterans to buy homes with no down payment and the USDA home loan program that enables low-to-moderate income borrowers to buy homes in rural areas.
While these government-backed programs continue to represent attractive mortgage options for many home buyers, several lenders also offer conventional 1% down mortgage programs. Conventional mortgage programs are not backed by the government. These conventional programs represent another low down payment mortgage alternative for low-to-moderate income individuals. There pros and cons with both government-backed and conventional mortgage programs but in certain cases conventional programs may require borrowers to pay lower extra fees or offer other advantages.
Additionally, the monthly private mortgage insurance (PMI) you may pay for a conventional low down payment loan is usually cancelable when your loan-to-value (LTV) ratio reaches a certain level -- usually 78%. By comparison, you are required to pay mortgage insurance on government-backed programs such as FHA and USDA loans for the entire mortgage regardless of your LTV ratio
6. Chenoa Fund Program
The Chenoa Fund Down Payment Assistance (DPA) Program, available in most states*, is an excellent example. As the name suggests, this program provides buyers with down payment assistance. Specifically, the Chenoa Fund Program works hand-in-hand with a fixed-rate FHA first mortgage on a single-unit, single-family property, providing assistance up to 3.5% of the home’s purchase price. Sound familiar? This effectively covers the 3.5% down payment requirement of the FHA loan.
The down payment assistance provided by the Chenoa Fund is available in two different forms and the type of assistance you may qualify for depends on your income as a percentage of the median income in your area.
If your income is the same or less than 115% of your area median income, you may qualify for soft secondary financing. With this option, you do not make payments on the assistance given for 36 months and if you are not late on your mortgage payments during that time, the assistance will be forgiven.
If your income exceeds 115% of your area median income, the Chenoa Fund Program still has an option for you. You can
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Mary Baker

Hello My name is Mary Baker and I am a Realtor for EXP Realty. I have over 25 years of Real Estate and Mortgage experience. I live in Beautiful Las Vegas Nevada. GO GOLDEN KNIGHTS!!!!! I have years ....

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