The Nevada Housing Division announced Monday that it has launched a grant program for homebuyers.
The Home is Possible initiative gives qualified homebuyers in Clark and Washoe counties a grant of up to 4 percent of their loan amount to put toward down payments or closing costs.
The program is available to buyers financing a primary residence with a government-backed mortgage insured by the Federal Housing Authority, the U.S. Department of Agriculture’s Rural Development program or the Department of Veterans Affairs. Grants for borrowers using conventional financing will be available in November.
To qualify, consumers need a minimum credit score of 640 for goverment-insured loans, or 680 for conventional loans. The home’s purchase price must be under $400,000, and qualifying income on the mortgage application must be below $95,500.
Borrowers also have to take a homebuyer’s education course and meet lenders’ underwriting requirements. Participants do not need to be first time homebuyers.
Home is Possible is funded from private, taxable mortgage funds.
To find participating lenders, visit housing.nv.gov.
Contact reporter Jennifer Robison at firstname.lastname@example.org. Follow @J_Robison1 on Twitter.