Vegas home buyers can still get Down payment grants

Several grant programs are open and available for home shoppers to apply for up to $16,000 in down payment assistance when purchasing a new or resale home.

Nancy Storey, a real estate executive with Berkshire Hathaway HomeServices Nevada Properties, has helped Las Vegas homebuyers apply for and receive down payment assistance with local programs that still have funds for homebuyers.

"In most cases, you don't need to be a first-time buyer and the maximum sales price is $400,000, so the programs are open to a wide variety of buyers," Storey said. "People who want to own their own home but don't have enough for a down payment can really benefit from these programs."

Storey said the three most popular down payment assistance programs have grant money available: Home is Possible, Home is Possible for Heroes and WISH.

Home is Possible opened last year and can provide as much as 4 percent of the home's sale price to be used for down payment or closing costs, up to $16,000.

"This is a very popular program, since the qualifying income limit is pretty high at $95,500 and the FICO score requirement is relatively low at 640." Storey and her nonprofit partner and lender can help homebuyers determine their FICO scores as a part of their applications.

Home is Possible For Heroes provides below-market interest rates for active-duty military personnel, veterans who have been honorably discharged and surviving spouses.

"It has many of the same benefits as the Home Is Possible program, with the addition of a below-market interest rate, which is worth thousands over the life of the home loan," Storey said. "It provides a 1 percent grant toward closing costs."

A third down payment assistance program available, WISH, provides as much as $15,000 for first-time homebuyers.

"WISH can be combined with the 4 percent Home is Possible programs and another program called Home At Last," Storey said. "It does have household income limits and deed restrictions, but they are generally in line with those of first-time buyers."

Storey has been working with down payment assistance programs locally for six years and has helped people who would otherwise not be able to own their own homes purchase one.

"These are especially great programs for those with moderate incomes that are either looking to purchase their first home or move up to a larger one," Storey said. "If you have wanted to purchase your own home, but think you can't afford the down payment or closing costs, we can help determine what is really needed and what grants are available to help. In many cases, homebuyers find that their mortgage payment is less than they were paying in rent."

Storey said the Home is Possible programs are among the best that have ever been available in Southern Nevada because they have higher income limits, minimal requirements and are open to anyone in Clark County. The programs were expected to disperse all available grants by early this year, but have been extended until all grant money is used.

With both Home is Possible and Home is Possible for Heroes, homebuyers can apply for a 30-year fixed rate loan that includes grants for up to 4 percent of the loan amount, to be applied toward down payment and closing costs.

The programs' highlights include:

• No requirement to be a first-time homebuyer.

• All buyers must complete an approved online homebuyer education course or eight-hour Housing and Urban Development-approved course with a nonprofit group.

• 4 percent/1 percent grant to be used toward down payment and/or closing costs

• No repayment required.

• Up to $95,500 qualifying income allowed.

• 640 FICO (credit score) for Federal Housing Administration and Veterans Affairs and 680 FICO (credit score) required for conventional loans.

• Up to $400,000 loan amount (no minimum).

• Buyers must occupy the home within 60 days of closing.

For more information, call Nancy Storey at 702-595-2656 or email nancys@bhhsnv.com.

Berkshire Hathaway HomeServices Nevada Properties is a part of Americana Holdings, which includes operations in California, Nevada and Arizona. Together they comprise the fourth largest franchise in Berkshire Hathaway HomeServices' global organization. Both are leaders in their respective markets with 25 offices and nearly 2,500 agents combined.