73°F
weather icon Partly Cloudy

Homebuying programs and loans

Neighborhood Stabilization Program: Las Vegas funds the Neighborhood Stabilization Program to assist those earning up to 120 percent of the area median income with the purchase of an abandoned or foreclosed home within targeted neighborhoods. This program will allow for mortgage buy-down and/or down payment and/or closing cost assistance. Those who have secured a first mortgage loan from an approved lender may be eligible to borrow up to $50,000 in additional funds, which can be used to pay only closing costs and up to half of the down payment. Available properties are within Las Vegas city limits. Anyone meeting program guidelines may apply.

All applicants must secure a loan, contribute up to 30 percent of gross income toward monthly payments, invest a minimum of $1,500, occupy the property as their only residence, complete an approved eight-hour homebuyer training course and have an income not exceeding 120 percent of the area median.

Call Nevada Partners at 702-924-2100, Consumer Credit Counseling at 702-364-0344 or Housing for Nevada at 702-270-0300.

Culinary and Bartenders Housing Partnership: This program offers various services to workers of Culinary Union Local 226 and the Bartenders Union Local 165, covering employees of participating properties that contribute, per a collective bargaining agreement, to the Housing Trust Fund. The program provides homebuyer education, pre- and post-purchase counseling, and down payment assistance to first-time Southern Nevada homebuyers and helps current homeowners obtain resources when facing foreclosure.

Instruction is offered in English and Spanish. Culinary and Bartenders Union workers who can contribute up to 3.5 percent of the house purchase price (toward the down payment or closing costs) may qualify for the Housing Trust Fund’s Down Payment Assistance Loan of up to $10,000. The client must pay back this loan, offered as a silent second loan, when he/she sells or refinances the house.

The loan, for first-time homebuyers, is available on a first-come, first-served basis, and funds are limited. The amount of the down payment by the client will depend on his/her primary loan. Visit nevadapartners.org or call 702-924-2100.

Habitat for Humanity: Nevada affiliates of Habitat for Humanity work through volunteer labor to build and rehabilitate houses for families in need. Families selected for a Habitat home are required to complete a minimum of 300 hours (per adult living in the home) of “sweat equity” working on Habitat construction sites. The families purchase their homes and are required to pay a mortgage. Habitat underwrites a 0 percent interest mortgage for the life of the loan, basing the monthly payment at approximately 30 percent of the family’s monthly income. Families pay closing costs of approximately 1.5 percent of the appraised value (about $2,500) and also pay the first year’s homeowners insurance (about $500).

Families are selected based on their need for adequate housing, their ability to pay back a 0 percent interest loan and their willingness to partner with Habitat for Humanity Las Vegas.

“The application process is pretty rigorous in itself,” said Cathy Vo, community outreach manager at Las Vegas Habitat for Humanity. “We recommend that people set up a one-on-one meeting with our home ownership team to learn more about it. Right now, our application process is closed, but we plan on opening it up again in the late summer.”

Applicants must be legal, permanent U.S. residents, must have lived in Clark County for the past 12 months, may not have a discharged bankruptcy in the past two years, may not have any outstanding liens or judgments, have debt not exceeding 55 percent of their monthly income, and have a minimum total annual household gross income of at least $23,000. Visit lasvegashabitat.org or call 702-638-6477.

Home at Last Access Program: Home at Last Access is the Nevada Rural Housing Authority’s inclusive home financing program. The program offers down payment assistance and a competitive mortgage rate and is available to all homebuyers who will use the home as their primary residence.

“This is a good program for first-time homebuyers and repeat homebuyers,” said Melanie Evans, mortgage and marketing specialist for the authority. “It provides a form of down payment in the form of a grant. If they sell the house in any amount of time, they don’t owe any money. However, they do need to use our interest rate and take a homebuyer’s education course online.”

The program offers a free cash down payment grant equal to 4 percent of the loan amount, which never has to be repaid, a competitive 30-year fixed mortgage rate, instant home equity (subject to coverage of closing costs) and no asset limits for homebuyers. The buyer must have a 640 minimum credit score and meet normal FHA, VA or USDA-RD underwriting requirements. He/she must also have a maximum income limit of $95,500 and use the home as a primary residence. Buyers must complete a homebuyer education course and purchase their home in rural Nevada (which includes the entire state, excluding Las Vegas, surrounding areas and Reno).

The house must fall below the maximum purchase price of $400,000. Visit nvrural.org or call 775-887-1795.

Home is Possible Grant Program: The Home is Possible grant program was introduced in 2014 by the Nevada Housing Division. It helps those who can afford a market rate mortgage but whose savings fall short of the amount needed for entry costs.

“This program is not limited towards first-time homebuyers, but we still obtain 97 percent first-time homebuyers,” said Michael Holliday, chief financial officer for the Nevada Housing Division. “The program requires people to take a homebuyer’s education course, which can be found on our website. These are very informative, especially for people who haven’t bought a home. It really opens their eyes to the terminology and the steps they need to take.”

The program is focused on homebuyers in Washoe and Clark counties, and the grant amount will be 4 percent of the loan amount covering down payment and closing costs. The grant never needs to be repaid. The program offers a fixed-rate, 30-year loan and no first-time homebuyer requirement. Participants must use their home as their primary residence. There are no asset limits for homebuyers, and the program provides a grant up to 4 percent of the home loan amount that can be used for down payment assistance and/or closing costs. Participants must have a minimum credit score of 640 for government-insured loans, 660 for manufactured homes and 680 for most conventional loans.

Qualifying income on a mortgage application must be below $95,500. The home price must be below $400,000, and a homebuyer education course is required. Visit housing.nv.gov or call Nnika Cromwell at 702-486-7220, ext. 225.

Home is Possible for Heroes Program: The Nevada Housing Division also provides the Home is Possible for Heroes program for veterans who have been honorably discharged, those serving on active duty, National Guard service personnel and surviving spouses. The program provides a grant equal to 1 percent of the home loan amount to be used for closing costs and down payment.

Visit housing.nv.gov or call Nnika Cromwell at 702-486-7220, ext. 225.

City of Las Vegas Down Payment Assistance Program: The City of Las Vegas Down Payment Assistance Program may provide up to $25,000 toward the down payment, approved closing costs, principal or interest buy-down (based on need) for first-time homebuyers. Homebuyer contribution is a minimum of $1,500 or 50 percent of the down payment, whichever is greater.

Visit financialguidancecenter.org or call 702-364-0344.

City of North Las Vegas Down Payment Assistance Program: The City of North Las Vegas Down Payment Assistance Program may provide up to $20,000 toward the down payment, approved closing costs and principal reduction for a home purchased within the North Las Vegas limits. Homebuyer contribution is a minimum of $1,000 plus 50 percent of the down payment and some closing costs.

Visit financialguidancecenter.org or call 702-364-0344.

Clark County Down Payment Assistance Program: The Clark County Down Payment Assistance Program may provide up to $14,999 toward the down payment, approved closing costs, and principal reduction for a home purchased within unincorporated Clark County.

Visit financialguidancecenter.org or call 702-364-0344.

Individual Development Account: The Individual Development Account is a minimum 10-month savings program that may provide a match of $3 for every $1 saved by the potential homebuyer. A homebuyer maximizing contributions of $5,000 would have $20,000 toward the down payment and closing costs for the new home. This program is intended for anyone needing to save funds toward the down payment or has the need to address credit challenges before becoming a homebuyer.

Visit financialguidancecenter.org or call 702-364-0344.

HOME TODAY: HOME TODAY is an exclusive program through Housing for Nevada, a nonprofit affordable housing developer and U.S. Department of Housing and Urban Development-certified housing counseling agency, for families that want to purchase a house but cannot get a mortgage. They may have owned a home in the past but lost the property due to foreclosure or short sale. There is no income limit for this program, and families do need to contribute their own funds for the down payment. The amount will vary depending on the purchase price of the property.

Visit housingfornevada.org or call 702-270-0300.

HOME Down-Payment Assistance Program: Housing for Nevada also administers the HOME Down-Payment Assistance Program for first-time buyers with an income limit not exceeding 80 percent of the area median income, anywhere in unincorporated Clark County or Henderson. Housing for Nevada acquires foreclosed properties in these areas, provides rehabilitation and then sells the homes to low-to-moderate income homebuyers. Eligible homebuyers may receive up to $14,999 in assistance. HOME funds are a second lien forgivable after five years.

Visit housingfornevada.org or call 702-270-0300.

WISH Program: Another popular down-payment assistance program is WISH. It offers a 3-to-1 match in funds. The minimum amount that must be contributed by the homebuyer is $1,500, and the maximum is $5,000. Families that want to participate in the WISH program must be first-time homebuyers with an income that does not exceed 80 percent of the area median. The funds must also be used in conjunction with Nevada State Bank or another participating WISH provider.

Visit housingfornevada.org or call 702-270-0300.

Don't miss the big stories. Like us on Facebook.
Business Videos
How much do Las Vegas casino CEOs make?
Las Vegas gaming CEOs made anywhere between $1 million and $24 million last year, according to company filings with the U.S. Securities and Exchange Commission. ((Las Vegas Review-Journal)
30-year-old Rio needs a little TLC
Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
The latest on the Drew Las Vegas - VIDEO
Eli Segall recounts his tour of the Drew Las Vegas, formerly the Fontainebleau, on the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
Pinball Hall of Fame to move near south Strip
Operators of the Pinball Hall of Fame have been approved to build a new, larger arcade near the south edge of the Strip on Las Vegas Boulevard near Russel Road. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
National Hardware Show underway Las Vegas
The National Hardware Show kicked off Tuesday at the Las Vegas Convention Center (Mat Luschek / Review-Journal)
Caesars for sale?
Caesars Entertainment Corp. has been swept up in takeover speculation since the company’s share price tumbled last year amid disappointing earnings and concerns over a recession. Amid the decline, hedge funds scooped up shares. Billionaire activist investor Carl Icahn began buying shares of Caesars as early as January. Icahn acquired nearly 18 percent by mid-March. In February Icahn called on the Caesars board to study a sale as a way to boost shareholder value.
Las Vegas home prices
Las Vegas home prices grew fastest among major markets in February for the ninth straight month. But amid affordability concerns, the growth rate has slowed down. Southern Nevada prices in February were up 9.7% from a year earlier, according to the latest S&P CoreLogic Case-Shiller index. The last time Las Vegas' price growth fell below 10% was in September 2017, S&P Dow Jones Indices reported.
Free Parking Coming To Wynn
Free parking will come to the Wynn and Encore resorts on May 1, 2019. (Mat Luschek / Review-Journal)
Founding Venetian employees talk about 20 years at the Strip resort
The Venetian, which opened May 3, 1999, is celebrating 20 years on the Las Vegas Strip. Seven original employees talk about opening the luxury resort and working there for two decades. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Circa aiming for December 2020 opening
The 1.25-million-square-foot property will have 44-stories and 777-rooms. It will also have a separate nine-story, 1,201-space parking garage.
Boxabl official explains the building concept
Boxabl business development manager Galiano Tiramani shows off a room built by his company. (Blake Apgar/Las Vegas Review-Journal)
TI/Mirage Tram reopens
The tram that shuttles guests between TI and Mirage reopened this week after being closed for much of 2018.
Las Vegas Convention Center expansion taking shape
Renderings and actual footage show how the Las Vegas Convention Center is evolving.
Former Starbucks CEO Howard Schultz at Las Vegas convention
Former Starbucks CEO and potential presidential candidate Howard Schultz spoke at the Epicor Insights user conference at Mandalay Bay Convention Center Wednesday, April 17, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Drew Las Vegas to open in the second quarter of 2022
The 67-story Drew Las Vegas is slated to open in the second quarter of 2022 at the north end of the Las Vegas Strip. (Michael Quine/Las Vegas Review-Journal)
NAB Day 1 (Time Lapse)
NAB kicked off at the Las Vegas Convention Center on Monday, April 8, 2019. (Mat Luschek / Review-Journal)
National Association of Broadcasters Show shows 1mm thick 8K TV with 22.2 channel digital sound
Japan’s NHK Science & Technology Research Laboratories booth featured a 1mm thick 8K TV system used in conjunction with a 22.2 channel digital sound system at the National Association of Broadcasters Show at the Las Vegas Convention Center. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Nevada shoppers react to Smith’s no longer accepting Visa credit cards
On March 1, Smith’s announced that it would no longer be accepting Visa credit cards at any of its 142 supermarkets, including the 45 in Nevada.
Massachusetts Gaming Commission asks how long Wynn executives knew about misconduct
Business reporter Rick Velotta gives an update on the adjudicatory hearing on the suitability of Wynn Resorts to retain its gaming license in Massachusetts.
Henderson app developer part of Startup in Residence
Henderson based developers of the app On Point Barricade are taking part in Startup in Residence, a North America program dedicated to pairing tech companies with governments. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Sam's Town employees and customers talk of their love for the iconic casino
Longtime Sam's Town employees and customers love each other and love their casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Las Vegas apartments rents
Las Vegas’ apartment market has accelerated in recent years. Developers are packing the suburbs with projects, landlords are on a buying spree, and tenants have filled buildings.
William Boyd talks about the birth of Sam's Town
On the eve of the 40th anniversary of Sam's Town, William Boyd, executive chairman of Boyd Gaming and son of hotel namesake Sam Boyd, talks about how the casino became one of the first local properties in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
High Roller observation wheel turns five
The world’s tallest observation wheel celebrates it’s fifth year on Sunday, March 31, 2019. (Michael Quine/Las Vegas Review-Journal) @Vegas88s
Escape Room Industry Growing In Las Vegas
Escapology employees discuss the growing escape room industry in the U.S. and Las Vegas. (Bailey Schulz/Las Vegas Review-Journal)
Impact of parking fees on visiting the Las Vegas Strip
There are no data showing a relationship between Strip resort and parking fees and the number of out-of-state visitors to Las Vegas. But there are data showing a relationship between Strip parking fees and the number of local visitors to the the Strip. ‘’As a local, I find myself picking hotels I visit for dinner or entertainment, based on whether they charge for parking or not,”’ said David Perisset, the owner of Exotics Racing. ‘’It is not a matter of money, more of principle.’’ A 2018 survey by the Las Vegas Global Economic Alliance found 36.9 percent of Clark County residents reported avoiding parking at Strip casinos that charge for parking. 29.1 percent reported avoiding using any services from a Strip casino that charges for parking.
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Faraday puts Las Vegas land on the market
Nearly two years after Faraday Future bailed on its North Las Vegas auto factory, the company has put its land up for sale. (Michael Quine/Las Vegas Review-Journal)
El Cortez owner Kenny Epstein on running the iconic property
Kenny Epstein, owner of the El Cortez Hotel in downtown Las Vegas, talks about Jackie Gaughan mentorship and answers rumors about bodies in the basement at the mob-era casino. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
LVCVA recommends construction of underground people mover
The Las Vegas Convention and Visitors Authority announced the recommendation for an underground people mover for the convention center. The system would have the potential to expand and connect Downtown and the resort corridor all the way to McCarran. (Michael Quine/ Las Vegas Review-Journal)
THE LATEST
Is Las Vegas a good place to raise a family?

Nationally, Las Vegas is known as the city of slot machines and 24-hour strip clubs. Billboards serve as a constant reminder of all “Sin City” has to offer. But venture off the Strip and beyond downtown, and you’ll find parts of the valley that resemble any other piece of suburban America. So, why do we get such a bad rap when it comes to raising families?

Paying with plastic: How the recession affected the way we spend

Need groceries or a new coat? Just swipe your credit card. According to CardHub.com, a credit card comparison website, Americans were on track to surpass $900 billion in credit card debt by 2015’s end.

How we stack up: Financial experts weigh in on Las Vegas’ recovery

In the early 2000s, Las Vegas was on the upswing for population, employment and housing growth. But at the downturn of the recession, Southern Nevada found itself on the wrong side of the curve.

Learning from the struggle: How the recession changed our values

It was anything but drama-free on the local theater scene in various regards during the recession years. The economic downturn in 2008-09 caused Las Vegas Valley residents to tighten their belts when it came to spending on nonessentials such as entertainment.

Family-friendly Sin City: What does Las Vegas have for kids?

While many family-focused attractions from M&M World to Adventuredome at Circus Circus have remained on the Strip, others have closed, moved or changed focus.

Determined desert dwellers: Construction industry returns to life in Las Vegas

Las Vegas wasn’t alone in the construction crisis. The U.S. Census Bureau reports that more than 60 percent of construction workers displaced by the housing bust either left the labor market by 2013 or found employment in other industries.