By Danon Burnside
5 Nevada Programs homeowners should know about
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urchasing a home is not a walk in the park. A buyer must secure a mortgage and save for a down payment as well as monthly mortgage payments. Are you looking to buy a home in Nevada? Worry not because there are statewide and local services available to you. The programs’ principal purpose is to provide tools to help purchasers through the home-buying process, from securing a low-interest, fixedrate mortgage to covering a portion of the down payment and closing costs. Although the Nevada homeownership programs are primarily aimed at first-time homebuyers, they are open to anybody who requires assistance with their housing needs. Every state has a housing authority that provides services. They are as follows: Nevada Housing Division (NHD) — The NHD’s initiatives are designed to assist first-time homebuyers, repeat homebuyers, military people and veterans, and teachers in all parts of the state. The Nevada Rural Housing Authority, which works alongside the NHD and offers a variety of services, including a Mortgage Credit Certificate, WWW.THEPOWERISNOW.COM
is another option. For starters, this program offers 30-year fixed-rate mortgages at rates below market. Repeat homebuyers across the state are also eligible because there is no first-time buyer restriction. To be eligible for the program, buyers must not own property at the time of closing, must meet income limits set by the state, the purchase price of the residence must not exceed $548,250, regardless of where it is purchased in Nevada, and the buyer must be a Nevada resident. Homebuyers must have a credit score of at least 640 and meet all regular underwriting criteria. The Federal Housing Administration (FHA) – this program is the finest option for firsttime house buyers with low credit ratings. For those with credit scores of 580 and above, the FHA allows for down payments of as little as 3.5 percent. The FHA also insures loans for borrowers with credit scores as low as 500, but it will need a 10% down payment. FHA loan insurance is required for the life of the loan and cannot be canceled. l
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