September 1, 2016

Las Vegas & Henderson Home Buyer Assistance Programs

Home Buyer Down Payment Assistance Programs Las Vegas, North Las Vegas and Henderson.

Are you looking for Available Down Payment Assistance Programs in Las Vegas and other parts of Southern Nevada?  Plans and guidelines are subject to change.  Contact us for the latest info.

NV Housing Division: Home Is Possible Program To be eligible the homebuyer must meet the following criteria:

  • Qualifying Income must be below: $95,500
  • Must live in home as Primary Residence.
  • Does not need to be a First Time Homebuyer.
  • 640 minimum required credit score.
  • No Asset Limit for homebuyers.
  • Must use participating lender for first mortgage.
  • Fixed Interest Rate 30-year loan.
  • Must attend 8-hour first time homebuyer education class with a HUD approved provider.
  • Down payment assistance as a Grant up to 5% of the loan amount.

WISH Program with Housing For Nevada (HFN) To be eligible for WISH funds, the homebuyer must meet the following criteria:

  • Homebuyer must successfully complete 8 hour Homebuyer education class and one on-one-counseling with HUD approved provider.
  • Homebuyer must be a First-Time Homebuyer as defined by HUD.
  • Must qualify at or below 80% of the Area Median Income (AMI).
  • 3-to-1 match program for every dollar invested by homebuyer.
  • Minimum contribution: $1,500.00; Maximum contribution $5,000.00
  • Homebuyer must open escrow on a home purchase transaction within one year of enrollment in the WISH Program.
  • WISH funds must be used in conjunction with a First Mortgage from participating WISH provider (e.g.: NV State Bank).

NV Housing Division “Home Is Possible For Heroes” To be eligible, the homebuyer must meet the following criteria:

  • For Active Duty and National Guard Personnel, and Veterans who have been honorably discharged.
  • No First-Time Homebuyer Requirement.
  • Must be your primary residence.
  • 640 minimum required credit score.
  • Below Market Interest Rate available.
  • Maximum Income Limit: $95,500
  • Home price must fall below $400,000

City of Henderson’s First Time Homebuyer Program: The City of Henderson’s First Time Homebuyer Program was designed to assist low-income families in the purchase of a home. The City of Henderson will assist with an interest-free deferred loan not to exceed 6% of the purchase price or $10,000, whichever is less, for down payment and closing costs.  Additionally, the program will loan up to $20,000 for home repairs.

  • Applicants must have lived or worked in Henderson for one (1) year prior to applying.
  • Applicants must not have owned a home in the last three (3) years.
  • A Homebuyer Education Program must be attended.
  • Applicant must make a minimum investment of $1,500 of their own funds toward the purchase of the home.
  • Income must be at or below 80% of the annual median.
  • Proposed properties must be within City of Henderson.
  • No interest charges or monthly payments.
  • Loan must be paid back.

HOME Program: Neighborhood Housing Services of So. NV (NHSSN) Eligibility criteria for the HOME (HAP) Program:

  • Must be 1st time homebuyer.
  • Must qualify at or below 80% of the Area Median Income (AMI).
  • Property must be located in Unincorporated Clark County (CC) or within North Las Vegas (NLV) city limits.
  • Eligible homebuyers may receive up to $14,999 in Unincorporated Clark County or up to $14,999 in North Las Vegas, for 50% of Lender’s required down payment and reasonable closing costs.
  • Funds are recorded as 2nd lien with 0% interest, no monthly payment.
  • Lien is a deferred loan, and due upon sale of property.
  • Buyer of CC properties must have one-half (½) of required down payment depending on 1st lien product and will be responsible for up-front costs of an appraisal and home inspection.
  • Buyer of NLV properties must have $2500 in reserves; however, $1,500 of these funds will be required for the program.
  • Must be approved through a participating lender and work with a participating realtor.
  • For existing home purchases: contract price cannot exceed $133,000. Purchase price cannot exceed $195,000 for new construction.

0.5% Down-Payment FHA Loan Product (All Western Mortgage, Anchor Mortg., Residential Mortg. Serv., Security National Mortg.) To be eligible, the homebuyer must meet the following criteria:

  • 0.5% Minimum Required Down Payment from buyer.
  • Remaining portion of the FHA down payment becomes a 2nd Mortgage for up to 3% of sales price, as a 15 year loan.
  • No cash back allowed.
  • FHA Mortgage Insurance is still required.
  • Property must be Primary Residence.
  • Eligible properties Single family homes, townhomes and condos.
  • No Manufactured Homes.

HOME Program with Housing For Nevada (HFN) Eligibility criteria for the HOME (ARR) Program:

  • Must be 1st Time Homebuyer.
  • Property must be your Primary Residence.
  • Must qualify at or below 80% of the Area Median Income (AMI).
  • Properties located in Unincorporated Clark County (CC) or within Henderson city limits.
  • Eligible homebuyers may receive up to $14,999 in assistance for down payment and reasonable closing costs.
  • HOME Funds are a 2nd lien with 0% interest and no monthly payments.
  • Deed restrictions, forgivable after five years.
  • Homebuyer contribution minimum is $3,000 from their own funds, and is responsible for up-front cost of Appraisal and Home Inspection.
  • Must be approved through a participating lender and work with a participating realtor.
  • Must qualify for 30 year fixed rate mortgage.
  • Must complete an 8-hour Homebuyer Education class, and a One-on-One Housing Counseling appointment with HFN.

Culinary and Bartenders Housing Partnership (NV Partners) To be eligible, the homebuyer must meet the following criteria:

  • At least 2,000 hours of service over a 3-year period.
  • Must be First-Time Homebuyer.
  • Household income must fall below $76,680 for 1-2 person household. $89,460 for 3 or more persons.
  • Property must be Primary Residence.
  • 3% minimum down payment required from the borrower.
  • Up to $10,000 in assistance for down payment and closing costs.
  • No payments or interest until you sell or refinance.

NV Housing Division: “Teachers’ First” Payment Assistance

  • Maximum Income Limits for Clark County, 1-2 Person household: $77,640; for a household of 3+ Persons: $90,580.
  • 640 minimum required credit score.
  • Cannot have assets greater than 50% of the purchase price.
  • Must use participating Lender for 1st Lien mortgage at 3.5%.
  • Must attend 8-hour first time homebuyer education class with a HUD approved provider.
  • Payment Subsidy: $15,000 as a 2nd Mortgage with 20 year term at 5.5%.

Nevada Rural Housing Authority: HOME AT LAST Program To be eligible, the homebuyer must meet the following criteria:

  • Free Grant up to 4% of loan amount.
  • No asset limit for homebuyers.
  • Household income must fall below $97,500
  • Property must be Primary Residence.
  • Must complete Homebuyer Education class.
  • First-Time Homebuyers qualify for the Mortgage Credit Certificate program which provides an additional mortgage credit at tax time.

IDEA – Individual Development and Empowerment Account (IDEA) Program

  • The Individual Development and Empowerment Account (IDEA) is a savings account
  • 1st time homebuyers participating in an Individual Development Account (IDA Savings Account)
  • Homebuyer is eligible to receive the lesser of $15,000 or up to three times the amount of the homebuyer’s savings used for down payment.
  • Funds could also be used for reasonable customary closing costs from the dedicated savings account.
  • Program requires a minimum of ten months participation.

 

Chase Bank: Dream Maker Loan Product To be eligible, the homebuyer must meet the following criteria:

  • Minimum down payment 5%.
  • Reduced Mortgage Insurance costs means overall lower payment.
  • Flexible credit guidelines for clients with less than perfect credit.
  • 620 Credit score or higher, but Non-traditional credit okay.

U.S. Bank: American Dream Loan Product To be eligible, the homebuyer must meet the following criteria:

  • Must qualify at or below 80% of the Area Median Income (AMI).
  • Minimum credit score of 640.
  • Minimum required down payment 5% of sales price.
  • Property must be Primary Residence.
  • No Mortgage Insurance is required.
  • Up to $3,000 in assistance with closing costs, as a 2nd loan with no interest or payments, and is paid off with a Refinance or sale of the property.

Citi Bank: HomeRun Loan Product To be eligible for HomeRun, the homebuyer must meet the following criteria:

  • Must qualify at or below 80% of the Area Median Income (AMI).
  • Minimum credit score of 640.
  • 1 unit, including condominiums, PUDs, and co-ops.
  • Property must be Primary Residence.
  • Allows for first-time or repeat buyers.
  • 3% minimum down payment required from the borrower.
  • Lender-Paid Mortgage Insurance (LPMI).
  • $1,500 available for borrowers under 80% AMI.
  • $1,500 available if purchase is in LMI census tract.

Citi Bank: NHF Sapphire Program (National Homebuyers Fund) To be eligible, the homebuyer must meet the following criteria:

  • FHA Loan Program
  • Property must be Primary Residence.
  • Minimum Credit score 640 or higher.
  • Must qualify at or below 115% of the Area Median Income (AMI).
  • Free Grant up to 5% of loan amount.
  • Funds must be used for down payment and/or closing costs, no cash back.

Wells Fargo: Union Plus Mortgage Program * For Union members who buy or refinance with Wells Fargo.*

  • Special home financing benefit program for Union members of participating unions; or their parents or children.
  • Interest Free Mortgage Assistance as a loan or grant from Union Plus, if the member becomes unemployed, disabled, locked out, or on strike.
  • Eligible First-Time buyers may qualify for a $500 First-Time Home Award from Union Plus.

Wells Fargo: Community Development Mortgage Program (CDMP) To be eligible for CDMP, the homebuyer must meet the following criteria:

  • Must qualify at or below 80% of the Area Median Income (AMI).
  • Down Payment as low as 2% of the sales price.
  • No Mortgage Insurance for overall lower monthly payment.
  • Low out of pocket costs.
  • Flexible credit guidelines for clients with less than perfect credit.
  • Non-traditional credit okay.

*Full disclosure: I borrowed this from a PDF on HFN website dated 2014*

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