Special Loan Programs
Whether you are a first time home buyer or looking to move to a new home, Nevada has a few programs to help you get into a house. You can see the details along with approved lenders for all three of these programs at the Nevada Housing Division and Nevada Rural Housing Authority but we will cover the highlights here.
Mortgage Tax Credit (MTC)
This program is for first time home buyers, who have not owned a home in the last 3 years. You may be able to get a 30% tax credit on the interest you have paid on your mortgage loan with a maximum credit of $2000. You may be able to combine it with the rebate from the Home Is Possible Down Payment Assistance Program or the Home is Possible for Heroes loan (see below). You may also be able to claim any remaining interest as you normally would on your taxes. To qualify for this program you must be a first time home buyer or qualified veteran who will use this home as their primary residence in Nevada. You also have to qualify for a loan as you would using normal underwriting requirements. Along with this program is a flat program fee of $995 and a lender application fee of $300. However, qualified veterans may be able to waive the program fee, but you may still be responsible for the application fee.
Home is Possible for Heroes (HiP-H)
This loan is specifically designed for veterans, active duty personnel, National Guardsmen and surviving spouses. To qualify, you must have a minimum credit score of 640 and qualify for a government insured loan. Your income must be below $95, 500 and your home price must be below $400, 000. Your home must also be your primary residence in the state of Nevada. This program is great for buyers who want to move into another home as you do not have to be a first time home buyer and you may qualify for interest rates below the market rate for a 30 year fixed loan.
Home Is Possible Down Payment Assistance Program
This program is great for home buyers who can afford a monthly mortgage payment, but do not necessarily have the full amount for a down payment or closing costs. This grant is used for paying the down payment or assisting with the closing costs. The down payment assistance grant may be as much as 4% for a government loan or 5% for a conventional loan, and since it is a grant, it does not need to be repaid. Additionally, there is a fixed interest rate on a 30 year fixed loan. As long as you meet the other requirements, you do not have to be a first time home buyer nor do you have an asset limit. Along with the other loan programs, you have to have a minimum credit score of 640 for government loans and 680 for most conventional loans and qualify for the loan. Your income must be below $95, 500 and your home must be your primary residence priced below $400, 000 in Nevada. The final requirement for this program is that you attend a home buyer education course.