Down Payment Assistance Guide
- Annual income should not exceed $70,100 for Conventional Loans.
- Your annual income should not exceed $98,500 for FHA Loans.
- The home price must be below $400,000.
- Credit score required is 640 for FHA and 680 for Conventional Loans.
- The home must be your primary residence.
- You must complete a home buyers education course.
- Must meet FHA & Conventional standard underwriting guidelines.
- The grant funds are non-repayabe after 3 years.. so you do not have to pay the funds back!
- The funds can be used towards down payment or closing costs.
- There is a non-adjustable, 30-year fixed interest rate!
- No first time homebuyer requirement.
- Available to all Nevada residents!
Some people believe that it’s cheaper to rent than to own a home. That is a common misconception and we should begin to look and understand deeper why it is the other way around.
Renting a home may look less expensive at a glance but it’s really just throwing your money out the window. When you own a home, you are investing in your property’s net worth which increases every year.
The down payment assistance program is truly a great program when getting into a home. However, it does cost more over the life of the loan.
On Average, you will get a higher interest rate than a traditional FHA or Conventional loan. On average it‘s going to be about 0.75% higher on an FHA loan and about 0.625% higher on a Conventional loan. This, in turn, will raise your payment on a monthly basis.
The program also has some additional fees that a traditional loan wouldn’t have either. Even with the additional fees, the grant funds will help pay those fees in addition to the down payment. FHA loans require 3.5% down and the grant for the FHA loan gives you a grant up to 4%. Conventional loans require 3% down and the grant for the Conventional loan gives you up to 5%
Are you thinking about selling or buying a Vegas home?
If you are interested in learning more about Down Payment Assistance and Grants, let us know. We will happily guide you through the process. Our goal is to help you become a homeowner.
Thank you for taking the time to read this guide!
Now let’s get you a house!