What is the Nevada Home Is Possible Program?
The Nevada Home Is Possible Program provides down payment assistance and competitive mortgage rates to help eligible homebuyers afford a home in Nevada.
Who qualifies for the Home Is Possible Program?
The program is available to first-time and repeat homebuyers who meet income, credit, and property eligibility requirements. Buyers must plan to use the home as their primary residence.
How much down payment assistance does the program provide?
The program offers up to 4% of the loan amount as down payment and closing cost assistance, significantly reducing upfront costs for buyers.
Is the down payment assistance a loan or a grant?
The assistance is provided as a forgivable loan, which does not need to be repaid if the buyer remains in the home and meets program requirements for a specific period.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, though higher scores may improve eligibility and loan terms.
Are there income limits for the Home Is Possible Program?
Yes, income limits apply and vary based on household size and location. These limits are updated annually to reflect current market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the program be used for newly built homes?
Yes, newly constructed homes are eligible as long as they meet program guidelines and will serve as the buyer’s primary residence.
Is homebuyer education required for the Home Is Possible Program?
Yes, completing a homebuyer education course is mandatory to help buyers understand the responsibilities of homeownership and how to maximize the program's benefits.
What is the maximum purchase price allowed under the program?
The maximum purchase price is generally $400,000, though this may vary depending on location and specific program rules.
Can the Home Is Possible Program be combined with other assistance programs?
Yes, eligible buyers can combine this program with other state or local assistance programs to further reduce their homebuying costs.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program typically requires a maximum DTI ratio of 45%, though exceptions may apply based on other qualifying factors.
What fees are associated with the Home Is Possible Program?
Standard loan-related fees, such as origination, appraisal, and processing fees, may apply. Buyers should consult their lender to understand the total costs.
What happens if I sell or refinance my home before meeting program requirements?
If you sell or refinance before fulfilling the program's conditions, you may need to repay some or all of the down payment assistance provided.
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Get Started NowCan the program be used to refinance an existing home?
No, the Home Is Possible Program is specifically designed to assist with purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Nevada, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.
What are the benefits of the Home Is Possible Program?
The program reduces upfront costs through down payment assistance, offers competitive interest rates, and includes homebuyer education to support long-term success.
How do I apply for the Home Is Possible Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Home Is Possible Program?
The program provides a 30-year fixed-rate mortgage, ensuring stable and predictable monthly payments for homebuyers.