Saving up for a down payment on a new home in Nevada? This homebuyer assistance program, now available through HomeAmerican Mortgage Corporation, may help make your dream home a reality!
- What’s Home is Possible?
It’s a grant from the Nevada Housing Division that may be used toward a down payment on a qualified home purchase. Typical program participants receive 3% to 4% of the total mortgage amount; a 5% grant is offered on conventional loans. Heroes (veterans, active service members and surviving spouses) may opt for a below-market 30-year fixed-rate loan in lieu of down payment assistance.
- When do I have to pay the grant back?
- Who can qualify?
Buyers with a combined income of no more than $98,500, a minimum credit score of 640 and a debt-to-income ratio of 45% or less. Buyers who obtain conventional financing may qualify with a debt-to-income ratio up to 50%. Applicants must also complete the program’s homebuyer education course.
- Does my loan type matter?
No. Home is Possible grants can be used for conventional, FHA and VA mortgages.
- What kinds of homes may be eligible?
Owner-occupied homes in Nevada with a maximum price of $287,500 for FHA loans and $400,000 for conventional and VA loans.
Additional terms and conditions apply. Call a loan officer at HomeAmerican Mortgage Corporation (702.638.4435) for more information!
Still house hunting?
Richmond American builds personalized new homes that can qualify!
Browse your options at RichmondAmerican.com/HomeIsPossible
Rates and assistance grant amounts are subject to change at any time without notice. HomeAmerican Mortgage Corporation is a participating lender in the Home is Possible program. HomeAmerican Mortgage Corporation’s principal offices are located at 5775 DTC Boulevard, Suite 300S, Greenwood Village, CO 80111 (NMLS Unique Identifier #130676; NMLS Consumer Access website: http://www.nmlsconsumeraccess.org), 866.400.7126. In Nevada, all advertised loans are offered and funded by HomeAmerican Mortgage Corporation, 7770 S. Dean Martin Drive, Suite 308, Las Vegas, NV 89139, 702.638.4450, License #67.