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5 FAQs on Home is Possible

August 9, 2017
Home is possible

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!

  1. 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.
  2. When do I have to pay the grant back?
    Never.
  3. 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.
  4. Does my loan type matter?
    No. Home is Possible grants can be used for conventional, FHA and VA mortgages.
  5. 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 4350 S. Monaco Street, Suite 200, Denver, CO 80237 (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.

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