Qualifying applicants receive a customizable grant with different loan types, including FHA, VA, USDA, or the Fannie Mae HFA Preferred Conventional loan. All Home at Last loans are 30-year, fixed rate mortgages, and the grants do not have to be paid back.

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Home at Last Access Down Payment Assistance Grant

Financial Assistance for Homebuyers in Nevada

The Nevada Rural Housing Authority’s inclusive home financing program, The Home at Last Access Down Payment Assistance Grant, allows borrowers a number of options on the amount of assistance they require. Qualifying applicants receive a customizable grant with different loan types, including FHA, VA, USDA, or the Fannie Mae HFA Preferred Conventional loan. All Home at Last loans are 30-year, fixed rate mortgages, and the grants do not have to be paid back.

The program is not exclusively for first-time homebuyers, and offers a number of different grant options. Applicants with FHA, VA, and USDA-RD loans have down payment options ranging from 2 to 5 percent of their loan amount (depending on the loan type). Borrowers can put the funds towards their down payment or closing cost. For applicants with the Fannie Mae HFA Preferred Conventional loan the down payment options are either 3, 4, or 5 percent of the loan amount.

Eligibility Requirements:
  • Applicants must meet credit score requirements. FHA, VA, and USDA-RD loans require minimum credit score of 640 (or 680 for manufactured homes). Fannie Mae HFA Preferred Conventional loan require a minimum credit score ranges from 640 to 680 (depending on property type and loan-to-value).
  • $95,500 income limit.
  • $400,000 purchase price limit.
  • Eligible throughout Nevada in areas with populations under 150,000.
  • Applicants must meet property requirements for FHA, VA, and USDA-RD loans (manufactured homes, condos, townhomes, and 2-4 family units are eligible, subject to FHA, VA and USDA requirements) and Fannie Mae HFA Preferred Conventional loans (manufactured homes, condos, townhomes, and 2-4 family units are eligible with a maximum 95% loan-to-value).
  • Fannie Mae HFA Preferred Conventional loan: Buyer may not own any other property at the time of closing.  Cosigners are not allowed (a non-purchasing spouse is allowed).

Down Payment Grants in Nevada

This grant provides funds to homebuyers whose savings fall short of the necessary upfront costs of the mortgage process. The grant amount (which does not require repayment) can be as much as 5 percent of the loan amount, to be used towards down payment and closing costs.

Qualifying applicants receive a customizable grant with different loan types, including FHA, VA, USDA, or the Fannie Mae HFA Preferred Conventional loan. All Home at Last loans are 30-year, fixed rate mortgages, and the grants do not have to be paid back.