Home Is Possible Down Payment Assistance Grant

With the Home Is Possible down payment assistance program, the Nevada Housing Division provides grants to homebuyers whose savings fall short of the necessary upfront costs of the mortgage process. 

Available Assistance
The Home Is Possible program offers homebuyers a 30-year, fixed rate mortgage. The grant amount can be as much as 5 percent of the loan amount and must be put toward the down payment and closing costs. The grant does not have a repayment requirement and is available to residents all over the state of Nevada. The Home is Possible program can also be combined with Nevada Housing Division’s Mortgage Credit Certificate (MCC) Program.

Eligibility Requirements
Unlike most assistance programs, the program is not exclusive to first-time homebuyers, and there are no asset limits that applicants must fall under.  All homebuyers must have a credit score of at least 640 for government-backed loans and 680 for conventional loans. The qualifying income on mortgage applications must be below $98,500.  Applicants must pay a one-time fee of $675, and successfully complete a homebuyer education course. ​All homebuyers must meet normal government or conventional loan underwriting requirements.

Property Guidelines
Any property purchased under the Home Is Possible program must serve as the homebuyer's primary residence. The purchase price of the home must be below $400,000. Effective February 1, 2016, manufactured housing loans will be available for government loans.
 

(Note: All figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.