Saving for a down payment can be challenging for first-time homebuyers. The good news: there are several down payment assistance programs available–grants and loans–to ease the burden and help you buy a home in Nevada.
Down Payment Assistance Programs
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Beat Other Homebuyers Stuck on the Sidelines
Apply now as mortgage rates fall! We’re here to help you meet your homeownership goals—like buying your first or next home, or lowering your current interest rate and payments or accessing cash by refinancing. We also prioritize speed for our clients, with an average turnaround of only 21 days from application completed to ready to close for purchase loans!1
Helping the Yellowhairs Buy Their First Home
After hearing no from other mortgage lenders, Justina Yellowhair thought the dream of homeownership was out of reach for her family. But thanks to help from Greater Nevada Mortgage, Justina secured a grant to put toward a down payment on their first house.
How Does Down Payment Assistance Work?
Almost everyone who purchases a home will generally need to make a down payment. A down payment is a cash percentage of the home’s final purchase price–which can typically range from 3.5% to 20%. While everyone faces a unique situation, the more you can get together for a down payment the better. Factors like your savings, monthly income, and expenses will determine the right amount.
Understandably, many first-time buyers have a difficult time gathering the cash needed for a down payment. Down payment assistance can help make up the difference.
Most down payment assistance is geared toward first-time homebuyers. Loans, grants and more are available through the federal government, state or local housing authorities and nonprofits. To take advantage of these programs, you’ll have to meet some eligibility requirements for income and credit, and the amount of cash rewarded will vary depending on the organization.
Be a first-time homebuyer (with some exceptions)
Live in the home as the primary residence
Live in the state of Nevada
Meet other program-specific requirements
Nevada Down Payment Assistance Programs
The Silver State offers several attractive programs for first-time (and in some cases, experienced) homebuyers. Greater Nevada Mortgage invests time and trains our team to help you take advantage of these valuable solutions. We’re a qualified lender for the following down payment assistance programs, so contact us to learn more about requirements and the application process.
Middle-Income Downpayment Assistance Grants
Rising home prices shouldn’t stop middle-income households from exploring the road to homeownership. This program offers grants to more families and individuals applicable toward a down payment and closing costs.
Middle-Income Downpayment Assistance Grants
Workforce Initiative Subsidy for Homeownership (WISH) Grants
Transitioning from renting to owning your very own home is easier with a WISH grant. This program offers eligible low- to moderate-income households 4-to-1 matching grants applicable toward a down payment and closing costs.
WISH Grants
Launchpad Homeownership Program
Nevada Rural Housing’s Launchpad program offers eligible first-time homebuyers a below-market rate mortgage tied with down payment assistance for properties in qualified rural areas across Nevada.
Launchpad Homeownership Program
Home At Last
Open to more than just first-time homebuyers, Nevada Rural Housing provides down payment assistance to eligible clients to help with the purchase of a primary residence. Current homeowners who qualify may also use this program to refinance their existing loan.
Home At Last
Home Is Possible
Nevada Housing Division is here to support Nevadans looking to make their first or next home purchase. With programs like Home Is Possible For First-Time Homebuyers, Home Is Possible (for experienced homebuyers), and Home Is Possible For Teachers, they provide clients like you with the knowledge and resources you need to take that first step towards the American dream.
Home Is Possible
Greater Nevada Mortgage is neither affiliated with nor endorsed by Nevada Rural Housing, Nevada Housing Division, or Federal Home Loan Bank of San Francisco.
Get Closer to Your Dream Home
Our friendly lending professionals are here to help you every step of the way on your homeownership or refinancing journey . While you’re doing your research, here are some more helpful resources to guide you to your new home.
Common Questions About Down Payment Assistance in Nevada
Down payment assistance programs can help bridge the gap between renting and owning your very own home. But to enjoy these benefits, there are certain conditions you need to meet–and every program sets its own qualifications for would-be buyers. Here are some of the most common.
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Who qualifies for down payment assistance?
In most cases, qualification is limited to first-time homebuyers. However, programs such as Home At Last are available to qualifying current homeowners.
Other common down payment assistance program requirements include:
- An acceptable-to-good credit score (roughly 640 and up).
- Legal residency in the state of Nevada (more than 183 days of the year).
- First-time homebuyer status (with some exceptions, as mentioned above).
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What qualifies as a first-time homebuyer in Nevada?
To be considered a first-time homebuyer in Nevada, you cannot have owned a home at any point within the past three years. If you’re not sure whether you qualify, let our team know–we can work with you to determine whether you have first-time homebuyer status. If not, we’ll explore other options.
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How long does it take to get down payment assistance?
Securing down payment assistance usually takes a few weeks depending on the program’s requirements. Some, like the WISH Grants program, require applicants to complete first-time homebuyer counseling. Others may be more straightforward, especially if you meet all eligibility requirements. Thanks to our approved lender status, Greater Nevada Mortgage can help expedite the application process.
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
1Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, for October 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.