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
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.
Greater Nevada Mortgage’s 5/5 ARM makes homeownership more affordable for first-time homebuyers and those restarting the mortgage process. With a low fixed interest rate for the first five years, borrowers can enjoy predictable monthly payments and peace of mind. After five years, the interest rate adjusts to market conditions and continues to do so only every five years after that. Get started now with as little as 10% down and a FICO score as low as 640.
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.
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 be experts helping you take advantage of these valuable tools. We’re a qualified lender for the following down payment assistance programs, so contact us to learn more about requirements and the application process.
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.
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.
Home Is Possible
The Nevada Housing Division is here to support low and middle income Nevadans looking to make that first home purchase. With programs like Home Is Possible For First-Time Homebuyers, Home First, and Home Is Possible for Teachers, they provide Nevadans like you with the knowledge and resources you need to take that first step towards the American dream.
Home At Last
Open to more than just first-time homebuyers, the Nevada Rural Housing Authority 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.
Get Closer to Your Dream Home
Our qualified lending experts 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.
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).
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.
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 Institute to End Homelessness, over 7,600 Nevadans experience homelessness on any given day, with nearly 20% being children and teens. Our Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, which has resulted in $190,000 donated since launching in 2021.
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.
Please contact a Mortgage Consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.