First Time Homebuyer Program and Down Payment Assistance

Reno/Sparks Real Estate - Buying Real Estate in Reno/Sparks, Nevada

(from Nevada Housing Division) The Nevada Housing Division Mission Statement is to assist and encourage the private sector and other government entities in the creation and maintenance of affordable housing throughout the State.

The Division issues bonds for the purchase of newly originated Mortgage Loans. We offer first time homebuyers fixed interest rate 30-year loans with additional assistance available for down payment and closing costs. Some exemptions from the first time homebuyer criteria may apply for eligible veterans and individuals purchasing in targeted areas. PROGRAM DETAILS:
First Mortgage Loan – Current rates as of 05/03/10 are 4.75% (subject to change)
APPROVED LOAN TYPES
FHA: 203(b); 234(c); 703(b); and other acceptable FHA programs. Temporary buy-downspermitted per limits and rules.
VA: Originated and guaranteed in accordance with VA guidelines under 1810 and 181A.
Temporary buy-downs permitted per limits and rules.
RHS: Originated and guaranteed in accordance with USDA. Temporary buy-downs permitted per limits and rules.
Fannie Mae Conventional: Traditional Fannie Mae, Fannie Mae MyCommunity Mortgage. (Fannie Mae Flex 97 and loan programs involving discount pricing are not permitted. Manufactured homes, as defined by Fannie Mae, are not allowed. Temporary buy-downs permitted per limits and rules.)

Down Payment Loans (Must be used in conjunction with NHD First Mortgage loan.)
A general description of the Nevada Housing Division Down Payment and Closing Cost Loan Programs are as follows:
Fixed rate
First-time homebuyer requirement; 20 year amortization; Income limits-same as first loan program; Purchase price limits-same as first loan program; First Time Homebuyer Education Course required; Maximum assets $5000.00 after loan closing.

Secondary financing: Up to $4,500 to be used for down payment assistance and/or closing costs. Up to $5000 for deferred loan program for borrowers under 60% income limits.