Are you thinking of buying your first home in Nevada? Would you like a free gift of money to help you purchase that first home? Unfortunately, the state of Nevada does not provide free grant money directly to its residents who are first time home buyers and need help with the down payment and closing costs as some other states do. However, there is still Federal Grant money available as well as grants from private foundations. This is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. It will be well worth your time to educate yourself about the grant programs that are available to Nevada residents.
Snapshot of the Division’s First-Time Homebuyer Program
The Nevada Housing Division Nevada Housing Division offers to low- and moderate- income buyers fixed interest rates 30-year loans with additional assistance available for down payment and closing costs.
Qualification Guidelines:
A first-time homebuyer is someone who has not owned or co-owned their own residence within the past three years. If purchasing in a Targeted Area there are no restrictions on former home ownership.
Total gross household income must fall within the Maximum Income Limits set by NHD.
The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it’s located.
Assets, including without limitation, may not exceed 50 percent of the purchase price of the residence being purchased, unless disabled or elderly and such assets are the primary source of income. There is a lower asset test for down-payment loans — maximum $5,000.
Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
Credit must meet the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
Successfully completes a HUD approved in-person 6 to 8 hour Homebuyer Counseling Course.
The contact information for the Nevada Housing Division is:
Nevada Housing Division
7220 Bermuda Road, Ste. B
Las Vegas, NV 89119
Phone: (702) 486-7220
Fax: (702) 486-7227
Toll-free: 1-888-486-8775
Federal Grants
Besides the state programs, there are federal funds and grants available to the home buyers in Nevada through the Homes and Communities program of the United States Department of Housing and Urban Development. On their website you’ll find complete grant information, application forms, description of available funds, as well as many other helpful tools.
Every potential buyer should investigate what they have to offer. You can visit the website by going here: US Dept. of Housing and Urban Development. Also, there is a website that has a complete list of all grant programs available through the United States Federal Government: Grants.gov. You should plan to spend the required time investigating to determine how many individual grants they may qualify for. You can visit the website by going to Grants.gov and search for more information.
Other Grants in Nevada
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to this website.
Here is the contact information for the HUD office in Nevada:
Las Vegas Field Office
302 East Carson Street
4th Floor
Las Vegas, NV 89101-5911
Phone: (702) 366-2100
Fax: (702) 388-6244
There are also these local programs:
Clark County Neighborhood Housing Services of Southern Nevada Inc Revolving Loan Fund (RLF) (702) 649-0998
Clark County Neighborhood Housing Services of Southern Nevada, Inc. First Home Down Payment Assistance Program (DAP) (702) 649-0998
Henderson First Time Home Buyer Program (FTHB) (702) 565-2164
Multi Counties Western Nevada HOME Consortium Down Payment Assistance (DPA) (775) 883-7333
Rural Nevada Development Corporation Down Payment Assistance Program DPA (775) 289-8519
Washoe County Community Service Agency New Opportunities For Homeownership Program (HOP) (775) 786-6023
