First Time Home Buyer
Programs in Nevada
Complete First Time Home Buyer Programs Available in Nevada.
The state agency created by the legislature in Nevada to offer
first time home buyer programs is the Nevada Development Finance Authority. Here is a
summary of the current first time home buyer programs that are offered:
FIRST TIME HOMEBUYER PROGRAM
The Nevada Housing Division First Time Homebuyer Program offers to low- and
moderate- income first time homebuyers a below-market fixed interest rate
30-year loan with additional assistance available for down payment and closing
costs.
DOWN PAYMENT AND CLOSING COST LOAN PROGRAMS
NHD offers three programs to provide homebuyers under its First Time Homebuyer
Program with down payment and closing cost assistance.
The NHD Down Payment and Closing Cost Loan Program
Provides up to $15,000 in assistance
Offers a fixed interest rate (1.00% below that of the first loan), 20-year loan
Income limits mirror the Maximum Income Limits for Non-Targeted Areas and the
Maximum Income Limits for Targeted Areas established for the First Time
Homebuyer Program
Purchase price limits mirror the Maximum Purchase Price Limits for Non-Targeted
Areas and the Maximum Purchase Price Limits for Targeted Areas established for
the First Time Homebuyer Program
Restricts assets, after closing, to $5,000 including, without limitation, cash,
savings accounts, stocks, bonds and equity in real property
Requires a homebuyer to successfully complete a First Time Homebuyer Education
Course
Application is made through Participating Lending Institution simultaneously
with the application for the First Time Homebuyer Loan
The NHD HOME Deferred Loan Program - Tier 1
Provides up to $25,000 in assistance
Provides for a deferred loan which is repaid upon sale, refinance or transfer of
title
Annual household limits may not exceed the Tier 1 HOME Program Income Limits
The purchase price of the residence may not exceed the HOME Program Purchase
Price Limits for the area in which its located
Restricts assets, after closing, to $5,000 including, without limitation, cash,
savings accounts, stocks, bonds and equity in real property
Requires a homebuyer to successfully complete a First Time Homebuyer Education
Course-Course must include 6-8 hours of classroom instruction
Can be combined with NHD Financed Second
Application is made through Participating Lending Institution simultaneously
with the application for the First Time Homebuyer Loan
■ Program Guidelines
Income Limits
Purchase Price Limits
■ Eligible Applicant Instructions
■ Realtor Instructions
Notice to Sellers
■ Participating Lender Instructions
Lender Information
The NHD HOME Deferred Loan Program-Tier 2
Provides up to $75,000 in assistance
Provides for a deferred loan which is repaid upon sale, refinance or transfer of
title
Annual household limits may not exceed the Tier 2 HOME Program Income Limits
The purchase price of the residence may not exceed the HOME Program Purchase
Price Limits for the area in which its located
Restricts assets, after closing, to $5,000 including, without limitation, cash,
savings accounts, stocks, bonds and equity in real property
Requires a homebuyer to successfully complete a First Time Homebuyer Education
Course-Course must include 6-8 hours of classroom instruction
Can be combined with NHD Financed Second
Application is made through Participating Lending Institution simultaneously
with the application for the First Time Homebuyer Loan
For complete details on these first time home
buyer programs available to Nevada residents, visit the
Nevada Development Finance
Authority website.
It is highly recommend that you also visit the
First Time Home Buyer Grants page
for free assistance with the down payment.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
