NHD and NAHAC bringing down payment assistance to Southern Nevad - FOX5 Vegas - KVVU

NHD and NAHAC bringing down payment assistance to Southern Nevada

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Homes in the Las Vegas area are shown in an undated image. (File) Homes in the Las Vegas area are shown in an undated image. (File)
Map of eligible zip codes. (Image: NV Dept of Business & Industry) Map of eligible zip codes. (Image: NV Dept of Business & Industry)
LAS VEGAS (FOX5) -

The Hope Brings You Home program assisted Southern Nevada homebuyers by donating up to $20,000 towards the purchase of a home.

In a statement released by the Nevada Department of Business & Industry, part of the program aimed to help homebuyers in certain zip codes that are still affected by the housing crisis.

The Hope Brings You Home Program is working with the Nevada House Division and Nevada Affordable Housing Assistance Corporation, according to the statement.

The program is run on a first-come, first-serve basis and will continue to be offered until its $36 million in allocated funds are distributed, the statement said.

According to the statement, a minimum of 1,800 qualified homebuyers will receive a down payment and closing cost assistance. A second mortgage will be offered as financial assistance with a zero percent interest rate along with no monthly payments for a 3-year term.

The loan is forgiven after a 3-year term, the statement read.

The statement said that in order to qualify for the program, a prospective homeowner must purchase the home they want as their primary residence and complete an education course, as well as meet certain income and credit score requirements.

According to the statement, other eligibility requirements include:

  • Eligible property zip codes: 89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89118, 89119, 89120, 89121, 89122, 89128, 89142, 89146, 89156, 89169
  • Minimum credit score of 660 for FHA loans, 640 for all other loan types
  • Eligible loan types: FHA, VA, USDA, or conventional
  • Debt ratio of 45% for government-insured loans, 50% for conventional
  • Existing properties only
  • Single family, condos, townhomes and manufactured homes qualify
  • Borrowers must take an approved homebuyer education course
  • Home purchase price under $400,000
  • May be required to repay the loan if the homeowner sells, refinances or moves out of the home before the end of the 3-year term.

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