Home Buyer Grants May Be Available for You
Buying a home? You may actually have more downpayment dollars than you think thanks to some of the home buyer grants available when purchasing in Las Vegas. You’ve got nothing to lose and everything to gain by investigating the options.
Buying a home? You may actually have more down payment dollars than you think thanks to some of the home buyer grants available when purchasing in Las Vegas. Although not every buyer or property fits the criteria for the home buyer grants currently out there, you’ve got nothing to lose and everything to gain by investigating the options.
Acronyms That Spell Down Payment Assistance
Neighborhood Housing Services of Southern Nevada (NHSSN) offers down payment assistance for first time home buyers. The program helps those who fall below the 80% area median income and allows a three for one match in down payment assistance, up to $15,000 maximum. Attendance at an eight hour home buyer workshop and meeting with a HUD housing counselor are mandatory steps in the approval process.
Housing for Nevada (HFN) administers the HOME program, which acquires and rehabilitates properties, then offers purchasing assistance for low to moderate income buyers. The State of Nevada also offers a first time home buyer program that can include down payment and closing cost assistance. The state’s website has details on eligibility requirements.
Consumer Credit Counseling Service May Help You
No luck with the acronym soup of state agencies? Try the Consumer Credit Counseling Service (CCCS). It provides down payment assistance for low to moderate income households through its A Home of My Own programs. Options include the CCCS Individual Development Account (IDA) and the CCCS WISH Program, which match $3 for every $1 saved by potential home buyers.
For homes purchased within the city limits, the City of North Las Vegas Down Payment Assistance Program gives home buyer grants of up to $20,000 toward a down payment. An allowance for closing costs may be available with a minimum buyer contribution of $1,000.
Finally, the Neighborhood Stabilization Program (NSP) may provide up to $25,000 in assistance, which allows buyers with 120% of area median income to purchase foreclosed homes in designated areas around the Valley.
Banks Give You Money!
Yes Virginia—bank-sponsored grants exist! The Wells Fargo NeighborhoodLIFT program aims at supporting sustainable home ownership and neighborhood stability, and funds are still available for would-be Las Vegas homeowners. The income cap and other requirements are similar to the home buyer grant guidelines of NHSSN, HFN, and CCS, but Wells Fargo does not restrict their grant to first time buyers only. You may already have owned a home and still be eligible for the bank funds. However, if you currently own a property, it must be sold prior to closing on a Wells Fargo assisted purchase.
Finally, if you’re in the military (active duty, reserve, National Guard, or veteran), a Department of Defense employee, or a Department of Homeland Security employee, you may qualify for a matching funds grant from the PenFed Foundation.