GENERAL:

DPA in the form of a grant or repayable 2nd mortgage. Debt to income allowed to FHA's max with UW approval. Coborrowers ok

DOWN PAYMENT:

Grant up to 3.5% required down payment. No first-time buyer restrictions

MORTGAGE INSURANCE:

Upfront and monthly mortgage insurance. Upfront is 1.75% of loan amount. Monthly is .85%. County Loan Limits apply.

MINIMUM CREDIT SCORE:

620

OCCUPANCY REQUIREMENT:

Owner occupied

Down Payment Assistance Programs: 

Culinary and Bartenders Housing Partnership

Qualifying Income: Below $76,680 (Household 1-2) Below $89,460 (Household 3+)

Minimum credit score: 580

Maximum Price: $417,000

Overview: At least 2,000 hours of service over a 3-year period. Must be a First-Time Buyer. Property must be primary residence. 3% minimum down payment required from the borrower. Up to $10,000 in assistance for down payment and closing costs. No payments or interest until you sell or refinance. Up to $20,000 in assistance for down payment with conventional loan. 

WISH Program

Qualifying Income: Below $95,500

Minimum credit score: 640

Maximum Price: $287,500

Overview: Must be a First-Time Buyer. Must complete a 8 hour education class and one-on-one counseling with a HUD approved provider. Must qualify at or below 80% of area medium income (AMI). Match of $3 to $1 based on availability. Minimum contribution: $1,500; Maximum contribution $5,000 towards down-payment, closing costs, and principal reduction. Must open escrow within one year of WISH program enrollment. 

Home is Possible

Qualifying Income: Below $95,500

Minimum credit score: 640

Maximum Price: $400,000

Overview: Does not need to be a First-Time Buyer. Property must be primary residence. No asset limit for home buyers. Must use participating lender for first mortgage. Fixed interest rate 30 year loan. Must complete a 8 hour education class and a one-on-one counseling with HUD approved provider. Must qualify at or below 80% of area medium income (AMI). Match of $3 to $1 based on availability. Down payment assistance as a grant up to 4% of the loan amount. 

Home is Possible for Teachers

Qualifying Income: Below $95,500

Minimum credit score: 660

Maximum Price: $400,000

Overview: $10,000 in bonus money usable for down payment and closing costs. Forgivable after 5 years (if you stay in home). Below-market fixed interest rate 30-year loan. No First-Time Buyer requirement and can be combined with Mortgage Certificate (MCC) program with program fees discounted. Must be a licensed full-time K-12 public school teacher in Nevada. Government insured loans only (no conventional loans). Teacher must live in home as primary residence and must complete buyer eduction course plus meet standard underwriting requirements. One-time fee of $675 on below-market fixed interest rate first mortgage. Required to record a second mortgage and pay associated fees. Funding amount available for 300 teachers and grant provided on a first come, first served basis. 

 

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