NEVADA DOWNPAYMENT ASSISTANCE PROGRAMS
1. Home Is Possible For Heros Program is a program set for veterans, active duty and National Guard in Nevada whose income is below $95,500. To qualify for this program your home price has to be below $400,000 and to have a minimum credit score of 640. You have to live in the home and this has to be your primary residence.
Home Is Possible For Heros Program is a statewide program which can be combined with the Mortgage Tax Credit (MTC) for maximize your savings. It’s good to know that this program has no first-time homebuyer requirement, but it allows only government issued loans and no conventional loans. You are offered a fixed interest rate 30-year loan through this down payment and closing cost program which is one of the most affordable loans on the market as it reduces monthly mortgage payment. The homebuyer education is required so you have to attend a homebuyer education course and earn a certificate which will allow you to better understand the benefits and the requirements of the program. You can also refer to the Home Assistance Guide and contact a Certified Lender for further information about Nevada Loan Programs.
2. Mortgage Tax Credit Certificate Program (MTC) is a loan program that allows first-time homebuyers to claim a federal income tax credit equal up to 30% of the interest paid on a mortgage loan (up to $2,000 a year). You can also go further and keep more cash in your pockets by claiming the remaining interest as a tax deduction. Moreover, you will continue to save each year based on the actual mortgage interest paid. To be an eligible borrower, you shouldn’t have owned a home in the past 3 years or you have to be a qualified veteran who will live in the home as a primary residence.
Mortgage Tax Credit Certificate Program combined with the Home Is Possible Down Payment Assistance Program will gain you a $500 rebate. In order to provide the MTC benefit statewide, Nevada Housing Division and Nevada Rural Housing Authority have partnered together. The types of loan allowed are the FHA, VA, Conventional or USDA RD for all the borrowers who are purchasing a home in the state of Nevada.
Mortgage Tax Credit Certificate Program is levying a flat program fee of $995 and $300 lender application fee. Instead, for qualified veterans, the MTC fees (with the exception of the $300 lender application fee) are waived. You can also refer to the MTC Assistance Guide and contact a Certified Lender for further information about Nevada Loan Programs.