Nevada Housing Division allocating $10M in down payment assistance to first-time homebuyers

CARSON CITY — Nevada’s native housing leaders are bringing inexpensive homeownership options to all corners of the state of Nevada by way of the Dwelling Means Nevada Initiative. The initiative has allotted $10 million to Nevada Housing Division and Nevada Rural Housing. These businesses are launching down cost help packages that can present $15,000 in DPA to eligible first-time homebuyers.

The help can be within the type of a second mortgage with no funds or curiosity and utterly forgiven after three years of residence within the residence.

“Our estimates point out the Dwelling Means Nevada Initiative {dollars} for down cost help will permit the 2 businesses to assist over 650 Nevada households buy houses in a troublesome consumers’ market,” mentioned Steve Aichroth, Administrator of the Nevada Housing Division. “These organizations have labored for years to assist Nevadans get into extra tenable, long-term housing circumstances and we firmly consider this new choice will apply to residents at a time when proudly owning a house continues to elude arduous working residents.”

Eligibility necessities for the DPA packages embrace that contributors should be first-time homebuyers (that means they can’t have owned a house throughout the final three years), have a minimal of six months of Nevada residency, and completion of a homebuyer training course. To get began, go to every native housing company web site for particulars on DPA packages and for an inventory of most well-liked lenders to contact.

“The funding in homeownership packages by way of the Dwelling Means Nevada Initiative is inspiring to see,” mentioned Invoice Brewer, govt director of Nevada Rural Housing. “We’re excited to proceed to supply the chance of homeownership to extra rural Nevadans.”

Nevada Housing Division launched the Dwelling First Program DPA program on November 21 and it’s accessible all through the state.

Nevada Rural Housing serves Nevada’s 15 rural counties and the agricultural parts of Clark and Washoe Counties by way of the Dwelling Means Nevada Rural Down Cost Help Program, which launched on December 5.

The Nevada Housing Division (NHD), a division of the Division of Enterprise and Trade, was created by the Nevada Legislature in 1975 to unravel a really actual downside: a scarcity of protected and first rate housing for people and households of low and average revenue. We delight ourselves on serving to revitalize neighborhoods and strengthen communities all through the state. Study extra at www.homeispossiblenv.org.