The State of Nevada Housing Division has raised the household income limit for its Home Is Possible programs, making more Nevadans eligible for down payment assistance.
Since the programs started in 2014, the income limit has been $95,500. In keeping with Nevada’s rising incomes, the limit has been raised three percent to $98,500.
For homebuyers securing conventional loans through Home Is Possible programs, the debt-to-income ratio was raised to 50 percent (from 45).
The Home is Possible programs are designed to help more credit-worthy families get into homes –- people who can afford a monthly mortgage payment, but may be having a hard time coming up with a down payment. It provides a (non-repayable) down payment grant of up to 5 percent of the loan amount for Nevada families with a qualifying household income.
Homebuyers must also have a minimum credit score of 640 and be purchasing a home for less than $400,000. The buyer must meet standard underwriting requirements, complete a homebuyer education course and live in the home as a primary residence.
There are additional incentives for Nevada educators and veterans through Home is Possible For Heroes and Home is Possible For Teachers.