State Housing Division Offers Grants to Low-, Middle-Income Homebuyers

Matt and Melissa Fitzgerald, along with their one-year-old daughter, bought their first home in 2017.

“We bought our home because we were tired of paying rent for someone else’s house,” Matt said. “I’ve lived here almost all of my life, but I’m not sure we would have been able to buy a house without help from the Housing Division.”

Between September 22, 2014 and December 31, 2017, the Nevada Housing Division (NHD) assisted over 15,000 Nevadan households in achieving a big dream. Specifically, through their Home Is Possible (HIP) program, NHD helped 15,162 Nevada families into a home of their own in just 39 months – that’s about 388 families a month.

The Home Is Possible grant program is for Nevada families with a household income of less than $98,500, a minimum credit score of 640 and purchasing a home for less than $400,000.

HIP provides a non-repayable grant of up to five percent of the loan value for a one-time fee of just $675. This money can be used for down payment and/or closing costs and comes with an attractive 30-year interest rate.

The buyer must complete a homebuyer education course, live in the home as a primary residence and meet standard underwriting requirements. HIP also offers programs for teachers and veterans, supporting Governor Brian Sandoval’s vision of Nevada as one of the most vet-friendly states in the country.

The typical Nevadan benefiting from the program:

  • Average purchase price of home: $213,000
  • Average household income: $59,600
  • Average age of primary borrower: 38

“We are happy to have served so many first-time homebuyers (those who haven’t owned a home in more than three years), boomerang buyers (those who may have lost their home through foreclosure or short sale during the recession and are ready to buy again), veterans and teachers,” said NHD Administrator Stephen Aichroth. “With the support of our partners, we’re looking forward to helping even more in the years to come.”

More than 100 mortgage companies throughout the state have partnered with the program to facilitate these grants. The mortgage companies work with the buyers to determine the best alternatives for their specific situations, providing support and walking them through the process.

The Nevada Housing Division (NHD), a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975 to solve a very real problem, then and today: a shortage of safe and decent housing for individuals and families of low and moderate income. For more information, visit http://homeispossiblenv.org and then contact a HIP-qualified lender.

ThisIsReno
About ThisIsReno 13221 Articles
ThisisReno is your source for online Reno news and events since 2009. We are locally owned and operated. #thisisReno