This new program, focused on home buyers in Washoe and Clark Counties, provides a down payment grant along with a competitive fixed mortgage rate. This grant, which can total up to 4% of the loan’s value, never needs to be repaid. It is free money to help the home buyer achieve the dream of home ownership.
The Home is Possible™ down payment grants are funded through private taxable mortgage funds. No government funds are used for these down payment grants.
Home is Possible™ Key Benefits:
- Provides a grant up to 4% of the home loan amount that
- can be used for down payment assistance or closing
- Fixed interest rate 30-year loan
- No first-time home buyer requirement
- Grant is non-repayable
- Home buyer must live in home as primary residence
- No asset limits for home buyers
- Minimum credit score of 640 for government insured loans, 660 for manufactured homes and 680 for most conventional loans
- Qualifying income on mortgage application must be below $95,500
- Home price below $400,000
- Home buyer education course required
- Must meet normal government or conventional loan underwriting requirements
How to get started:
For those who would like to purchase a home using the Home is Possible™ grant program, it’s easy to get started:
1. Contact the Foster Beckman Group to start the home buying process
2. Complete home buyer paperwork with approved lender
3. Ask your lender how to maximize your savings by combining the Home is Possible™ grant program with the Mortgage Credit Certificate (MCC) to save even more money.
The Foster Beckman Group would love to help you find your new home or sell your current home. We work closely with all of our home buyers and sellers to help you find the right home at the best price for the least amount of stress! Call us today at 702.686.2695.