Now is the BEST TIME for First Time Home Buyers to purchase a home in Nevada within the last decade due to a combination of several factors:
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Here is some information for buyers with low or moderate income. There are also many programs for buyers not meeting these limits.
- Provides up to $10,000 in assistance
- Offers a fixed interest rate (1.00% below that of the first loan), 20-year loan
- Income limits mirror the Maximum Income Limits for Non-Targeted Areas and the Maximum Income Limits for Targeted Areas established for the First Time Homebuyer Program
- Purchase price limits mirror the Maximum Purchase Price Limits for Non-Targeted Areas and the Maximum Purchase Price Limits for Targeted Areas established for the First Time Homebuyer Program
- Restricts assets, after closing, to $5,000 including, without limitation, cash, savings accounts, stocks, bonds and equity in real property
- Requires a homebuyer to successfully complete a First Time Homebuyer Education Course
- Application is made through Participating Lending Institution simultaneously with the application for the First Time Homebuyer Loan
Qualification Guidelines
- A first-time homebuyer is someone who has not owned or co-owned their own residence within the past three years. If purchasing in a Targeted Area there are no restrictions on former home ownership. (Go to http://www.nvhousing.state.nv.us/First%20Time%20Homebuyer%20Program/washoe.pdf for Washoe County Targeted Area Map.)
- Total gross household income must fall within the Maximum Income Limits set by NHD. The limits for Washoe County are: $76,800 for households with 1 – 2 persons and $89,600 for households with 3+ persons.