Carson City, NV – November 25, 2015 – (RealEstateRama) — The Nevada Housing Division (NHD) has been awarded the 2015 Trailblazer in Affordable Housing Award by Raymond James. The award honors the Division’s highly successful launch of the Home Is Possible homebuyer grant program.
“Homeownership is a tangible piece of the American Dream. Owning a home can provide a solid foundation for individuals and families across Nevada, an essential part of building strong communities,” said Governor Brian Sandoval. “I am pleased that the Home is Possible program has provided a path to home ownership to thousands of our neighbors and friends across Nevada.”
“It is rewarding for the Home is Possible program to help so many Nevada families achieve their dream of owning a home and we look forward to helping even more first-time homebuyers realize their dreams in 2016,” said CJ Manthe, NHD Administrator.
Program highlights and accomplishments
In its first year, the Home is Possible program assisted 3,363 low and moderate income homebuyers through down payment grants and a competitive fixed rate mortgage. Cumulatively, the program provided more than $643 million in mortgage funds and $25 million in grants to homebuyers statewide.
Program funding comes from private taxable mortgage funds made possible through a public private partnership between NHD and national investment firm Raymond James. The program has produced net revenue for the Division, which reinvests those funds into other affordable housing programs that benefit Nevadans.
In addition, the award recognizes the economic impact of administering the program which generated additional business for approximately 60 mortgage lending partners and aided in the housing market and economic recovery throughout Nevada.
Helping to make the dream of homeownership a reality
According to the National Association of REALTORS ® 2015 Housing Pulse Survey, the majority of Americans feel now is a good time to buy a home, but cite having enough money for a down payment and closing costs as an obstacle. With the Home Is Possible program, nearly 20 Silver State families each day find a way to overcome that obstacle to homeownership and now hold the keys to their new front door.
Home is Possible program requirements/guidelines:
Homebuyer must purchase the home to occupy as the primary residence
Minimum credit score of 640 for government insured loans; 660 for manufactured homes and 680 for conventional loans
Home purchase price under $400,000
Qualifying income on mortgage application must be below $95,500
Borrowers must take an approved home buyer education course
Borrower must meet the lender’s specific underwriting requirements
There is no repayment obligation for the grant; no first-time home buyer requirement
How to apply
To participate in the Home Is Possible grant program, you must contact one of the program’s participating lenders to apply. A list of approved lenders can be found on the NHD website at http://housing.nv.gov.
Created by the Nevada Legislature in 1975, the Nevada Housing Division was enacted to encourage the investment of private capital and stimulate affordable housing financing by leveraging public funds. The Division provides low interest rate mortgages and down payment assistance to qualifying individuals and provides funding for affordable multi-family housing developments for seniors and families.
Public Information Officer