Owning a home is part of the American Dream and one of the best paths for working and middle-class families to build wealth, but it can be difficult to save the money necessary to get started. That’s why we created this new program exclusively for first-time homebuyers.
HIP For First-Time Homebuyers offers interest-free down-payment assistance with a competitive interest rate to give buyers more buying power. It’s a win-win.
Check out the program benefits and requirements:
- Down payment assistance up to 4% of total loan amount
- Usable for down payment and closing costs
- Forgivable after 7 years (if you stay in your home)
- Attractive, 30-year fixed interest rate
- Statewide program
- Must be a first-time homebuyer (have not owned a home in the past 3 years)
- Maximum purchase price & income limits by county
- Minimum credit score 640
- Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
- Must live in home as primary residence
- Must meet standard underwriting requirements
- Homebuyer education required
If you’re a Nevadan who is ready to experience the joys and responsibilities of homeownership, this program is for you! What’s next? Start by finding a HIP-qualified lender.