This is a loan program that the State of Nevada offers first-time homebuyer's the down payment for your loan.It’s a loan. A second mortgage. Not a gift. Up to $10,000 for down payment and closing costs.
DOWN PAYMENT AND CLOSING COST LOAN PROGRAM
NHD offers the following program to provide homebuyers under its First Time Homebuyer Program with down payment and closing cost assistance.
The NHD Down Payment and Closing Cost Loan Program
Provides up to $10,000 in assistance
Offers a fixed interest rate (2.00% above 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
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