Buying a Home With Down Payment Assistance in Las Vegas

Описание: http://www.lasvegas1realestate.com

Hello. Jillian Batchelor here with the Batchelor Group in Las Vegas, Nevada. Are you a home buyer looking to buy a home and looking for down payment assistance programs that are available for you?

Well, look no further.

There are many programs out there that may suit you and you may not even be aware of them.

The first and most exciting program in my opinion that I would like buyers to be aware of is the Nevada Rural Program. The reason I say it's the most exciting program is because this is a grant program. Meaning, this is not a silent second on your home. Meaning, you do not need to repay this. It is not a loan. This is a grant to the home buyer. It has the highest income regulation, so the home buyer can make up to $95,500 for a qualifying income and the buyer can purchase a home up to $400,000 if they can
qualify.

The grant is up to 4% down payment which is $16,000, and they need to have a credit score of a minimum of 640, and the purchase in an eligible area, and have a debt to income ratio of no more than 45%. Of course, you'd have to use an approved Realtor and an approved lender. The eligible areas that you would need to purchase in would be in South Summerlin, Mountain's Edge, Mount Charleston, Blue Diamond, Enterprise, Whitney and a few others.

What is also very exciting about this program is that it can be combined with the mortgage credit certificate program which for qualified first-time home buyers is a dollar for dollar federal income tax credit equal to 20% or 40% of the interest paid on a mortgage loan. That provides a full refund of mortgage interest every year the home buyer lives in the home for the life of the loan plus the home owner can still claim the remaining interest as a tax deduction.

The MCC Program is a savings at an estimated rate of $2,000 a year. Now, the next program is the City of North Las Vegas DPA Program which has a range of an income regulation from $38,000 to $68,800 and is a silent second mortgage and due on sale or refi of that home. The client may receive 3.5% of the down payment and closing costs depending on their ratios. There are minimum and back end ratios and a minimum in reserves that the client must have as well to qualify for this program and they have to purchase in a specific zip code.

The follow program would be the Clark County DPA Program which that income range is from $36,500 to $68,800 and it includes any home in the Clark County Incorporated area. No monthly payment for this program and this would be a deferred loan agreement and do on sale, or a cash, or refi and the client can receive the required down payment and closing costs, but there is a home owner minimum down payment for this program of $1,500 and a maximum front end ratio, but the client can receive up to $14,999.

Now, the next program is the Wish Program and this is a great program for home buyers that make anywhere between $36,960 and $69,960. This is also a silent second for up to five years and this program is a matching program which means they will match up to $15,000 for your down payment. The homes will also be in the Clark County area. There is a $1,500 fee to use this program and it can come out of that program grant fee.

Then the next program is the lift program which has an income regulation of $53,000 to $104,000 depending if it's a conventional or an FHA loan. This is within the Las Vegas city limits and has no monthly payment and up to $15,000 down payment assistance. This is also a deferred loan program and it's a five year forgivable loan with a 20% decrease annually. So, for every year you live in that home, you are forgiven 20% of the balance.

The home owner is required to come in with their own 3.5% down payment for this program on an FHA loan. Now, with all of these programs you will be required to work with an approved Realtor and an approved lender. Now, the Batchelor Group has been approved to work with all of these programs to assist you. The Batchelor Group will guide you through the process of home buying and finding the home that is right for you through these programs.

Thank you so much and again, this is Jillian Batchelor with the Batchelor Group and we would love to work with you and help you find your home.

You can reach us day or night on the web at http://www.lasvegasonerealestate.com

Or at 702-823-3801.. Thank you so much and have a fantastic day.

The Batchelor Group
6955 N Durango Dr #1004
Las Vegas, NV 89149
(702) 823-3801