Down Payment Assistance Programs in Las Vegas
Many prospective homeowners in Las Vegas assume that they need to pay a minimum down payment of 20% when purchasing a home. The truth is, not everyone can raise this amount. Also, credit qualification conditions have become more stringent.
Fortunately, there are dozens of options out there for individuals with the appropriate mortgage qualifications but without the proper savings. Down payment assistance programs are meant to make the homeownership dream a reality for first-time buyers.
Whether state or local housing authorities, non-profit organizations, or lenders administer them, lenders, these programs are of great help to qualified buyers. Through them, you get the amount needed to either cover a down payment or closing costs.
What is the Eligibility for the Programs?
Typically, these programs have stringent guidelines relating to eligibility. The programs are designed to benefit individuals who might have hitherto been shut out of the property market. They are not necessarily meant for low-income individuals, but anyone who hasn’t saved enough down payment yet.
Your credit history, expenses, and income will be checked to determine how much of a credit risk you are. Therefore, it’s advisable to shore up your credit score before you apply. The two main down payment assistance programs in Las Vegas are Housing for Nevada and Home is Possible. Each has its pros and cons and different eligibility requirements.
If you want to learn more about these and similar programs in the Las Vegas area, contact us today.