LAS VEGAS, Nev. (702 Times, NV Globe) – The Nevada Housing Division has announced that it will provide $10 million in down payment assistance to first-time homebuyers.

According to a press release, the down payment assistance (DPA) programs would give qualified first-time homeowners with up to $15,000 in DPA.

According to the statement, the aid would take the form of a second mortgage with no payments or interest that will be “fully erased after three years of living in the property.”

The following are the eligibility requirements for participating in the program:

• Must be first-time homebuyer (cannot have owned a home in the last 3 years)
• Minimum of 6 months Nevada residency
• Minimum credit score 660
• Must complete homebuyer education course
• Income must fall within Household Income Limit.

“The investment in homeownership programs through the Home Means Nevada Initiative is inspiring to see,” said Bill Brewer, executive director of Nevada Rural Housing. “We are excited to continue to offer the opportunity of homeownership to more rural Nevadans.”

According to the website, the help cannot be utilized for closing fees.

Credits: Fox 5 Vegas

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