The Home is Possible Program. What is it and who is it for?

By Valley West Mortgage 6 years agoNo Comments
Home  /  Did You Know  /  The Home is Possible Program. What is it and who is it for?

Most anything in life worth obtaining is going to come at a cost. Be it financial or otherwise, sacrifices seem to be necessary for the things we need and want most. So many hours of sleep and friends and work that were given up for writing papers and studying were the sacrifices known collectively as college. Being fresh out, it’s easy for me to remember the hard work I put in, as well as the large amount of money to go with it.

However, I think we can all agree that one of the most exciting things about being a college student in good standing and requiring some help was one of the more welcoming factors, due to federal aid programs for college educations.

And now you can have the same kind of assistance with your home in Nevada.

The Las Vegas Review-Journal recently reported that many believe this will give people who once thought they could never be homeowners the opportunity to do so, including first time buyers.

The program is easy to apply for once you select one of the qualified lenders from the website which can be found at housing.nv.gov. The process of applying verifies the potential borrower’s income, and qualifying persons cannot have more than $95,500 reported on their qualifying income. While there is no minimum loan amount, the maximum is $400,000 and it must be for a home that the borrower will use as a primary residence.

The Las Vegas Review-Journal reported that many people find they would qualify for a home loan if only they could take care of down payments and closing costs. The Home is Possible™ program is geared toward such people, with the grant being issued to assist in either closing costs or down costs and the requirement that the borrower enroll in and complete a homebuyer education course.. Of course, when entering a loan agreement a borrower’s FICO (credit score) is a large factor, with the minimum score acceptable for the assistance program at 640.

If you can make it through all of the very reasonable qualifications, buying a home in Nevada might be much more of a breeze than you think. And if your credit score is just not quite there yet, don’t worry: visit our blog about ways to improve your credit score for more information.

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