$10 million in down payment assistance now available to first time homebuyers

The program provides down payment assistance to first time homebuyers
The program provides down payment assistance to first time homebuyers(FOX5)
Published: Dec. 8, 2022 at 1:09 PM PST
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CARSON CITY, Nev. (KOLO) - $10 million in down payment assistance is being made available to first time homebuyers through the Home Means Nevada Initiative.

$15,000 in down payment assistance will be made available. A second mortgage with no payments or interest and completely forgiven after three years of residence in the home will be provided.

“Our estimates indicate the Home Means Nevada Initiative dollars for down payment assistance will allow the two agencies to help over 650 Nevada families purchase homes in a difficult buyers’ market,” said Steve Aichroth, Administrator of the Nevada Housing Division. “These organizations have worked for years to help Nevadans get into more tenable, long-term housing circumstances and we firmly believe this new option will apply to residents at a time when owning a home continues to elude hard working citizens.”

Eligibility requirements are as follows:

  • You must be a first-time homebuyer, having not owned a home within the last three years
  • A minimum of six months of Nevada residency
  • Completion of a homebuyer education course

You must visit each local housing agency website for details on the programs.

“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.”