Down Payment Assistance Programs for First Time Home Buyers in Lincoln County, Nevada
If you live in Nevada and are interested in buying a home in Lincoln County – there may be down payment assistance programs available to you. Saving enough money for a down payment is one of the single biggest obstacles to homeownership – but it is entirely possible that down payment assistance is available to you and you aren’t even aware of it.
What is Down Payment Assistance?
It is any kind of program that is designed to help people get into a home. That may be a very broad definition, but down payment assistance programs are not always programs that hand out free money by giving you cash in a suitcase – they can take many different forms. Some examples of the different types of down payment assistance programs that may be available include: Grants, Silent Seconds, Delayed Repayment Loans, Interest Free Loans, and Lender Specific Programs. Since there are so many different types of programs that may be available – it is advised that you find the right loan officer who is knowledgeable in programs in your area.
Down Payment Assistance Programs in Lincoln County, Nevada
- Rural Nevada Development Corporation – Down Payment Assistance Program (50% AMI): In addition to the above listed amounts, closing costs are also eligible for assistance and may include loan origination fees, appraisal, credit report, title search, escrow fees, document preparation, reserves, and inspection costs. Prepaid items such as insurance premiums and yearly taxes are not eligible. For more information, Click here.
Mortgage Programs Available in Lincoln County, Nevada
- Nevada Rural Housing Authority / Nevada Housing Division – Home At Last Mortgage Tax Credit Program: The Nevada Rural Housing Authority Home at Last™ Mortgage Tax Credit (MTC) program offers qualified first-time buyers a federal income tax credit equal to 40% of the interest paid on their mortgage loan. It provides a refund on mortgage interest every year the buyer lives in the home for the life of the loan, plus the homeowner can still claim the remaining interest as a tax deduction. For more information, Click here.
Additional Home Buying Resources
HUD offers some resources to those people who are interested in learning more about the process of buying a home, and the information on HUD’s website is free. Just a few of the services that HUD offers information about include: housing counseling agencies, predatory lending, education, assistance programs, HUD homes for sale, homeownership vouchers, home repairs, avoiding foreclosure, making your home more energy efficient, and more.
Other Relevant Lincoln County Sites
- Nevada Association of Realtors
- Lincoln County School
- Lincoln County Sheriffs
- HUD Homeownership Assistance for Nevada