Down Payment Assistance Programs for First Time Home Buyers in Clark County, Nevada
If you live in Nevada and are interested in buying a home in Clark 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 Clark County, Nevada
- Rural Nevada Development Corporation – Down Payment Assistance Program (50% AMI): RNDC has been awarded an allocation of Low Income Housing Trust Funds (LIHTF) for Down Payment Assistance and Homeowner Rehabilitation in Rural Clark County. These are deferred loan funds that do not accrue interest and do not require any monthly payments. For more information, click here.
- Housing for Nevada – HOME Program – Clark County and Henderson: Eligibility criteria for the HOME (ARR) Program: Must be 1st Time Homebuyer. Property must be your Primary Residence. Must qualify at or below 80% of the Area Median Income (AMI). Properties located in Unincorporated Clark County (CC) or withinHenderson city limits. Eligible homebuyers may receive up to $14,999 in assistance for downpayment and reasonable closing costs. HOME Funds are a 2nd lien with 0% interest and no monthly payments. To learn more, click here.
- Nevada Partners Culinary and Bartenders Housing Partnership Program: Nevada Partners’ Housing Program aims not only to promote home ownership, but also to create informed home buyers who can stay in their homes. Studies show that with education, first-time home buyers have a much higher rate of success in keeping their homes or seeking help when needed. To learn more, click here.
Mortgage Programs Available in Clark 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. To learn more, 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 Clark County Sites
- Nevada Association of Realtors
- Clark County Schools
- Clark County Sheriffs
- HUD Homeownership Assistance for Nevada