The Silver State. Also known as The Sagebrush State. Sagebrush is Nevada’s state flower which you not only see it on Nevada’s state flag but all over the scenic beauty this 36th state has to offer. First time buyers are seeing amazing opportunity all over Nevada ranging from the NV-side of Lake Tahoe at the luxurious ski and golf resort town of Incline Village to the surprisingly largest city in Nevada, Boulder City.
What Makes People Want To Move To Nevada
It doesn’t matter what part of Nevada you live in, you are always close to an adventure. Enjoy the outdoors in a state which typically sees over 300 days of sunshine and approximately 4-8 inches of rain per year. There are hidden gems in the backyard of Nevada residents. Take a breath taking zip-line tour or bring enough supplies for your family to camp under the stars for the weekend!
Whether you pack your day bags to go on a hike, go mountain biking or maybe even mountain climbing there are many trails and designated recreational areas in Red Rock Conservation National Park or any of the other 3 national parks in Nevada. Enjoy the leisure of many establishments open 24 hours 7 days a week. Not to mention the luxury of alcohol available all hours at supermarkets, gas stations, liquor stores and even at the novelty drive-throughs! You cannot forget the benefit of no income tax and the fact your are only a few hours drive from California coastlines!
2017 First Time Buyer Programs & Loan Pre-Approval In Nevada
Looking for a buyer program specific to NV? If, you’re confused about your options give us a call at (615) 873-0367.
Loan Program Name
Loan Program Requirements
Loan Program Benefits
|USDA||Property must be located in an eligible area. Check property eligibility.||100% financing and 0% down payment||Income restrictions do apply. These are determined by county.||100% financing and 0% down payment|
|HomeReady Program - Purchase or Limited cash-out rate and term refinance.||1.) Home Ownership education is required and certificate must be retained in the mortgage file. |
2.) Occupancy is 1-4 units Principal Residence.
|1.) Standard debt to income is 45%, in certain cases up to 50%. |
2.) Occupant may not have an ownership interest in any other property at the time of closing.
|1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.|
2.) Loan to Value up to 97%.
|1.) NO First Time home-buyer requirement.|
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
|100% GIFT FOR DOWN PAYMENT||Can be Conventional or FHA Loan||Gift can come from a family member, church, employer, etc..|
|FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment||1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.||3.5% down payment required||Check single family, condo, and 2-4 unit property loan limits||1.) Flexible underwriting guidelines|
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed