Program gives up to $20,000 to qualified homebuyers

Southern Nevada homebuyers in eligible zip codes can now take advantage of a down payment assistance program that provides a forgivable loan of 10 percent of the purchase price, up to $20,000 toward the purchase of a home. The Hope Brings You Home program is available to homebuyers in areas that are still considered distressed from the housing crisis.

The first-come, first-served program will be offered until its $36 million allocation has been distributed. A minimum of 1,800 qualified homebuyers will receive down payment and closing cost assistance. Once approved, the financial assistance comes in the form of a second mortgage with a zero percent interest rate and no monthly payments for a three-year term. The loan is forgiven at the end of the three-year term.

“In 2011, our state led the nation in foreclosures and the Nevada Housing Division has worked diligently to help homeowners in our state,” Gov. Brian Sandoval said. “I am incredibly pleased that the division has partnered with the Nevada Affordable Housing Assistance Corp. and the U.S. Department of Treasury to offer the Hope Brings You Home program to homebuyers in certain, still distressed, Southern Nevada areas. I encourage potential homebuyers in Southern Nevada to reach out to NAHAC for more information.”

To qualify for the program, a homebuyer must purchase the home to occupy as their primary residence, complete a required homebuyer education course, and meet certain income, debt and credit score requirements.

Other Hope Brings You Home program eligibility requirements include:

Eligible property zip codes: 89011, 89030, 89031, 89032, 89048, 89060, 89081, 89101, 89102, 89103, 89104,

DOWN PAYMENT