The Nevada Housing Division’s (NHD) Home Is Possible program has won the national Program Excellence Award for Homeownership from the National Council of State Housing Agencies.
In only its second year, the innovative program has assisted more than 8,300 families with a total of $1.6 billion in mortgage loans, and provided more than $65 million in down payment assistance grants. This program is funded without the use of taxpayer dollars.
“This award is a testament to how the Home is Possible program helps thousands of Silver State families achieve the American dream,” said NHD Administrator CJ Manthe in a press release. “We’re proud of how it showcases the partnership between the state and industry, working toward a common goal.”
Coming on the heels of the financial and foreclosure crisis which so negatively impacted homeowners throughout Nevada, NHD was determined to be part of the solution and much needed housing recovery. With this goal in mind, NHD worked closely with partners at US Bank Home Mortgage (servicer), eHousingPlus (online loan reservation administrator), Raymond James (investment banker) and more than 80 lender partners to structure a program unique to the needs of Nevada borrowers.
The Home Is Possible program provides a (non-repayable) down payment grant of up to five percent of the loan value for Nevada families with a household income of less than $95,500 and a minimum credit score of 640, purchasing a home for less than $400,000. The buyer must meet standard underwriting requirements, complete a homebuyer education course and live in the home as a primary residence.
In addition to the down payment assistance program, NHD also offers the Home Is Possible Mortgage Credit Certificate program that provides buyers with a federal income tax savings of up to 30 percent of the interest paid on their mortgage loan every year. This could add up to nearly $40,000 for the typical buyer over the life of the mortgage loan. The money saved can be used to pay off bills, make an extra mortgage payment or to make home repairs which helps money stay in the local economy.
“Our Housing Division won this award for creating the nation’s best housing program,” said State of Nevada Director of Business & Industry Bruce Breslow. “This is unprecedented for the state of Nevada and we’re very proud of NHD Administrator CJ Manthe and her team.”
For more information, visit http://homeispossiblenv.org and then contact an approved lender.
