5 Nevada programs homebuyers should

from The Power Is Now Magazine | December 2021

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By Danon Burnside

5 Nevada Programs homeowners should know about

Purchasing a home is not a walk in the park. A buyer must secure a mortgage and save for a down payment as well as monthly mortgage payments. Are you looking to buy a home in Nevada? Worry not because there are statewide and local services available to you. The programs’ principal purpose is to provide tools to help purchasers through the home-buying process, from securing a low-interest, fixedrate mortgage to covering a portion of the down payment and closing costs. Although the Nevada homeownership programs are primarily aimed at first-time homebuyers, they are open to anybody who requires assistance with their housing needs. Every state has a housing authority that provides services. They are as follows:

Nevada Housing Division (NHD) — The NHD’s initiatives are designed to assist first-time homebuyers, repeat homebuyers, military people and veterans, and teachers in all parts of the state. The Nevada Rural Housing Authority, which works alongside the NHD and offers a variety of services, including a Mortgage Credit Certificate, is another option. For starters, this program offers 30-year fixed-rate mortgages at rates below market. Repeat homebuyers across the state are also eligible because there is no first-time buyer restriction. To be eligible for the program, buyers must not own property at the time of closing, must meet income limits set by the state, the purchase price of the residence must not exceed $548,250, regardless of where it is purchased in Nevada, and the buyer must be a Nevada resident. Homebuyers must have a credit score of at least 640 and meet all regular underwriting criteria.

The Federal Housing Administration (FHA)

– this program is the finest option for firsttime house buyers with low credit ratings. For those with credit scores of 580 and above, the FHA allows for down payments of as little as 3.5 percent. The FHA also insures loans for borrowers with credit scores as low as 500, but it will need a 10% down payment. FHA loan insurance is required for the life of the loan and cannot be canceled.

Conventional mortgage — This program allows first-time home purchasers to obtain a conventional house loan with as little as a 3% down payment if the loan meets Fannie Mae and Freddie Mac guidelines. Mortgage insurance is not mandatory for buyers who put down at least 20%. The minimum credit score required for this loan is 620 however, a buyer with a credit score of roughly 740 will receive the best interest rates.

Veterans Affairs (VA)- These mortgages are offered to service members, veterans, and surviving spouses and are guaranteed by the United States Department of Veterans Affairs. Qualified purchasers enjoy benefits such as no credit score requirement, no down payment, and no mortgage insurance. However, buyers might pay the VA funding fee.

United States Department of

Agriculture(USDA) loans - This is a no-moneydown mortgage available to qualifying buyers in rural and suburban areas. The USDA Rural Development Guaranteed Housing Loan Program issues the loans. There are income restrictions that differ by region. Applicants with credit scores of 640 or higher have their applications processed more quickly. Those with lower scores are subject to more restrictive underwriting requirements.

Becoming a homeowner in Nevada wouldn’t be any easier with such programs. With the considerations that it’s a stunning state with endless sunshine, a booming tourism industry, and amongst the states with lower taxes, homeownership would be an ideal investment for you. Get in touch with Danon Burnside, a professional realtor and The Power Is Now Media Inc. VIP agent-based in Nevada. Alternatively, contact the CEO Eric L. Frazier for your best homeownership program. attract people from around the world, and his nuanced knowledge ensures that expectations are consistently exceeded for buyers and sellers alike. Danon has been licensed since 2008. In addition to 12 years of retail sales experience, he has four years of residential property management experience as well. He got his associate of science degree in business administration from Argosy University in 2016. He is also the city manager for San Bernardino. He is a member of CAR, NAR, and CVAR. In November 2017, Danon joined The Power Is Now, a company that specializes in all aspects of residential real estate in San Bernardino and Riverside Counties. He brings his uncompromising ethics, integrity, and outstanding negotiation skills to the highly competitive real estate industry, and his level of organization and professionalism are unmatched

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The Power Is Now Media Inc. is an advocate for the empowerment of the minority communities all around the United States. We engage in various thoughts of leaders to make sure that you are equipped with knowledge about our economy. We have partnered with First Bank to provide you with products and services that will help you prepare better for the future. We are also advocating for first-time home buyers. The Power Is Now Media Inc can help make your homeownership dream a reality. Go to www. neverrentagain.com and get started today Eric Lawrence Frazier MBA, Vice President and Mortgage Advisor First Bank NMLS 461807. President and CEO The Power Is Now Media Inc. www.thepowerisnow.com