2015 First Time Home Buyer Programs for Nevada Home Is Possible For Heros Program For veterans, active duty and National Guard, this low interest rate purchase program increases a buyer’s purchasing power. Credit score, income and purchase price limits apply. Borrowers do not need to be first time buyers. This Heros Program can be combined with a mortgage credit certificate for maximum savings. Qualified buyers in Nevada may apply. Mortgage Tax Credit Certificate Program The MTC program allows first time homebuyers to claim a federal income tax credit equal to 40 percent of the interest paid on a mortgage loan (up to $2,000 a year). The remaining interest can also be claimed as a tax deduction allowing homebuyers to keep more cash in their pockets. Qualified buyers in Nevada may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.
To apply visit http://buyerprograms.net/Nevada