Nevada Loan Options
Nevada Home Possible for First Time Buyers
The Home Possible loan is a mortgage program provided by Freddie Mac, crafted to enhance accessibility to homeownership for low to moderate-income borrowers. This initiative aims to offer flexible and affordable financing solutions, especially catering to first-time homebuyers and individuals with limited down payment funds.
Key features of the Home Possible loan encompass low down payment requirements, broadened eligibility criteria, and the flexibility to finance primary residences, second homes, and investment properties. Borrowers may also have the opportunity to secure down payment and closing cost assistance from various sources. The Home Possible loan from Freddie Mac stands as a valuable option for those seeking entry into the housing market with financial flexibility and support in Nevada.
Program Highlights of the Home Possible Loan
Flexible underwriting
The flexible underwriting makes the Home Possible® loan ideal for first-time home buyers.
Low down payment
The low 3% minimum down payment makes owning a Home Possible® for more buyers. The low down is available for first-time home buyers and repeat buyers.
Boarder income
Need additional income to qualify? It may be possible for you to use the rent from a boarder to qualify.
No FICO Score
Provided at least one of the borrowers on the loan has a minimum of a 680 FICO score, the income from a borrower with no FICO score will be eligible for qualifying.
MCC Grant
The MCC Grant is available for qualified first-time home buyers that need additional income to qualify for a loan.
Primary Residence
All borrowers must occupy the subject property.
Home Buyers Counseling
Whether you’re buying a home or condo for the first time, or getting back into the ever-changing market, it is a big deal. Feeling informed and confident can help you navigate all of the steps of the loan process.
Income
Some income restrictions apply.
Information and self-help tools are provided for your independent use and are not intended to provide investment advice. We cannot and do not guarantee loan eligibility or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to speak with one of our experienced loan officers for a loan eligibility analysis and custom rate and payment estimate.
