Down Payment Assistance
Shelter is a priority of every living being.
Providing and preserving that shelter is our passion.
Copyright © 2009 Neighborhood Housing Services of Southern Nevada.All Rights Reserved.

A primary goal of NHSSN is to provide homeownership opportunities to first time homebuyers with incomes of 80% or below Area Median Income (see chart).  Home ownership helps stabilize the family unit as well as communities.  This line of business includes several components.












For additional information please email michellev@nwsn.org or sandy@nwsn.org
















      


Down Payment Assistance:
Neighborhood Housing Services is dedicated to serving the community in multiple facets when it comes to homeownership.  We currently offer two types of down payment assistance.  Both programs require for buyer to attend a HUD certified 8 hour Homebuyer Education class.  Once that is complete buyer will be required to meet with housing counselor to determine mortgage readiness. 

Fact regarding HOME Funds for City of North Las Vegas:
  • Buyer must be 1st time homebuyer
  • House must be purchased in City limits of North Las Vegas
  • Interest is 0%, no monthly payment, silent second
  • Buyer can receive up to $20,000.00 for down payment and closing cost
  • Deferred loan and due upon sale of property
  • Debt to income
Not less than 20% and no more than 31% front end ratio
Not more than 43% back end ratio
  • Buyer must have a minimum of $2500.00 in reserves
  • Must be approved through one of our participating lenders and work with one of our partnering realtors.

Choose the amount of people in household and the dollar amount below identifies the amount of income that cannot be exceeded for HOME Funds program.
AMI Chart for NLV HOME Funds
Household Size         1   2    3    4   5    6  7  8

80% Area Median
Income per Family $36,600  $41,849   $47,049  $52,300  $56,500   $60,649  $64,849  $69,049

Fact regarding NSP Funds for Clark County:
  • House must be purchased in Clark County targeted areas and must be a foreclosed property
  • Interest rate 0%, no monthly payment, silent second
  • Deferred loan – 15 year affordability period
  • Buyers can receive up to $25,000.00 for down payment, closing cost and mortgage principle buy down
  • Debt to income
Not less than 20% and no more than 30% front end ratio
Not more than 43% back end ratio
  • Buyer must have a minimum of ½ of required down payment for 1st lien position.  For example on an FHA loan what is required is 3.5%.  ½ of 3.5% for what buyer qualifies will be required at time of closing.  (funds will be verified during the process of closing on home)
  • Must be approved through one of our participating lenders and work with one of our partnering realtors.

AMI Chart for Clark County NSP Funds
Household Size         1   2    3    4   5    6  7  8

80% Area Median
Income per Family $54,900  $62,774   $70,574  $78,450  $84,750   $90,974  $97,274  $103,574