Hope Brings You Home - Down Payment Assistance (Updated for 2020)

HOPE BRINGS YOU HOME - Updated for 2020

Hope Brings You Home is a new down payment assistance (DPA) program available to most of Southern Nevada that focuses on areas still considered distressed from the housing crisis. The first come first serves program will provide funds until the $17.9 million of funds is depleted.  Nevada Affordable Housing Assistance Corp. (NAHAC) administer of the Nevada Hardest Hit Funds has partnered with Nevada Housing Division (NHD) to administer the Hope Brings You Home program and make the funds available to Nevadans.

HIGHLIGHTS:

•DPA equal to 10% of the purchase price up to $20,000 for down payment and/or closing costs

•Maximum purchase price $400,000 (remember to check Agency limits)

•FHA/VA Income Limit: $98,500 and CONV Income Limit $54,240 Clark County
For the purpose of this program, a borrower (s) gross income must be used in determining eligibility. Gross income includes annual wages, commissions, bonuses, self-employment net income (plus depreciation) dividends, interest, annuities, pensions, child support alimony and public assistance.

•Minimum credit score FHA 660 – VA/CONV 640

•Maximum debt ratio 45%

•Non-Purchasing Spouse is NOT permitted under this program. Married individuals must apply jointly.

•Co-signers and Non-Occupant Co-borrowers are NOT permitted under this program.

•Borrower(s) cannot own other real property at the time of close.

•Eligible Properties: Existing single-family properties including townhomes and condos. Manufactured homes and new construction are NOT eligible

•Homebuyer Education is required

•DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Hope Brings You Home - Eligible Zip Codes

*Home Brings You Home available only in the following zip codes: 89030, 89048, 89060, 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89119, 89120, 89121, 89122, 89146, 89156, 89169

The first step is to get pre-approved and get out house hunting.  The DPA funds are limited and cannot be reserved until you are in contract.

Apply online if you'd like www.iLendLasVegas.com 

Reach out, we are here to help!

Aundrea Beach-Greco
Mortgage Advisor, CMPS
702-326-7866
info@aundreabeach.com

Should You Use a 401k Withdrawal For Home Purchase? (Pros/Cons)

Your 401K is one of the most powerful retirement investment vehicles you have, and the best way to make it grow is to keep investing and leave it untouched until you’re well into your 60s. But sometimes, life throw’s a curve ball and you need a lump sum to meet a major life expense – like purchasing your primary home. In other words, should you use a 401k withdrawal for home purchase?

Taking money from your 401K seems like a good choice – it’s your money, so why shouldn't you use it? Most retirement blogs or guides you read warn strongly against 401K withdrawals, thanks to penalties and fees for taking your money out early (this is a retirement account, after all). But is it always a bad choice? And what are your alternatives?

Instead of withdrawing money from your 401K for your down payment:

• Consider taking a second mortgage from your lender – or from another lender – to cover the down payment.
• Ask your lender if they can provide a larger mortgage – say 90% or 95% of the home’s value – by having you pay private mortgage insurance. PMI will increase your monthly costs – so be sure and add that into your “can-I-afford-this-mortgage” calculation – but it’s one more way to get you into the home you want.
• Take a loan from your 401K rather than withdrawl. Many people don’t know they can use their 401K as a source of loans (assuming your employer allows it). In this scenario, your account serves as a lender; you pay interest, but that interest is paid back into your account, to help make up for the earnings you’ll lose by taking out some of the principal. Here, the major risk is that if you lose your job before paying back your loan, you have to pay back the loan in full within a pretty short period of time – usually a couple of months – or else it will be considered a withdrawal and all those penalties will apply.

So how do you decide which is the best option for you? The first steps are to determine what your options really are:

• Ask your employer if they allow loans from your 401K account; if they don’t, obviously this option is off the table.
• Ask your lender if they’ll loan more more with the option of PMI.
• Shop around to see if you can qualify for a second mortgage to cover the down payment.
• Ask your lender about Down Payment Assistance Programs or Grants.

Once you know what options are available to you, you need to sit down with a calculator to figure out.

Contact me if I can be of service, but don't let the lack of a down payment stand in your way of homeownership.'

Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS

702-326-7866

info@aundreabeach.com
www.iLendLasVegas.com

Contact which option is the best choice for your budget and your income.

Only 1/2% Down Payment Needed

Trying to buy a home, but saving the down payment and closing costs a challenge?  Sellers or builders won't contribute to your closing costs?
We have a loan program that can help.
Contact me today to see if you qualify!
702-326-7866
info@aundreabeach.com

USE YOUR TAX REFUND TO MAKE A DOWN PAYMENT ON A NEW HOME

1-30-2012




IT’S TAX TIME! Many of you have begun to file your taxes, and if that is the case, then good for you! On the other hand, thousands of others have not! Tax returns will be in the mail or deposited into millions of bank accounts over the next couple of weeks and months. Why not use your tax return as a down payment for the home that you’ve been wanting!

Due to limited options for 100% financing, buyers often find they are unable to purchase a home due to unavailable resources for a down-payment. However, many people overlook the fact that their tax refund can be used.


Now is the time, stop waiting to see if you can qualify for a home, you most likely can. The market is moving and the pattern is clearly showing signs of recovery. If you look at the homes that have been sold in the last few months, it is clear that buyers are finding amazing deals.


These are historically low interest rates. Ask your parents or grandparents about interest rates. They will tell you horror stories of high interest rates throughout their lifetime. Don’t wait on the fence any longer, now is the time to find a great deal.


Today there are many homes that cost $100,000 or less in the Las Vegas Area. You have choices... something that many potential homebuyers throughout history have lacked. No lottery, no pressure, resale or new homes AND you will have a tax advantage next year when you file your taxes.


If you don’t believe me, ask someone!


If you have any further questions, please don't hesitate to contact me. Let's get you pre-approved today and into that new house.




Aundrea Beach-Greco
Mortgage Advisor, CMP, CMPS™
NMLS 333739
NV Lic 24392
Residential Mortgage Services
Cell (702) 326-7866
Ofc (702) 796-3453 xt. 3047
eFax (888) 738-5188
Toll Free ( 877) AUNDREA


info@aundreabeach.com


www.AundreaBeach.com
www.TailorMyMortgage.com







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