Nevada is rolling out a new way to help essential workers buy a home through a down payment assistance program that state housing officials say is designed to reach hundreds of households across the state.
The Nevada Housing Division introduced the Worker Advantage Program this week as part of Governor Joe Lombardo’s Nevada Housing Access and Attainability Act, a bill passed this year.
The program provides qualifying buyers with $20,000 in down payment assistance for a primary residence in the state.
The division said it has $18 million set aside for the effort, enough to support approximately 900 households on a first-come, first-served basis.
“Nevada’s essential workers keep our communities running, they care for us, teach our children, build our homes, and protect our neighborhoods,” said Steve Aichroth, the division’s administrator. “The Worker Advantage Program is one way we can support hardworking Nevadans who support all of us by helping them build stability and equity through homeownership.”
People using the program can apply the full $20,000 to a down payment or use the assistance to pay discount points equal to two percent or four percent of the loan principal to permanently lower their interest rate.
Any remaining funds may go toward a down payment or closing costs.
The assistance comes as a no-interest, no payment, non-forgivable 30-year second mortgage.
At least one borrower must have an essential worker job in healthcare, education, public safety, or construction.
Applicants must have lived in Nevada at least six months, meet household income limits up to one hundred fifty percent of the area median income, and plan to live in the home as their primary residence.
The program allows purchases up to $806,500 and does not require first-time buyer status. People who previously used the Home Is Possible program cannot apply.
Nevadans can find details about the program online and are encouraged to connect with a Home Is Possible certified lender to start an application.
