Homeownership is tragically at its lowest percentage since 1994. In 2018, the United States average home ownership percentage was 64.2%. Is it because younger couples find the freedom of renting more enticing, or perhaps because some potential buyers are scared away by a competitive market? The answer is more complicated than pointing to a single cause, but anyone who might shy away from purchasing due to financial difficulty in affording a down payment or staggering closing costs now has a program that offers assistance in making the leap. We had the pleasure of sitting down with Mortgage Expert Joseph Worrell from Essex Mortgage and Trish Nash Team REALTOR® Sean Gotcher recently who told us everything you need to know about Hope Brings You Home.
Whether you’re a first time buyer or you’re trying to replace the home that you’ve sold with a more convenient, lower cost, or even newer home, Hope Brings You Home will help get you into a house with less hassle than other available grants. Coming from the Hardest Hit federal program, the State of Nevada has been allocated 360 million to help home buyers. Hope Brings You Home teams up with the Nevada Housing Division to offer up to $20,000 for qualified buyers – and how you choose to spend the money is up to you. Whether you’re interested in paying the down payment in one lump sum, or covering the closing costs for a home (which can be in the thousands), the grant is entirely in your hands.
Qualifying for the Hope Brings You Home grant is relatively simple. The requirements are broad, but encompass your financial status and your credit history. While several loans from banks or private institutions might crush a potential buyer with inflated interest rates, Hope Brings You Home stays well within the market on interest. To qualify, the entire household listed on the loan needs to make less than $98,500 per year, gross. Whether you’re moving in by yourself or as a married couple, this number is more than reasonable. As for credit, the threshold score is 640. For reference, the national average is 687, which sheds good light on the average American’s ability to qualify.
What we consider one of the best aspects of Hope Brings You Home is how large of a location range it covers. We’re partial to Henderson, but the grant encompasses homes in Henderson, North Las Vegas, Downtown, and even near Summerlin. Areas that are featuring revitalization or struggle to fill their single-family homes are key for future homeowners, and Hope Brings You Home will put you in one of them. By offering 10% of the home’s value (up to $20,000), homeowners are in a position to purchase without the limitations that have previously held them back.
The program began rolling out in early May, and offers potential homeowners the chance at their dream home with some of the stress of purchasing removed. It’s first come, first served and applications are usually responded to with a yes or no within two to three weeks. Working with a professional who is well versed in the grant’s fine print, such as the Trish Nash Team, will help you tremendously through your purchasing journey.
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