HUGS Foundation
This Residential Purchase Assistance Program is a grant from HUGS Foundation, the funds do not have to be repaid. This program works like a gift from a parent or family member, instead it's coming from a non-profit, a FHA allowable (HUD Handbook 4155.1 REV-4 CHG-1 Paragraph 1-13). The buyer(s) must invest a minimum of 1% of their own funds towards the transaction in terms of down payment or closing costs.
Initially, they only offered this program to Nevada School District Employees. Since September 22nd this program extended to First Time Home Buyers (have not own a home in the past three years) outside NV school districts' employment base.
In order to be eligible for these grants, prospective home buyer(s) must submit a grant application, complete a Home Buyer seminar, utilize certified business providers have completed the training program and been approved for a home loan. This program is based on a need basis (see eligibility requirements).
Initially, they only offered this program to Nevada School District Employees. Since September 22nd this program extended to First Time Home Buyers (have not own a home in the past three years) outside NV school districts' employment base.
In order to be eligible for these grants, prospective home buyer(s) must submit a grant application, complete a Home Buyer seminar, utilize certified business providers have completed the training program and been approved for a home loan. This program is based on a need basis (see eligibility requirements).
Residential Purchase Assistance Program....Eligibility requirements:
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His/her combined household income may not exceed $82,500 or $41,000 for single home buyers without a dependent
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Liquid asset can not exceed $10,000.
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Home must be owner occupied; no investment properties
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The buyer must invest a minimum of 1% of their own funds
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Homes can be existing or new, when purchasing a new home; it must be with our certified homebuilders
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Home buyer must be a first time home buyer to participate, this means you did not own a home in the past three (3) years
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Complete a Home Buyer Seminar
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Compliance Fee $100 (Non-Refundable)
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