Down Payment Assistance for Reno Families

Washoe County now provides down payment assistance for Reno families through the Neighborhood Stabilization Program (NSP) and its HOME program.  The Neighborhood Stabilization Program is only available for those Reno residents looking to buy foreclosures in specific neighborhoods in Washoe County.  Washoe County's HOME program assists homebuyers in purchasing any home for sale throughout the entire County of Washoe, whether it's a foreclosure or not.  These homes cannot be renter-occupied, however.  They must either be owner-occupied or completely vacant in order to be eligible for either program.

Certain restrictions apply for each of these programs.  For example, only first-time homebuyers will be considered for assistance from either program.  A first-time homebuyer is someone who has not owned a Washoe County home in the last three consecutive years.  The annual income for NSP applicants must be between 50 and 120% of the Reno area's median income, while HOME applicants cannot have an annual income above 80% of the area median income.  To put this in perspective, that means that a Reno family of four applying for downpayment assistance for a foreclosed Reno area home must have an annual income between $35,200 and $84,480.  If the same family decides to buy a house that does not fall under NSP guidelines, they can apply for assistance through the HOME program if their annual income does not go above $56,320.

The application submission and verification process takes anywhere between 30 and 90 days.  Once the proper paperwork is submitted, eligibility is determined through third-party verification.  Once eligibility has been verified, the applicant will be notified of further directions.  Then, the applicant will be qualified for a mortgage.  Once the client has found a Washoe County property they are interested in, they need to contact the Washoe County HOME Consortium (WCHC) offices to get an environmental review, execute and submit a purchase agreement and have a HUD-certified appraiser submit an appraisal report to the WCHC.  If the property is found to be in compliance with the program's requirements, a home inspection will be scheduled and completed in a minimum of 1 week, repairs deemed necessary will be completed and the appropriate documents and funds will be sent to title for closing on the property.

For more information on Washoe County's down payment assistance for Reno families, please read the , the or contact me.  I'll be happy to help you with all your Reno real estate needs.