Program Description
The Nevada Housing Conventional Program LIP is a 30-year fixed mortgage with lower, subsidized rates for low-to-moderate income households making <= 80% of Area Median Income. Min credit score is 640 (680 for manufactured homes).
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NV Housing Conventional Loan - Low Income Program
Min. Credit Score
640
Min. Down Payment
3%
Max Loan Amount
$570,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Also available for manufactured homes
- Available in all of Nevada
- No Up-Front Mortgage Insurance
- Cheaper MI for Borrowers Making <80% of AMI
- Only available for 1-unit primary residences
- Borrowers must have household income at 80% AMI or Less
Program Availability
NV Housing Conventional Loan - Low Income Programs are available in 1 state.
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“The Nevada Housing Conventional Program LIP is a 30-year fixed mortgage with lower, subsidized rates for low-to-moderate income households making <= 80% of Area Median Income. Min credit score is 640 (680 for manufactured homes). DTI to 50%."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$726,200
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Conventional loan program with easier qualification than other options
- Lower, subsidized rates for low-to-moderate income households
- Lower Credit Requirements (640 Score)
Additional Conditions
- Homebuyer education is required if for at least one borrower if any of the borrowers are a first time homebuyer
- 640 Min Credit Score
- Borrowers must have household income at 80% AMI or Less
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: 8 options per Guide. FHLMC CreditSmart, FNMA HomeView
All buyers (any person on the note/warranty Deed) must attend an approved homebuyer education course. All borrowers are required to attend –first-time buyers, repeat buyer. CoSignors are NOT required to attend. A NPS on title must attend homebuyer education. FHLMC CreditSmart, FNMA HomeView, and Money Management Int'l are most popular options
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
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