Launchpad is the newest downpayment assistance program from Nevada Rural Housing designed for the challenges buyers are experiencing RIGHT NOW. Assistance is for all eligible buyers. This program is NOT limited to first-time buyers.
Program Highlights
- Choose how much assistance is needed.
- Choose between FHA, VA, USDA, and conventional loans like Fannie Mae or Freddie Mac.
- Choose between using assistance toward down payment, closing costs, or both!
Program Details
- Minimum credit score: 640 (680 if purchasing a manufactured home)
- Income requirements apply and will depend on whether you are a first-time buyer or not. If you have owned a home within the last 3 years, income must not exceed $165,000. If you have not owned a home within the last 3 years you are considered a first-time buyer and income must meet these county income limits set by the U.S. Deparment of Housing and Urban Development.
- Down payment assistance is offered as a percentage of the loan amount. Options include 2%, 3%, 4% and 5%. First-time buyers can choose down payment assistance options equal to 2% or 4% of the loan amount. Non-first-time buyers can choose down payment assistance equal to 3% or 5% of the loan amount.
What next?
- Bookmark our rates and assistance page and check it daily.
- Enroll in our cost-free online education course, available 24/7, to learn more about Launchpad and other programs.
- Give us your email address and we’ll send you a list of lenders in your area who are approved to offer Launchpad.
- Still have questions? No problem, schedule a consultation with us here!
Participating lenders are responsible to follow all program, U.S. Bank, and loan agency guidelines, and reserve loans at the rates published at eHousingPlus. Not all applicants will qualify. Nevada Rural Housing does not originate mortgage loans or determine eligibility. Borrower eligibility for programs and mortgage financing is determined by licensed lenders approved to offer the programs. This is not an offer to lend money or solicit a mortgage application. Qualified veterans are exempt from the first-time homebuyer requirement. A qualified veteran is defined as “a person who served in the active military, naval, or air service, and who was discharged or released therefrom under conditions other than dishonorable.” A first-time home buyer is defined as someone who has not owned a principal residence during the three-year period before purchasing a new home.