Grants to Aid Home Buys
The hard hit Las Vegas housing market is being given a boost by a new program designed to provide assistance to would be home buyers. Recently, Thomas Lavender learned that he was eligible for a $15,000 grant under the Neighborhood Lift program. The money must be used towards making a down payment on a house in Las Vegas. Even with mortgage rates at historic lows and property substantially reduced in price from the hey days of the market half a decade back, there are still substantial hurdles that Lavender faces before being able to secure a home.
Lavender wanted to purchase a home in Las Vegast o be near his mother, sister, and uncle who have homes just outside of the Las Vegas city limits. He tried twice to purchase homes nearby, but lost out to one person who was able to purchase the home all in cash and another who outbid him. The 34 year old father of four expressed a desire to provide a permanent home for his children and a desire to have them grow up in the area.
Lavender, along with 1,100 others, signed up for a two day seminar detailing the Neighborhood Lift program. The workshop was held at the Riviera Hotel from 10 a.m. to 7 p.m. Information about the program and registration for the procedure can be found online at www.neighborhoodlift.com.
A Boon to Las Vegas Market
The Neighborhood Lift program was set up to help qualified home owners purchase property in distressed areas. It focuses in places that have a large inventory of unsold homes. Grants of up to $15,000 may be obtained through the Neighborhood Housing Service of Southern Nevada. The money must be applied to down payments within a specified zone, and the applicants must fall within the 120% range of median income. That figure is $79,200 for a family of four.
The target area in this case is the city limits of Las Vegas. Lavender must live in the unit for five years as its owner for the grant funds to be forgiven. He must also qualify for a first mortgage on the property he wishes to purchase. Officials at Wells Fargo Bank which is a participant in the program indicate that a person does not need a perfect credit record in order to qualify, but their credit record for at least the last year must be good.
It is possible to incorporate this aid with other forms of assistance such as the Neighborhood Stabilization program. Such assistance can add as much as $20,000 to the totals granted. To qualify for this, you must have a job and good credit.
A number of renters who lost their homes to foreclosures or through other circumstances are showing renewed interest in becoming home owners once again. The Neighborhood Lift program may allow them to do so. While securing foreclosed properties can be difficult to accomplish given the quick sales such properties usually entail, there are many opportunities in short sales where the competition is less fierce.