Do you qualify for $0 down loan programs in Nevada?

When you compare rent payments to mortgage payments, it’s clear that more Nevada residents could afford to own a home. So what’s holding them back? Often, it’s a down payment. Many people struggle to save enough cash for a down payment on a house. That’s why $0 down loans are so important. For those who qualify, a $0 down loan program in Nevada can jumpstart their journey to homeownership. If you haven’t explored this option, read on to learn more and call Touchstone Living to discuss qualification.

$0 down home loan programs in Nevada are exactly what they sound like. A lender waives the usual down payment requirement for giving you a mortgage. Instead, they look at your income, employment history, existing debts, and credit score to determine eligibility and the terms of your loan. If you qualify, they fully finance the price of your home. You get a mortgage without paying anything up front. 

These programs are essential to helping more Nevada buyers purchase their first home. Life is expensive. Not everyone can save enough cash for a modest down payment. $0 down programs eliminate that barrier and let you get a mortgage without having to save for years.

You need to meet the criteria for participating in these programs. Each one has its own qualifying requirements. You should also anticipate paying for private mortgage insurance (PMI). PMI is often required when homeowners offer a down payment of less than 20%. However, most homeowners find this small extra fee negligible if it gets them into a home faster. 

Not sure what you can afford? Touchstone Living can help. When you call, one of our neighborhood experts will help you do the math to determine how much down payment you can afford on a new house and which assistance programs to consider.

As a Nevada resident, you have access to two $0 down home loan programs: 

• VA loans
• USDA loans

Individual lenders may offer their own programs, as well. For example, Touchstone Living has made it our mission to make homeownership more attainable. One way we do that is by offering $0 down promotions throughout the year. We also offer low interest rates, fully paid closing costs, and our 100% Home program that gives you a move-in-ready home at no extra cost. If you thought homeownership was out of reach, call us anytime to discuss your options.

Like with all home loans, lenders will look at your finances before giving you a $0 down loan. You’ll need a stable income, good credit score, and a reasonable debt-to-income ratio to qualify. The home you buy must also be your primary residence and pass a property appraisal. 

Beyond finances, $0 down loans are often designed to assist certain homeowner demographics. Veterans can get a $0 down loan with a VA loan. First-time homebuyers who want to purchase a home in designated rural areas may qualify for a USDA loan. Pay attention to the qualifying criteria of each of these loans. 

If you think you qualify for a VA or USDA loan, it’s time to talk to a lender. Touchstone Living can help you confirm eligibility and connect you with one of our preferred lenders. We make everything about buying a home easy, from pre-qualification to finding your new home!

Of course, nothing down is the best deal possible for first-time buyers. But don’t give up if you don’t qualify for any $0 down loan programs in Nevada. You still have other options for obtaining a mortgage with a low down payment. 

• FHA loans require as little as 3.5% down
• Nevada’s Home Is Possible program offers down payment assistance of up to 4% of the total loan amount for first-time buyers
• Individual lenders offer their own programs and promotions

Not everyone will qualify for a $0 down loan program in Nevada. If you don’t, you still have options to make homeownership affordable. Let Touchstone Living help. We’ll get you prequalified and explain all the perks we offer first-time buyers that make homeownership more affordable. 

If you’re curious whether you qualify for a $0 down home loan, call Touchstone Living. Our neighborhood experts can discuss your loan options and tell you more about our gorgeous planned communities and brand new homes. We love working with first-time buyers and showing them how they can finally afford a home in Nevada. All you have to do is give us a call!