Down Payment Assistance Programs
How down payment assistance works in Nevada — the four main program types and how to find current options.
Down Payment Assistance programs – If it’s out there, we know about them, we’ll keep updated on all the down payment assistance programs that are available, ask your State Capital Mortgage Loan representative for this information.
The four main types of down payment assistance.
Typically there’s four main types of down payment assistance programs:
Non-Forgivable Grants
These are second mortgages that will need to be paid back either through a monthly payment or paid back after selling or refinancing your home.
Forgivable Grants
These are second mortgages that are forgiven over a set number of years (often five, but maybe up to 15 or 20). These only need to be repaid if you move, sell, or refinance early in the terms of the loan.
Second mortgages
These are community Second mortgage that are paid monthly along with your primary mortgage.
Deferred loans
These are second mortgages with deferred payments that only have to be paid when you move, sell, or refinance.
Down payment assistance availability changes frequently and varies by location, income, and eligibility. Ask your loan representative for current options. All programs are subject to credit approval and program guidelines.