Down Payment Assistance Programs
There are many state of Federal and Nevada down payment assistance programs available in Northern Nevada that we have researched and summarized here on our website. If these programs do not match your needs or qualifications, please consider using one of the following programs to help with down payment planning or assistance.
Individual Development Account (IDA) Programs
These programs are designed to help low to moderate income people accumulate funds that can be used for education, small business startup, or a achieving the Amercian Dream of home ownership through down payment saving.
The IDA is typically established through a partnership between financial institutions and a program sponsor which is usually a non profit organization. In most cases and depending on the individual’s income and savings plan, the money saved by you into the IDA is matched (can be as high as a $3 match to every $1 dollar saved) by the organization.
In addition to the direct financial match benefits, you as a saver are required to complete financial planning and education courses during the saving period. These programs do have specific requirements and typically have a minimum six month term. You, as a saver, are allowed to withdraw funds with approval from the program sponsor for pre-designated purchases upon reaching your savings goal.
Additional Home Buyer Resources