City of Sparks – Military Home Buyer Programs
The Home is Possible for Heroes Program (HIP-P) developed by the Nevada Housing Division in the City of Sparks offers our active military (Army, Navy, Air Force, Marines, National Guard, Coast Guard) personnel to receive down payment help on a home purchase. This program allows qualifying military service members who live in the City of Sparks or anywhere statewide to receive up to a 5% grant towards a home down payment and/or closing costs. This grant does not require repayment!
Benefits – City of Sparks Military Housing Down Payment Assistance
- Program available to residents of the City of Sparks and also available to residents throughout the state.
- Low monthly mortgage rate due with market fixed interest rate for 30-year loan.
- Program available statewide.
- Can combine with Mortgage Credit Certificate (MCC).
- Program fees waived.
- No requirement to be a first time home buyer.
Requirements – City of Sparks Military Housing Down Payment Assistance
- Must be active military personnel, a veteran, surviving spouse, or National Guard member.
- Income is not more than $95,500.
- Your credit score is a minimum of 640.
- Desired homes purchase price is under $400,000. Check out City of Sparks qualifying home listings.
- You must occupy home purchased in Reno home as a primary residence.
- Only Government issued loans – no conventional loans.
- You meet the minimum requirements for underwriting.
- Pay a one-time fee of $675.
- Attend a required home buyer course.
- As of February 1, 2016, manufactured housing loans will be available for government loans.
City of Sparks Home Buyer Programs