LAS VEGAS, Nevada (FOX5) — With home prices in Southern Nevada near record highs, more and more people are taking advantage of down payment assistance programs.
According to a new report from Las Vegas Realtors, the median price for a single-family home is around $480,000, up 6.7 percent from July 2023, when median prices were $450,000.
Condos and townhomes sold for a median price of $296,000, up 8.2% from the $273,500 in July 2023.
Mckenzie Chipman, 22, was able to purchase a condo thanks to the first-time homebuyer program.
“I can be on my own, have my own space and can pay for it,” she said. “That helps me a lot because with everything being so expensive now, I’m not going to be able to save thousands of dollars on my own.”
The state of Nevada offers several programs for first-time home buyers, including The Home Is Possible (HIP) program. According to the Nevada Housing Division, nearly 2,000 people have used the program in the past two years.
Jason Mevorah, a mortgage loan originator at Prosperity Lending, says many buyers are unaware of the options available.
“Many people think they have to put down a lot of money for a home, like 20 percent of the purchase price, but that’s actually not the case,” he said.
The average interest rate on a 30-year fixed-rate mortgage fell to 6.5% this week, the lowest since May 2023. Mevorah said this could be a response to market speculation that the Federal Reserve will cut rates soon.
“The good news is when interest rates go down, your mortgage payment goes down, so it becomes a little more affordable for everyone. The bad news is that more and more people are going to enter the market, and right now supply is low,” he added.
Chipman found it helpful to find a housing expert who could guide him through the process.
“Research your options more closely and see what is actually out there,” she said.
Most of the down payment assistance programs offered require a minimum credit score and have income restrictions.
The Federal Reserve is expected to make an interest rate decision at its next meeting in September.
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