Some good news: State Assists Las Vegas Housing by engaging plans to lend approximately $125 million to first time lower income home buyers in Nevada. We think this is great for Las Vegas Housing, not to mention a wonderful thing for today’s harassed/hurried consumers who want to get back into the Las Vegas Housing Market.
State Assists Las Vegas Housing
State Agency Officials have indicated the money to fund the $125 million will be raised by selling state bonds, enabling approximately 850 homes to be purchased by consumers. A family of two earning up to $78,480. can qualify for a first time loan. The average loan projected will be in the $125K range, with a maximum amount of $349,000.
The financing funds can be borrowed through participating banks, savings and loans and other financial institution throughout the state and here in Las Vegas. The State Finance Board approved issuing the bonds earlier this week, so the formal process is under way.
Las Vegas Market’s Affordable Housing
On a side note, the state indicated the Las Vegas Housing Market’s levels of affordability are gaining traction with first time home buyers. Approximately 43% of all loans issued for the greater Clark County (Las Vegas had the majority) were to first time home buyers.
So, we vigorously applaud the States Assists for Las Vegas Housing and hope it helps families in need that have been unable to purchase a home up until now!
