HUGS began as a down-payment assistance program for Clark County School District employees, but has now been opened up to the public.
 

HUGS provides down payment assistance and/or the ability for a home buyer to buy a home with a 1% down FHA loan.  This could be a great deal for a first time home buyer (definition of first time homebuyer: never owned a home or did not own any home in the last 3 years)  A home buyer could be looking at moving into a $250000 home for $2500 out of pocket.  A home buyer should use a Las Vegas Real Estate Agent that can negotiate all of the closing costs to be paid by the seller to insure you dont have to come out of pocket more money than your down payment.


A Home buyer must use a HUGS foundation registered mortgage agent and HUGS foundation Realtor. Your household income can not exceed $82,500 for families or $41,000 for a single person household, You can not possess more than $15,000 in personal assets. The buyer must invest a minimum of 1 % of his or her own funds and occupy the home for at least three years.

A HUGS foundation registered REALTOR must pay $495 per year to be able to help you participate in this program so you can be sure that your registered REALTOR is serious about helping people.

Things to know about this program:

Max 80k household income
Max 40k individual income
buyer must pay $795 + 1% out of their own funds
Cant own any other property
4%-6% in closing costs, so make sure your agent
gets this for you from the seller!