1,100 prospective home buyers registered for the two day Neighborhood Liftworkshop at the Riveria hotel.
This program is designed to attract qualified home buyers to neighborhoods struggling with high inventory of unsold homes, offering as much as $15,000 in down payment assistance grants to prospective homebuyers who meet income guidelines of up to 120 percent of annual median income, or about $79,200 for a family of four.
"You don't need perfect credit, but at least one year of good credit."
The down payment grant can be "layered" with other programs such as the Neighborhood Stabilization program, so that a person could get an additional $20,000 to pay down the cost of the home.
A local Realtor said, "it's an incredible program if they can find a house and if they can qualify. They have to have a job and a decent credit rating."
She said that banks would rather lend to owner occupants which is better for the community as a whole, but they are getting multiple offers from cash investors.
"It's just so different in Las Vegas and goofed up." In terms of deals buyers should look at short sales. Generally, there is less competition that with foreclosures.
Wells Fargo said that the home must be purchased within Las Vegas city limits and must be owner occupied for at least 5 years for the grant to be forgiven. Buyers also have to qualify for a first mortgage.