First-Time Home Buyer Programs in Nevada

Nevada Housing Division Programs:

Home Is Possible (HIP):

Eligibility: Open to first-time homebuyers (no homeownership in the past three years) and repeat buyers statewide.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) with below-market rates; includes up to 4% of the loan amount as a non-repayable grant for down payment and closing costs.
Requirements:

• Income must not exceed $135,000 (statewide limit as of 2025).
• Minimum credit score of 640 (660 for manufactured homes).
• Debt-to-income ratio capped at 45% (50% with compensating factors).
• Homebuyer education course required.
• Purchase price limit of $766,550 (aligned with federal loan limits).

Home Is Possible for Heroes:

Benefits: Offers a 30-year fixed-rate mortgage with a 0.5% lower interest rate and up to 4% grant for down payment and closing costs; designed for veterans, active-duty military, and surviving spouses.
Eligibility: Must meet HIP income and purchase price limits; proof of military service required (e.g., DD-214 or active-duty ID).

Home Is Possible for Teachers:

Description: Provides up to $20,000 as a forgivable second loan (forgiven after 5 years of teaching in Nevada) for down payment and closing costs; must be paired with a HIP mortgage.
Requirements: Must be a licensed Nevada educator employed full-time; income limits apply (same as HIP); credit score of 660.

Local Programs:

Las Vegas

Las Vegas Down Payment Assistance: Offers up to $20,000 as a deferred loan (0% interest, due upon sale or refinance) for first-time buyers; income must be at or below 80% AMI (e.g., $62,950 for a family of four).

Reno

Reno Homebuyer Program: Provides up to $15,000 as a forgivable loan (forgiven after 10 years) for down payment and closing costs; income capped at 80% AMI; targets workforce housing.

Henderson

Henderson First-Time Homebuyer Assistance: Offers up to $10,000 as a 0% interest deferred loan (repayable upon sale) for down payment and closing costs; income must be below 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): Provides a federal tax credit of up to 20% of annual mortgage interest (max $2,000 yearly) for first-time buyers; fee applies; combinable with HIP loans.
• FHA Loans: Minimum 3.5% down payment, suitable for credit scores as low as 580 (10% if below 580).
• USDA Loans: Zero-down payment for rural Nevada areas; income limits apply.
• VA Loans: Zero-down payment for eligible veterans or active military.