First-Time Home Buyer Programs in Nevada

Nevada Housing Division Programs:

Home Is Possible (HIP):

Eligibility: Open to first-time and repeat buyers statewide.
Offerings: 30‑year fixed mortgage (FHA, VA, USDA, or conventional) plus a deferred, zero‑interest second loan of 2–5% of loan amount for down payment/closing costs.
Requirements:

• Income ≤ $165,000 (statewide cap for 2025)
• Credit score ≥ 640 (660 for manufactured homes)
• Debt-to-income ratio up to 50%
• Homebuyer education required
• Purchase price ≤ $806,500 (federal conforming limit)

Home Is Possible for Heroes:

Benefits: Same assistance plus a 0.5% lower interest rate for veterans, active-duty military, or surviving spouses.
Eligibility: Must meet HIP guidelines; military service documentation required.

Home Is Possible for Teachers:

Description: Offers up to $7,500 as a forgivable grant (100% after 5 years) and a reduced-rate mortgage; available statewide.
Requirements: Licensed, full‑time NV K-12 teacher; HIP income and price limits; credit score ≥ 660 for conventional.

Local Programs:

Las Vegas

Las Vegas Down Payment Assistance: Up to $20,000 deferred loan (0% interest, due on sale/refinance); income ≤ 80% AMI (~$62,950 for four).

Reno

Reno Homebuyer Program: Up to $15,000 forgivable over 10 years; income ≤ 80% AMI.

Henderson

Henderson First‑Time Homebuyer Assistance: Up to $10,000 deferred loan (0%, repayable upon sale); income ≤ 80% AMI.

Additional Programs:

• Home First: Up to $15,000 forgivable grant over 3 years for first-time buyers.
• Home At Last (Rural): 2–5% forgiven over 5 years in rural areas.
• FHLBank Middle-Income Grants: Up to $50,000, matching borrower savings.
• MCC: Federal tax credit (20–30%) up to $2,000/year, combinable with HIP/HAL.
• FHA/VA/USDA Loans: 0–3.5% down options with flexible credit requirements.