2022 Nevada First-Time Homebuyer Assistance Programs

Nevada

New homeowners in Nevada can take advantage of a variety of first-time homebuyer incentives. Nevadans can obtain down payment and closing cost help, as well as low-interest mortgages and a federal tax credit, through the many programs offered.

For more information on getting a grant and also learning about refinance programs, take a look at this.

NHD Home Is Possible for First-Time Home Buyers

Home Is Possible helps homebuyers get up to 5% of the home loan value. Among the Home Is Possible programs is a mortgage specifically for first-time homebuyers, which comes with down payment assistance of up to 4% of the total loan amount as a second mortgage, forgivable after three years (so long as you stay in the home). 

To be eligible, applicants must have:

  • 660 minimum credit score
  • Maximum 45% debt-to-income (DTI) ratio
  • Must complete free homebuyer education course (available online)
  • Must meet NHD income limits, which depend on the county; the lowest limit is $78,700.00 for two or fewer people in Carson City, Churchill, Clark, Esmeralda, Lincoln, Lyon,
  • Mineral, Nye, Pershing, and White Pine counties, and the highest limit is $125,580.00 for three or more people in Eureka County
  • Must pay a one-time fee of $755.00, due at closing

And the property requirements include:

  • Must be a single- or two-family home, condominium, townhome, or manufactured home; can also be a four-unit home if you live in one of the units as your primary residence
  • Must be in Nevada
  • Must be a primary residence
  • Must meet NHD purchase price limits, which vary by county and range from $311,980.00 to $437,947.00

NHD Home Is Possible for Teachers

Kindergarten through 12th-grade teachers in Nevada are eligible for $7,500.00 toward a down payment or closing fees, as well as a mortgage at a below-market rate. The NHD Home Is Possible Program for Teachers is available to teachers with an income below $105,000.00 as a single borrower or below $135,000.00 as a household of two or more. They must meet credit minimums (660 for an FHA loan and 640 for a VA or USDA loan), and pay a one-time fee of $755.00 on the first mortgage. Applicants must live in the home as their primary residence and take a homebuyer education course. The maximum purchase price is $647,200.00.

NHD Home Is Possible for Heroes

The NHD’s Home Is Possible for Heroes initiative aims to assist first-time homebuyers who have served in the military with their purchase. You can acquire a 30-year loan at a below-market rate through this program, which can be paired with another down payment aid program if necessary.

To be eligible, applicants must have:

  • 640 minimum credit score (although minimums can vary by loan type)
  • Must be a first-time homebuyer who is on active duty in the military; a veteran who has been honorably discharged; or National Guard service personnel
  • Must complete a homebuyer education course (available in-person or online)
  • Must meet NHD income limits, which vary by county and size of household

And the property requirements include:

  • Must be a single- or two-family home, condo, townhome, or manufactured home; can also be a four-unit home if you live in one of the units as your primary residence
  • Must be in Nevada
  • Must be a primary residence
  • Must be below $647,200.00

For more information on getting a grant and also learning about refinance programs, take a look at this.

All program applicants must complete an online homebuyer education course offered by either the Nevada Housing Division or the Nevada Rural Housing Authority. Borrowers receive a certificate to provide to their lender once the course is completed. Visit the NHD Home Is Possible official site to get more information and start your application process.

Christopher Charles spent 6 years in the mortgage industry before moving into the world of digital media. He's helped thousands of families buy and refinance real estate at banks and mortgage companies and now continues that mission through industry-leading content. Chris is known for his expertise in the mortgage & real estate industry and continues to produce content all over the web.

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