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.

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