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Nevada First-Time Homebuyer Programs

If you’re looking to buy your first home in the state of Nevada, you may be able to get some financial assistance. Nevada has several programs dedicated to helping new homebuyers that can chip in on the down payment and keep interest rates low. Keep in mind, there are certain eligibility requirements you must meet in order to qualify.

Besides providing financial assistance with mortgage loans, Nevada also offers other programs, such as educational classes, counseling and assistance with legal issues, to help with the overall homebuying experience and other home-related circumstances, such as foreclosures and refinancing.

In this guide, we will cover:

Nevada first-time homebuyer programs

Nevada has several agencies that offer first-time homebuyer programs, including the Nevada Housing Division and the Nevada Rural Housing Authority. These agencies provide special programs that target new homebuyers looking for helpful resources and financial assistance.

Eligibility for Nevada assistance

Each homebuyer program in Nevada has its own eligibility requirements, but there are some similarities. Most programs want to ensure you will live at the property as your primary residence and define “first-time homebuyer” as somebody who hasn’t owned a home in the past three years.

Home is Possible

Features

  • Down payment or closing cost assistance, up to 5% of the mortgage amount, structured as a forgivable loan
  • Competitive, 30-year mortgages
  • Available statewide
  • Available for manufactured homes
  • $675 program fee

Eligibility

To qualify, borrowers must:

  • Earn an annual income of no more than $98,500
  • Purchase a home that costs no more than $400,000
  • Maintain a credit score of 640 or higher
  • Live in the home as their primary residence
  • Complete a homebuyer education course
  • Meet underwriting requirements specific to the loan

How it works

The Home is Possible program targets borrowers with low-to-moderate incomes who need assistance with either down payments or closing costs. While this is especially useful for first-time buyers, that is not a requirement here.

To apply for the Home Is Possible program, you will first need to find an approved lender in your area. These lenders can help provide assistance with the entire loan application process, while providing you with different financial options. Once approved, the down payment and closing cost assistance is structured as a loan forgivable after remaining in the home for three years.

Home is Possible For Heroes

Features

  • Below-market rates on 30-year, fixed-rate mortgages
  • Available throughout the state
  • $675 program fee
  • Can be combined with the mortgage credit certificate without the borrower needing to pay the certificate fee

Eligibility

To qualify, the borrower must:

  • Be actively serving the military, have been honorably discharged, or be the surviving spouse of a military member
  • Earn annual income no more than $98,500
  • Purchase a home that costs no more than $400,000
  • Be eligible for a VA or USDA loan
  • Maintain a credit score of 640 or higher
  • Live in the home as their primary residence
  • Complete a homebuyer education course
  • Meet underwriting requirements

How it works

Apply for the Home Is Possible For Heroes program by finding an approved lender in your area who can help assist with the entire loan application process. These lenders can also provide you with different financial options that fit your budget.

Home is Possible for Teachers

Features

  • Down payment and closing cost assistance up to $7,500 as a 5-year forgivable loan
  • Below-market, fixed interest rates on a 30-year mortgage
  • Available statewide
  • $675 program fee
  • Can be combined with mortgage credit certificate at a discounted fee

Eligibility

To qualify, borrowers must:

  • Work as a full-time public school teacher
  • Earn annual income of no more than $98,500
  • Purchase a home that costs no more than $400,000
  • Maintain a credit score of 660 or higher
  • Take out a loan through a government-insured program, such as FHA
  • Live in the home as their primary residence
  • Complete a homebuyer education course
  • Meet underwriting requirements

How it works

The Home is Possible for Teachers program is designed for those who teach K-12 in Nevada’s public school system and doesn’t require borrowers to be a first-time homebuyer. Start by finding an approved lender to begin the process for the Home Is Possible for Teachers program. A qualified lender can help provide assistance with the loan application process and financial options.

The down payment and closing cost assistance is structured as a loan that’s forgiven after five years of living in the home.

Mortgage credit certificate

Features

  • Tax credit worth up to 30% of interest paid on the mortgage loan
  • Available statewide
  • $795 program fee and $300 application fee
  • Available at a $400 discount when combined with Home Is Possible
  • No program fees for veterans who qualify

Eligibility

To qualify, borrowers must:

  • Be first-time homebuyers or qualified veterans
  • Earn annual income under a certain limit, which varies by county but is generally between $70,000 and $90,000
  • Purchase a home within a certain price limit, which varies by county but is generally between $271,000 and $340,000
  • Live in the home as their primary residence
  • Complete a homebuyer education course
  • Meet underwriting requirements

How it works

The mortgage credit certificate helps people save with tax credits that continue throughout the duration of the loan. To apply for the program, you’ll start by finding an approved lender  in your area. A qualified lender can offer assistance with the loan application process while suggesting different financial options available to you.

The tax credit is calculated as a percentage of the mortgage interest you paid in that year. The Nevada Housing Division says most people save about $2,000 per year.

Home at Last down payment assistance

Features

  • Down payment assistance up to $19,000, structured as a 3-year forgivable loan
  • Available with FHA, VA, USDA Rural Development or conventional loans
  • No purchase price limits
  • No program fees but some costs are associated with using the program

Eligibility

To qualify, borrowers must:

  • Meet income limits; for conventional loans, this is $135,000 and for FHA, VA, and USDA loans, this is $116,000
  • Maintain a credit score of 640 or higher
  • Have a debt-to-income ratio no more than 50%
  • Live in the home as their primary residence
  • Meet underwriting requirements

How it works

To get started with the Home at Last down payment assistance program, you’ll need to search for an approved lender. They’ll help you through the process.

The down payment assistance is structured as a zero-interest loan that’s forgiven after three years of living in the home.

Home At Last mortgage credit certificate

Features

  • Tax credit worth 20% or 30% of the mortgage interest paid per year
  • Can choose to claim the credit annually or adjust withholding to keep more money per paycheck
  • No minimum credit score
  • $795 program fee and possible $300 application fee
  • Can be paired with Home at Last down payment assistance

Eligibility

Borrowers must:

  • Be first-time homebuyers or qualified veterans
  • Meet income limits, which vary by county but are generally between $70,000 and $95,000
  • Fall within purchase price limits, which vary by county but are generally between $271,000 and $341,000
  • Complete a homebuyer education course

How it works

The Home At Last mortgage credit certificate offers financial assistance to first-time homebuyers thanks to a sizable tax credit that continues for the loan’s term. To start, you’ll need to find an approved lender. They’ll help you navigate the application process as you buy the home.

The tax credit can be either 20% or 30% of the mortgage interest paid per year. The 30% credit is capped at $2,000, but the 20% credit has no cap.

National first-time homebuyer programs

While Nevada has many first-time homebuyer assistance programs, you can also find other options available nationwide. National programs include the Single Family Housing Guaranteed Loan Program, which offers low-to-moderate-income borrowers help purchasing a home in rural neighborhoods, and Single Family Housing Direct Home Loan (also known as Section 502 Direct Loans) helping those with lower income levels to buy in rural areas. Other nationwide programs include Habitat for Humanity, FHA, VA and USDA loans. To learn more about these options, visit LendingTree’s general guide to first-time homebuyer programs.

 

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