September 19, 2021

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Nevada First-Time Homebuyer Assistance Programs

When it is time buy your first homeThere is a lot to consider, and where to buy is important. Nevada attracts residents thanks to industries such as aerospace and defense, gambling and tourism, mining, and natural resource management. It is the seventh largest state by land mass, although only about 3 million people call the Silver State home. That means you can find some sprawling spaces from Las Vegas to the state capital, Carson City, depending on the city you choose.

When it comes to buying your first home, the Nevada Housing Division can be a vital resource. The agency was founded by the state in 1975 to help families and low- and middle-income individuals secure affordable housing. Here’s what you need to know about the organization’s first-time buyer programs.

Nevada first-time home loan programs

NHD-Haus is possible for first-time buyers

The Nevada Housing Division (NHD) Home Is Possible programs help home buyers obtain a mortgage, make a down payment, and assist with closing costs. The Home Is Possible programs include a first-time home mortgage that comes with the home Advance payment assistance up to 4 percent of the total loan amount as a second mortgage, forgivable after three years (as long as you stay at home). A first-time buyer is someone who has not owned a home in the past three years.

You can work with any of 80+ approved mortgage lenders across the state to determine if you are eligible for the program, which comes with either an FHA, VA, or USDA (non-traditional) loan.

Borrower Requirements:

  • Minimum score of 660
  • Maximum 45 percent debt-to-income ratio
  • Must complete a free homebuyer training course (available online)
  • Must meet NHD Income limitswhich depend on the county; The lowest limit is $ 75,000 for two or fewer people in Churchill, Clark, Esmeralda, Lincoln, Lyon, Mineral, Nye, Pershing, and White Pine counties, and the highest limit is $ 119,600 for three or more people in Eureka County
  • Must pay a one-time fee of $ 755 payable upon completion

Ownership Requirements:

  • Must be a one- or two-family home, condominium, townhouse, or prefabricated house (except for Freddie Mac); can also be a four-unit house 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 state and range from $ 294,601 to $ 408,477

NHD Home is a possible program

Aside from the first-time mortgage and homebuyer assistance offered through Home Is Possible, the NHD is also offering similar mortgage and down payment assistance to first-time and repeat buyers through the program, up to 5 percent of the total loan amount. This three year loan is forgivable if you stay at home.

Borrower Requirements:

  • May be a first time or repeat buyer, but you are not allowed to own any other property at the time of deal
  • Must complete a free homebuyer training course (available online)
  • NHD income limits must be adhered to, which vary depending on the type of loan (FHA, VA, and USDA loans require your income to be less than $ 105,000; traditional loans have maximum income that varies by state).

Ownership Requirements:

  • Must be a single family home, condo, townhouse, or prefabricated house
  • Must be in Nevada
  • Must be a primary residence
  • Must be less than $ 548,250

NHD Home is possible for teachers

This additional Home Is Possible educator program provides kindergarten through 12th grade teachers in Nevada $ 7,500 for the down payment or closing cost of a home and a below-market interest rate on a mortgage. There is no first-time buyer requirement for this program, but you are not allowed to own a property at the time of graduation. You must also have an income below $ 105,000; Meet credit minimums (660 for an FHA loan and 640 for a VA or USDA loan); Pay a one-time fee of $ 755 on your first mortgage; live in the apartment as their main residence; and take a homebuyer training course. The maximum purchase price is $ 548,250.

Note that the Teachers Can Use Home program is available for a limited time in 2021.

NHD Hero to Home program

The Hero to Home program through the NHD is designed to help first-time buyers who have served in the military purchase a home. This program allows you to get a 30 year loan at a below market price that can be combined with another down payment support program if necessary.

Borrower Requirements:

  • Minimum score of 640 (although the minimum score may vary depending on the loan type)
  • Must be a first-time buyer on active service in the military; a veteran honorable discharge; or National Guard service personnel
  • Must take a Homebuyer training course (available in person or online)
  • Must adhere to NHD income limits, which vary depending on the state and household size

Ownership Requirements:

  • Must be a one- or two-family home, condominium, townhouse or prefabricated house; can also be a four-unit house if you live in one of the units as your primary residence
  • Must be in Nevada
  • Must be a primary residence
  • Must adhere to NHD purchase price limits, which vary by location and range from $ 280,125 to $ 389,125

Arizona Down Payment Assistance

Down payment help at home at last

The Nevada Rural Housing Authority’s Home At Last Down Payment Assistance Program provides down payment assistance in the form of a three-year, interest-free, non-affordable second mortgage that can be mortgaged as a home mortgage after three years in the home. Income limits and creditworthiness requirements are based on the loan product selected, either a 30 year conventional fixed rate, FHA, VA, or USDA loan. There are no purchase price limits on this program, although the mortgage lender can set their own limit.

You don’t have to be a first-time buyer to be eligible, but you must take a free online training course and work with a participating lender to qualify.

Other first-time buyer loan programs

If you are thinking about first-time home purchaser programs in Nevada, there are other programs you should try that can help you achieve your home ownership goal. Start with the Bankrate to National guide Loans and Programs for First Time Buyers.

For more Nevada home ownership programs, visit HUD.gov.

Getting started

Now that you know about the first homebuyer options available in Nevada, you can start buying your home. While the Nevada Housing Division doesn’t make any loan or funding decisions, the agency does offer one List of preferred mortgage lenders Who can help you determine what you qualify for?

Whichever program you choose, make sure that Buy the best loan for your unique situationand compare multiple offers to make sure you get the best deal.

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