NV Home Is Possible
Down Payment Assistance Program and
Nevada First-Time Homebuyer Assistance
VARIOUS NV HOME IS POSSIBLE PROGRAMS
Nevada First-Time Homebuyer Programs
Home Is Possible (HIP) is a multifaceted program funded by the Nevada Housing Division to assist qualified first-time buyers. However, there are programs for others who want to buy a home in Nevada. As a sign of the times, given affordability concerns, Nevada has developed programs to help cover the upfront costs of buying a home.
There are also ones for teachers and first responders. If you’ve been saving for a down payment, these programs provide cost assistance. Providing several down payment assistance programs geared toward first-time homebuyers gives potential home buyers a bit of financial relief and additional financing options. Program mortgage rates in Nevada downpayment assistance programs may also be below market rate.
One important definition to keep in mind: a first-time homebuyer in Nevada’s Home is Possible program refers to anyone who has not owned a home in the last 3 years. This is important because most people take that term at its face value, which is incorrect.
Challenged areas of the state offer assistance to current owners and investors. See below. Teachers and first responders have programs. Rural Nevada has its own program, too. Please note: relocating homebuyers with properties in another state may also qualify. What’s really important is using an agent and lender who are familiar with the program.
NV Home Is Possible Down Payment Assistance Facts & Summary
NV Home is Possible (HIP) Down Payment Assistance Program
The Home Is Possible (HIP) Program, offered by the Nevada Housing Division, is one of Nevada’s most popular first-time homebuyer assistance programs. Designed to make homeownership more accessible, HIP provides down payment and closing cost assistance to qualified buyers across the state.
Eligible homebuyers can receive up to 4%–5% of the total loan amount to reduce upfront costs, paired with a competitive 30-year fixed mortgage rate.
This program is ideal for buyers who can afford monthly mortgage payments but need help covering the initial cash required to purchase a home.
📝 Complete Guide to the HIP Program
❓What Is the Home Is Possible Program?
The Home Is Possible (HIP) program is a state-backed down payment assistance (DPA) program launched in 2014 to help low- to moderate-income buyers achieve homeownership.
It works by providing a second mortgage or grant-style assistance that can be used toward:
- Down payment
- Closing costs
- Prepaid expenses (in some cases)
In most cases, the assistance is structured as a low- or no-interest loan, sometimes with deferred or conditional repayment depending on the program version.
🔑 Key Program Benefits
- Up to 4%–5% assistance of the loan amount
- Can be used for down payment and closing costs
- Competitive 30-year fixed interest rates
- Available statewide in Nevada
- Designed for first-time buyers and repeat buyers (in some versions)
- Helps reduce out-of-pocket cash needed at closing
💡 Many buyers can purchase a home with significantly less upfront cash, making entry into the market much easier.
📃Eligibility Requirements
To qualify for the HIP program, buyers typically must:
- Be a first-time homebuyer (no ownership in past 3 years, for HIP First-Time program)
- Meet income limits (varies by county and loan type)
- Purchase a home within the price limits set by the program
- Have a minimum credit score of 640
- Maintain a debt-to-income ratio up to ~45%–50%
- Occupy the home as a primary residence
- Complete a homebuyer education course
🔍What Home Buyers Need to Know
1. Assistance Is Not Always “Free.”
While some versions are forgivable, others are structured as a repayable second loan. Repayment may be required when:
- You sell the home
- You refinance
- You pay off the first mortgage
2. Interest Rates May Be Slightly Higher
HIP loans can come with slightly higher interest rates compared to conventional financing without assistance. This is the trade-off for reduced upfront costs.
That’s called “Premium Pricing” the loan – paying for closing costs by bumping the interest rate. Other ways to cover closing costs include a family contribution or a home seller contribution.
3. Works With Multiple Loan Types
The program can be paired with:
- FHA loans
- VA loans
- USDA loans
- Conventional loans
4. Education Is Required
All buyers must complete a homebuyer education course, which helps prepare you for:
- Budgeting
- Mortgage responsibilities
- Long-term homeownership success
5. Income & Purchase Limits Matter
Limits vary by:
- County (Clark County, Washoe County, etc.)
- Household size
- Loan type
✅ Pros and ❌ Cons of the HIP Program
✅ Pros:
- Lower upfront cash requirement
- Makes homeownership accessible sooner
- Flexible loan options (FHA, VA, Conventional)
- State-backed and widely accepted
❌ Cons:
- Possible repayment requirement
- Higher interest rates vs. non-DPA loans
- Additional qualification steps
- Limits on income and home price
🎯Frequently Asked Questions (FAQs)
Is the HIP program only for first-time buyers?
Not always. While the HIP First-Time Homebuyer Program requires first-time status, other HIP programs allow repeat buyers
How much assistance can I get?
Typically up to 4%–5% of the loan amount, depending on the program and loan type.
Do I have to repay the assistance?
It depends on the program structure. Some are forgivable after a certain period, while others must be repaid upon sale or refinance.
What credit score do I need?
Most programs require a minimum credit score of 640.
Can I use this program with FHA or VA loans?
Yes. HIP is commonly paired with FHA, VA, USDA, and conventional loans.
Is the program available statewide?
Yes, the HIP program is available throughout Nevada.
How do I apply?
You must apply through an approved HIP lender and complete a homebuyer education course.
🏁 Final Thoughts
The Nevada Home Is Possible (HIP) Program is one of the most effective tools for first-time buyers who need help overcoming the biggest hurdle to homeownership: the upfront cost.
With thousands of Nevada buyers already helped, HIP continues to be a powerful pathway to owning a home—especially in competitive markets like Las Vegas and Henderson.
Kurt and Terri Grosse
Call or Text Us Today At 702-750-7599
Links That May Be Useful:
Nevada Health Exchange
Clark County School District
Las Vegas – Clark County Public Library
Clark County Park Locator Tool
FAQs About The Home Is Possible Program - Nevada
💰 What Is The Income Limit For The Home Is Possible In Nevada?
The income limit for the Home Is Possible program in Nevada varies. Some programs have limits and some don’t. The best way to find out the current loan and income limits are to speak with a Home Is Possible Specialist lender. We have two HIP Specialists Lenders listed on our page.
🏡 What Is The Home Is Possible Program?
Nevada’s Home is Possible program is several things but mainly it’s a program where Nevada gives you 2-4% of the home price TO USE for the duration of your loan. It is not a gift. It’s a loan with zero percent interest and no monthly payment. It’s a great way to save $100+ each month on your payment.
📄 Home Is Possible Program Application
There is no reason to get a Home is Possible application until you speak with a Nevada lender to see if you qualify. Even if you don’t fit into the exact requirements, programs are constantly changing and you should talk with an expert. After getting prequalified, ask for an application unless you’re buying a new home. Some builders have interest rate discounts tied to you using their specific lender. You still need to compare because their incentives are sometimes not worth taking.
📊 Home Is Possible Interest Rates
Home is Possible loan rates are 0% interest for the life of the loan with no monthly payment on the money. There is a main loan that you negotiate with the lender and the seller. Home is Possible money can be used toward your downpayment or closing costs. Home sellers can also contribute or buy down your interest rate for you. It’s a great program with many possibilities. Talk to us at 702-750-7599 before doing anything. We can help protect your interests throughout the process and answer questions.
💵 $20,000 Down Payment Assistance Las Vegas
Nevada used to offer $20,000 down payment assistance in Las Vegas. That has evolved into the Home Is Possible program and is not limited to first-time homebuyers, first responders, or $20,000 anymore. Talk to a Home Is Possible Specialist. There are two listed on our webpage. The program now provides 2-4% of the home price for downpayment and/or closing costs as a long-term loan, not a gift, but it’s at zero percent interest with no monthly payment required.
👩🏫 First-Time Home Buyer Grants Las Vegas
In the Home Is Possible program, there are no grants. It is mainly 0% interest loans with the exception being teachers. Teachers are relieved of 1/60th of the money each month they owner-occupy the home for 5 years. Other people pay the money back when they refinance or sell their home. These programs are constantly changing. Be sure to consult with a HIP Specialist Lender.
📢 NOTE: Nevada’s Programs are constantly changing. The current model is highly popular and easy to manage, so we expect it to be around for a while. With the Due on Sale clause, it provides money in the future instead of running out of money and needing to re-fund the account. It benefits everyone fortunate enough to fit in their qualification box.
Start looking at homes and area information on our informational website.
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VARIOUS NV HOME IS POSSIBLE PROGRAMS (HIP)
Nevada First-Time Homebuyer Down Payment Assistance Programs
Any Nevada resident may qualify because the Home is Possible assistance options include “previous homeowner programs”. There are also ones for teachers and first responders. If you’ve been saving for a down payment, these programs provide cost assistance, and you may be able to buy a house now. Talk to us.
There are a variety of programs available, including the Nevada Rural Housing Program, to help you purchase a home. A rural Nevada first-time homebuyer program helps with down payments through assistance options.
What most programs have in common is that down-payment assistance is in the form of a second-trust deed. There is no monthly payment on the money and no interest. The money loaned must be repaid when the homeowner sells, refinances, or reaches 30 years. Applicants must have a 640+ credit score to qualify.
HOW TO QUALIFY FOR A “HOME AT LAST”
The Home Is Possible and Home At Last programs are separate from the Home First program. All three provide Nevada down payment and closing cost assistance (DPA Programs) for first-time homebuyers in the state.
Home Is Possible assistance programs for first-time homebuyers strictly provide assistance toward down payment and closing costs. Assistance worth up to 4 percent is provided, but buyers may still require a down payment from savings, family, or the home seller.
The percentages provided to the home buyer depend on which program you qualify for. There are home sale price limits. Essentially, you can pay no money out of your pocket if you have gift money or a seller contribution.
Applicants must take a homebuyer education course administered by the Nevada Housing and Urban Development Office. It’s important to explain the terms used, the requirements, and the program details. Many first-time buyers find the course invaluable.
Once the course is completed, future homeowners can decide which home loan is right for their specific needs. Private mortgage insurance is a consideration when planning how to use funds and determining affordability. Until then, I’m happy to talk with you and refer you to an approved lender.
Explore Further:
Cities In Las Vegas
Las Vegas
Henderson
North Las Vegas
Boulder City
West of Las Vegas
Mt. Charleston
Pahrump
South of Las Vegas
Sloan
Sandy Valley
Goodsprings
Southeast of Las Vegas
Laughlin
Searchlight
North of Las Vegas
Indian Springs
Mesquite
Moapa
Logandale and Overton
NO PAYMENT – DOWN PAYMENT ASSISTANCE MORTGAGE
Down Payment Assistance Programs ~ Also In Nevada Rural Areas
Loan programs limited to first-time homebuyers in Nevada are offered by approved lenders in homeownership programs. They must be members of the Greater Nevada Mortgage Association and an approved federal home loan bank.
Any Nevada resident may qualify because the Home is Possible program for first-time home buyers also provides “previous homeowner programs”.
Not all programs require living in a more populated area. The educational class covers eligibility requirements, mortgage lenders, and mortgage credit requirements, payments, and closing costs. Assistance comes in the form of either a down payment or closing costs; the choice is yours. Ask your accountant about which is better in your situation.
You do have to live in the home. Your mortgage payment won’t include the second mortgage for the life of the loan. In escrow, you can choose whether to use the funds towards the property’s down payment or closing costs. There is no mortgage interest charged on the 2nd mortgage.
Learn Your Home And Property’s Value
DOWNPAYMENT ASSISTANCE PROGRAMS FOR NEVADA FIRST-TIME HOME BUYER PROGRAMS
The Nevada Rural Housing Authority Program offers a loan program specifically for manufactured homes for first-time homebuyers in the state’s less populated areas.
A Mortgage Credit Certificate (MCC) is a separate program from the Nevada Housing Division that encourages home ownership in specific, lower-income targeted areas. We work in all of Clark County and consider much of the approved “targeted areas” great investments.
BUY A HOME IN NEVADA ~
Assistance Programs For First-Time Homebuyers In Nevada
This program helps make a down payment for anyone with an income of $165,000 or less. The down payment assistance program allows the buyer to borrow either 3% or 5% of the purchase price to be used toward the down payment or closing costs. This loan is non-forgivable and only due on sale, refinance, or after 30 years, whichever comes first.
It is a 0% interest, 0 payment 2nd trust deed. All this means is that it is a loan secured by the home, and if the home is sold or refinanced, the main mortgage is paid off first from the proceeds.
The maximum home price is a whopping $832,750. A minimum credit score of 640 is required. Unlike other programs, you may own one property outside the State of Nevada. This helps people who are relocating but still have to sell their other home.
FIRST TIME HOME BUYER PROGRAMS IN NEVADA
I wish they would change the name of this program. You don’t have to be a first-time homebuyer to qualify. It is for NEVADA first-time and repeat buyers. You just can’t have owned a home in Nevada during the last 3 years. You can have a home out-of-state. The available assistance is a loan at either 2% or 4% of the purchase price. This can be used for down payment, closing costs, or both.
The Nevada mortgage loan is also a 2nd trust deed. It is also a 0% interest, 0-payment loan. Upon the sale of the property, a refinance of the home, or 30 years (whichever comes first), is when the loan needs to be paid off.
There are some other qualifications. A minimum credit score of 640 is required. You cannot own another property at the time of purchase. The maximum purchase price for Clark County is $544,232. For a couple or a single person, the maximum annual income is $102,000. For a family of 3 or more, the maximum annual income is $117,300.
HOME IS POSSIBLE FOR TEACHERS IN NEVADA
This is a great program for public school teachers. You have to be a licensed K-12 teacher in a school in Nevada. There is $7,500 available for down payment and closing costs. This is a 0% interest loan with no payments. It is forgivable after 5 years of continuous occupation of the house.
This is prorated, so each month you are in the house, 1/60th of the loan balance is forgiven. What’s great about this program is that you do not have to be a first-time homebuyer, and there is no income limitation. You just can’t own another property at the time of purchase.
NEVADA HOUSING DIVISION TARGET AREAS HOME LOAN PROGRAM
Some areas of the valley are designated by HUD as economically disadvantaged. It is always a great idea to check if the home you are interested in is in one of these areas. If it is, there can be additional benefits to those listed above.
For example, the first-time homebuyer requirement is waived for the First Time Homebuyer Assistance Program. In addition, there are higher price limitations and income limitations. Explore the HUD Target Area Map.
Connect With A Qualified Lender For Mortgage Rates In Nevada
As with all government programs, they are only good if they have the money to lend. Currently, there is plenty of money for these first-time homebuyer assistance programs. Mostly because people aren’t aware that they may qualify. We hope you are able to increase your leverage by taking advantage of these programs, but you have to verify that your situation qualifies. Give us a call today, and we can talk about your situation. You never know until you try!
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