When it’s time to buy your first home, there’s plenty to consider, and where you choose to buy is important. Nevada draws residents thanks to industries including aerospace and defense, gaming and tourism, mining and natural resource management. It’s the seventh-largest state by landmass, though only approximately 3 million people call The Silver State home. That means you could find some wide-open spaces depending on which city or town you choose, from Las Vegas to the state capital of Carson City.
When it comes to purchasing your first home, the Nevada Housing Division can be an important resource. The agency was created by the state in 1975 to help low- and moderate-income families and individuals secure affordable housing. Here’s what you need to know about the organization’s programs for first-time homebuyers.
Nevada first-time homebuyer loan programs
NHD Home Is Possible for First-Time Home Buyers
The Nevada Housing Division’s (NHD) “Home Is Possible” programs help homebuyers with obtaining a mortgage and down payment and closing cost assistance. Among the Home Is Possible programs is a mortgage specifically for first-time homebuyers, which comes with down payment assistance of up to 4 percent of the total loan amount as a second mortgage, forgivable after three years (so long as you stay in the home). A first-time buyer is someone who has not owned a home in the past three years.
You can work with one of more than 80 approved mortgage lenders throughout the state to determine your eligibility for the program, which comes with either an FHA, VA or USDA loan (no conventional loans).
Borrower requirements:
- 660 minimum credit score
- Maximum 45 percent debt-to-income ratio
- Must complete free homebuyer education course (available online)
- Must meet NHD income limits, which depend on 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 one-time fee of $755, due at closing
Property requirements:
- Must be a single- or two-family home, condominium, townhome, manufactured home (except with Freddie Mac); 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 $294,601 to $408,477
NHD Home Is Possible Program
Aside from the first-time homebuyer mortgage and assistance offered through Home Is Possible, the NHD also offers first-time and repeat buyers a similar mortgage and down payment assistance via the program, up to 5 percent of the total loan amount. This three-year loan is forgivable if you stay in the home.
Borrower requirements:
- Can be a first-time homebuyer or repeat buyer, but you must not own another property at time of closing
- Must complete free homebuyer education course (available online)
- Must meet NHD income limits, which vary by type of loan (for FHA, VA and USDA loans, your income must be below $105,000; for conventional loans, the maximum income varies by county)
Property requirements:
- Must be a single-family home, condo, townhome or manufactured home
- Must be in Nevada
- Must be a primary residence
- Must be below $548,250
NHD Home Is Possible for Teachers
This additional Home Is Possible program for educators gives kindergarten through 12th-grade teachers in Nevada $7,500 for the down payment or closing costs for a home, as well as a below-market rate on a mortgage. There is no first-time homebuyer requirement for this program, but you must not own property at the time of closing. 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 the first mortgage; live in the home as your primary residence; and take a homebuyer education course. The maximum purchase price is $548,250.
Note that the Home Is Possible for Teachers 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 homebuyers who have served in the military purchase a home. Through this program, you can get a 30-year loan at a below-market rate, which can be combined with another down payment assistance program if needed.
Borrower requirements:
- 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
Property requirements:
- 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 meet NHD purchase price limits, which vary by location and range from $280,125 to $389,125
Arizona down payment assistance
Home At Last Down Payment Assistance
The “Home At Last” down payment assistance program from the Nevada Rural Housing Authority offers down payment assistance in the form of a three-year, interest-free, no-payment second mortgage, forgivable after three years of living in the home as a primary residence. Income limits and credit score requirements are based on the loan product chosen, either a 30-year, fixed-rate conventional, FHA, VA or USDA loan. There are no purchase price limits for this program, though the mortgage lender can set their own limit.
You don’t need to be a first-time homebuyer to be eligible, but you must complete a free online education course and work with a participating lender to qualify.
Other first-time homebuyer loan programs
While you’re considering first-time homebuyer programs in Nevada, be sure to explore other programs that could help you achieve your goal of homeownership. Get started with Bankrate’s guide to national first-time homebuyer loans and programs.
For other Nevada homeownership programs, visit HUD.gov.
Get started
Now that you’re in the know on the first-time homebuyer options available in Nevada, you’re ready to get started with your home purchase. While the Nevada Housing Division doesn’t make loans or financing decisions, the agency does provide a list of preferred mortgage lenders who can help you determine what you qualify for.
Regardless of which program you choose, be sure to shop for the best loan for your unique situation, and compare multiple offers to make sure you’re getting the best deal.
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