First-Time Homebuyer Programs in Nevada

The down payment on a new home is often the biggest hurdle for first-time homebuyers. In Nevada, with an average home value of $441,637, a down payment of $88,327 is typically needed to avoid buying private mortgage insurance.

First-time homebuyer programs in Nevada help make homeownership more accessible. Some mortgages let you make a smaller down payment, but they often have income limits and require mortgage insurance. MoneyGeek explores several state-specific and government-backed first-time homebuyer programs for people from different financial backgrounds.

Nevada First-Time Homebuyer Programs

Nevada offers grants and loans to assist first-time homebuyers in covering down payment and closing costs. We compiled the first-time homebuyer programs offered by the Nevada Housing Division (NHD) to help you find the best option for your particular needs and situation.

Home Is Possible For First-Time Homebuyers

The Home Is Possible For First-Time Homebuyers mortgage program provides interest-free down payment assistance, offering up to 4% of the loan amount. This assistance can cover down payments and closing costs and includes a competitive 30-year fixed interest rate. Available statewide, the program offers a non-forgivable loan that borrowers must repay over time.

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ELIGIBILITY REQUIREMENTS

To qualify for the Home Is Possible For First-Time Homebuyers program, you must meet specific eligibility requirements:

  • Be a first-time homebuyer (no homeownership in the past three years)
  • Meet county-specific income and purchase price limits
  • Have a minimum credit score of 640
  • Have a maximum debt-to-income ratio of up to 50%, depending on credit score and loan type
  • Live in the home as the primary residence
  • Meet standard underwriting requirements
  • Complete a homebuyer education course

Home Is Possible

The Home Is Possible program in Nevada offers down payment and closing cost assistance of up to 5% of the loan amount. It includes a competitive 30-year fixed interest rate and is available statewide to first-time and repeat homebuyers. Financing is also available for manufactured homes.

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ELIGIBILITY REQUIREMENTS

To qualify for the Home Is Possible program, you must meet specific eligibility requirements:

  • Meet the income limit of $160,000
  • Meet the home purchase price limit of $766,550
  • Have a minimum credit score of 640 (680 for manufactured homes)
  • Meet the maximum debt-to-income ratio: 50% for government loans with 680+ credit score or 45% otherwise
  • Complete a homebuyer education course
  • Live in the home as the primary residence
  • Can own a property outside Nevada at closing

Home Is Possible For Teachers

The Home Is Possible For Teachers program provides $7,500 in down payment and closing cost assistance to licensed full-time K–12 public school teachers in Nevada. The aid is forgivable after five years if the teacher stays in the home. The program offers a below-market 30-year fixed interest rate, is available statewide and doesn't require applicants to be first-time homebuyers.

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ELIGIBILITY REQUIREMENTS

To qualify for the Home Is Possible For Teachers program, you must meet specific eligibility requirements:

  • Be a licensed full-time K–12 public school classroom teacher in Nevada
  • Meet the income limit of $160,000
  • Meet the purchase price limit of $766,550
  • Have a minimum credit score of 640 (680 for manufactured homes)
  • Have a maximum debt-to-income ratio of 50%, depending on the loan type
  • Don't own another property at the time of closing
  • Complete a homebuyer education course
  • Use the home as the primary residence

Zero-Down-Payment Loan Programs in Nevada

Nevada offers zero-down-payment loan programs that allow you to purchase a home without putting money down. USDA and VA loans are government-backed options that provide this benefit.

USDA Loans

USDA loans, offered through the U.S. Department of Agriculture's Rural Development Guaranteed Housing Loan program, help individuals and families in rural areas who may not qualify for traditional financing.

USDA loans offer several benefits, including no down payment requirements, lower interest rates than conventional loans and reduced mortgage insurance costs. These loans make homeownership more accessible to low-to-moderate-income households in eligible rural areas.

To qualify for a USDA loan, the property must be 2,000 square feet or below and located in a USDA-eligible rural area with a population of less than 35,000. Income limits vary by location. For example, in Lander County, Nevada, the income limit for a four-person, low-income household is $89,850, while in Lyon County, Nevada, it's $73,850.

VA Loans

VA loans from the U.S. Department of Veterans Affairs are for veterans, active-duty service members and certain National Guard and Reserve members. They offer home financing with benefits tailored to those who have served.

VA loans come with several advantages, including a no-down payment option. They don't require private mortgage insurance, which can save you money over the life of the loan. VA loans also typically offer lower interest rates than private loans. As of November 2024, the APR for a 15-year fixed-rate VA loan in Nevada is 6.16%, while the APR for a 30-year fixed-rate VA loan is 6.43%.

Eligibility depends on several factors, including the service length or commitment, duty status and character of service. Applicants must also meet location-based income limits and have a valid certificate of eligibility (COE).

Low-Down-Payment Loan Programs in Nevada

First-time homebuyers in Nevada can access low-down-payment loan programs to finance their homes with a down payment of 3.5% or less. These programs include conventional, FHA and FHA 203(k) loans.

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    Conventional Loans

    Conventional loans are popular mortgage options, offering flexibility with a 3% down payment, depending on the lender. These loans are classified into conforming loans, which adhere to Freddie Mac or Fannie Mae guidelines, and non-conforming loans, which exceed conforming limits.

    A down payment of 20% or less requires private mortgage insurance (PMI). To qualify, you need a minimum credit score of 620 and a debt-to-income ratio of 43% or lower.

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    FHA Loans

    FHA loans are backed by the Federal Housing Administration and follow its policies. In Nevada, the mortgage limit for single-family homes is $766,550; for two-family properties, it's $981,500. These loans require a minimum credit score of 500 and a 3.5% down payment. PMI is mandatory if the down payment is less than 20%.

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    FHA 203(k)

    FHA 203(k) loans combine renovation costs into the mortgage, not just as a separate renovation loan. You can secure a mortgage with a 3.5% down payment. Eligibility requires a credit score between 500 and 580 and a front-end debt-to-income ratio of 31% or less. It's available to more than just first-time buyers, but you can't hold two FHA loans simultaneously.

FHA vs. Conventional Loan: Which Is Right for You?

FHA and conventional loans are often compared, as they're the most common types of mortgages. FHA loans require at least a 3.5% down payment, while conventional loans can require as low as 3% for first-time homebuyers. Conventional loans typically have stricter credit score and debt-to-income ratio requirements than FHA loans.

As of November 2024, the current APR for a 15-year fixed-rate conforming loan in Nevada is 6.04%. The APR for a 15-year fixed-rate FHA loan is 8.48%. FHA loans can have higher APRs because they often include more fees and costs associated with government-backed loans.

Use our FHA vs. conventional loan calculator below to compare both mortgage programs and determine the best option.

FHA vs. Conventional Loan Calculator

Compare FHA and conventional mortgage programs to better understand your loan opportunities in Nevada.

Basic Details

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Calculation Results
Financial AnalysisFHAConventionalDifference
Monthly Payment (First Year)FHA$0Conventional$0Difference$0
Upfront Costs FHA$0Conventional$0Difference$0
Total 30-Year CostFHA$0Conventional$0Difference$0
Total 5-Year CostFHA$0Conventional$0Difference$0
Monthly Mortgage Insurance (First Year)FHA$0Conventional$0Difference$0
Down PaymentFHA$0Conventional$0Difference$0
Calculator results are rounded to the nearest whole dollar.
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RECOMMENDED CREDIT SCORES FOR FIRST-TIME HOMEBUYERS

Qualifying for first-time homebuyer programs often involves meeting minimum credit score requirements, which vary by loan program. Conventional loans typically require a 620 credit score, while government-backed loans like FHA loans may need a minimum credit score of only 500.

Nevada's average credit score was 702 in the third quarter of 2023, according to Experian. If your credit score matches or exceeds this average, you'll likely meet the criteria for various first-time homebuyer programs.

FAQ: First-Time Homebuyer Programs in Nevada

We addressed frequently asked questions about first-time homebuyer programs in Nevada to help you evaluate your options and move closer to owning a home.

Does Nevada have first-time homebuyer programs?

What qualifies me as a first-time homebuyer in Nevada?

Can you buy a house in Nevada with no down payment?

Who can help me with my down payment on a house in Nevada?

Additional Resources for First-Time Homebuyers in Nevada

Explore additional MoneyGeek resources for first-time homebuyers in Nevada to help you with the homebuying process.

About Zachary Romeo, CBCA


Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.


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