Hey! Nevada is a legendary land with fresh air and breathtaking landscapes that are unique worldwide. Owning a home in Nevada is the dream of many people, especially first-time home buyers. Ski lovers definitely cannot miss this state. Join Loan Factory to explore first-time home-buying assistance programs in Nevada. We will help to assist you through this process and ensure that you are happy with your choice.
If you’re looking for a first time home buyer loan in Nevada, you’re in luck. The Nevada Housing Division (NHD) offers several programs to help low- and moderate-income families and first time home buyers secure affordable housing. Here are some of the key programs available:
1. NHD Home Is Possible for First-Time Home Buyers
The "Home Is Possible" (HIP) program from the Nevada Housing Division offers first-time home buyers assistance with obtaining a mortgage and covering down payment and closing costs. This program provides up to 4% of the total loan amount as a second mortgage. A first-time buyer under this program is someone who has not owned a home in the past three years. To qualify, you will need:
- Minimum credit score: 640
- Debt-to-income ratio: Maximum 50%
- Education: Must complete a free online homebuyer education course
- Income limits: Vary by county, with limits ranging from $88,100 to $131,860 depending on household size and location
You can work with over 80 approved mortgage lenders across the state to see if you qualify for the program, which includes FHA, VA, or USDA loans (but not conventional loans).
2. NHD Home Is Possible for Teachers
For educators, the Home Is Possible program gives kindergarten through 12th-grade teachers in Nevada $7,500 for a down payment or closing costs and a below-market mortgage rate. This program does not require first-time homebuyer status but does require:
- Minimum credit score: 660 for FHA loans, 640 for VA or USDA loans
- Income limits: Below $140,000 as a single borrower
- Other requirements: Must complete a homebuyer education course and pay a one-time fee of $755 on the first mortgage
→ Learn more: How to qualify for a home loan first time buyer
.jpg)
--Nevada down payment assistance--
1. NHD Home First
The Home First program provides up to $15,000 in down payment support, forgivable after three years if you remain in the home. To qualify, you must be a first-time homebuyer, a Nevada resident for at least six months, and have a minimum credit score of 640. And the last, you have completed an online homebuyer education course.
2. Home At Last Down Payment Assistance
Offered by the Nevada Rural Housing Authority, this program provides down payment assistance in the form of a three-year, interest-free, no-payment second mortgage that is forgivable after three years. There are no purchase price limits and this program is suitable for many types of buyers, even if you are not a first-time homebuyer. However, you must complete a free online education course and work with a participating lender.
3. Workforce Initiative Subsidy for Homeownership (WISH) Grants
Nevada and California have teamed up with the Federal Home Loan Bank of San Francisco to help first-time homebuyers, this program offers a one-time 4:1 match of the borrower’s contribution towards down payment and closing costs, up to $29,172. To qualify, you must meet income requirements and complete a homebuyer counseling program. And you must be a member of the Greater Nevada Credit Union
4. Middle-Income Down Payment Assistance (MDPA) Grants
This program offers a one-time 5:1 match of the borrower’s contribution towards down payment and closing costs, up to $50,000. Eligibility requires completing a homebuyer counseling program and meeting income eligibility requirements.
5. Home Means Nevada Rural Down Payment Assistance
This program provides $25,000 in forgivable down payment assistance for first-time homebuyers in rural Nevada, secured by a second loan with no payments and no interest, forgivable in three years or by December 31, 2026.
Additional First-Time Home Buyer Loans
Apart from state-specific programs, several national programs offer first time home buyer loan in Nevada from Loan Factory:
- FHA Loans: Low minimum credit score (580) and down payment requirements (3.5%).
- VA Loans: For military members and veterans, with no down payment required.
- USDA Loans: No down payment mortgages for low- and moderate-income borrowers in rural areas.
→ Read more: First time home buyer loan requirements
Besides that, Loan Factory has a special program for first-time homebuyers in all states, as known as a 1% down payment program. Chief among them is the ability to put down as little as 1% and get into a home. The lender is providing a grant of 2% of the loan amount. Under this scenario, you would enter your home with 3% equity. Clients who qualify receive a 2% grant from the lender, to contribute enough 3% towards a down payment.
Hey, Nevada first-time home buyers, start your home-buying journey in Nevada with Loan Factory! Don't forget to snag our First Time Home Buyer ChecklistChecklist. And call us now at (714) 444-9999 or explore loan solutions at www.LoanFactory.com. Our team is always willing to accompany you, from the first step until you officially become the owner of your home. Ready to turn your dream of a home into reality? Reach out today!
