Down Payment Assistance programs for the state of Nevada
The state of Nevada created the Home Is Possible program in 2014. This program helps homebuyers get up to 5% of the home loan value. That’s thousands of dollars for a one-time fee of just $755 (paid at closing). Qualified applicants can then use that money for the down payment or closing costs. You can see how much you may qualify for with our fast and easy Quick Quote.
Home is Possible
Key Benefits:
* Get up to 5% of the loan value.
* Usable for down payment and closing costs.
* Forgivable after three years (if your stay in your home).
* Attractive 30-year interest rate.
* No first-time homebuyer requirement.
* Financing available for manufactured homes.
* Statewide program.
Program Requirements
* Borrower may not own property at the time of closing.
* For government loans (FHA, USDA, VA) — qualifying income must be below $105,000.
* For conventional loans (HFA-preferred & HFA Advantage) — please visit our income limits by county page.
* Home price below $647,200.
* Minimum credit score of 640.
* Must live in home as primary residence.
* Homebuyer education course required.
* Must meet standard underwriting requirements.
* One-time fee of $755.
Home is Possible for Heroes
Key Benefits
* Below-market fixed interest rate 30-year loan.
* Reduces monthly mortgage payment.
* No first-time homebuyer requirement.
* Statewide program.
Program Requirements
* Borrower may not own other property at the time of closing.
* Qualifying income below $105,000.
* Home price below $647,200.
* VA or USDA loans only.
* Minimum credit score of 640.
* Homebuyer must live in home as primary residence.
* Homebuyer education course required.
* Must meet standard underwriting requirements.
* One-time fee of $755.
Home is Possible for Teachers
Key Benefits
* $7,500.
* Usable for down payment and closing costs.
* Forgivable after five years (if you stay in your home).
* Below-market fixed interest rate 30-year loan.
* Statewide program.
* No first-time homebuyer requirement.
Program Requirements
* Borrower may not own property at the time of closing.
* Must be a licensed full-time K-12 public school classroom teacher in Nevada.
* Qualifying income below $105,000.
* Home price below $647,200.
* Minimum credit score of 660 for FHA / 640 for VA, USDA.
* Government insured loans only (no conventional loans).
* Teacher must live in home as primary residence.
* Homebuyer education course required.
* Must meet standard underwriting requirements.
* One-time fee of $755 on first mortgage.
Home At Last
Home At Last offers residents a variety of homeownership programs including:
* Down Payment Assistance
* Refinance with Home At Last
* Mortgage Credit Certificates
Home At Last is a program of the Nevada Rural Housing Authority and provides assistance options ranging from 0% to 5% of the loan amount.
* The 0% option is ideal for homebuyers who have money saved up to buy a home and they want to use Home At Last to get the lowest rate.
* The 5% option provides up to a maximum of $27,000.
* Down payment assistance can also be used for closing costs.
Website links
We want to make sure you have all the information you need to make an educated decision regarding your finances and home purchasing process. Here are links to the different state government websites that go into detail about the various loan programs. You can also quickly see how much you may qualify for with our Quick Quote.
Quick QuoteHome Is Possible
More information can be found on the Home Is Possible website. Click to learn more.
LEARN MOREHome Is Possible For Heroes
More information can be found on the Home Is Possible for Heroes website. Click to learn more.
LEARN MOREHome Is Possible For Teachers
More information can be found on the Home Is Possible For Teachers website. Click to learn more.
LEARN MOREHome At Last
More information and the areas covered by this program can be found on the Home At Last website. Click to learn more.
LEARN MOREFHA Limits
FHA Low-Cost Area Loan Limits
The FHA national low-cost area mortgage limits, which are set at 65 percent of the
national conforming limit of $548,250 for a one-unit Property, are, by property unit
number, as follows:
• One-unit: $356,362
• Two-unit: $456,275
• Three-unit: $551,500
• Four-unit: $685,400
FHA High-Cost Area Loan Limits
The FHA national high-cost area mortgage limits, which are set at 150 percent of the
national conforming limit of $548,250 for a one-unit Property, are, by property unit
number, as follows:
• One-unit: $822,375
• Two-unit: $1,053,000
• Three-unit: $1,272,750
• Four-unit: $1,581,750
FHA Income Limits
FHA does not have a limit on how much you can earn each year.
Conventional Loan Tools
FHFA Loan Limit Map
Use this interactive map provided by Fannie Mae to check the loan limits in your area.
SELECTFHFA Loan Limit by County
This PDF will show you the Fannie Mae and Freddie Mac loan limits by County.
SELECTFreddie Mac Income and Property Eligibility
Check if your income and house qualify for the Freddie Mac Home Possible® Loan Program.
SELECTUSDA Loan Tools
Property Eligibility Map
USDA loans can only be used when the house is in a USDA approved area. If you don’t have the address of the home yet then you can just pick an address in the area where you are looking and enter the complete address into the USDA property eligibility site. It will let you know if the property is in a eligible USDA area.
SELECTIncome Eligibility
USDA requires that all household income from adults over the age of 18 is used in the income calculations. The strict Debt to Income levels that USDA requires can make it a little confusing. ReNew will do the income calculations for you. If you would like to check yourself you can use the USDA website by clicking the Check Income Eligibility button.
SELECTIncome Limit Map
This map will show you what the income limits are in your area. USDA sets income limits by county. Just add up all of the net income made by anyone over the age of 18 that will be living in the home and you will have your total household income that USDA uses. Your total household income needs to be below the USDA County Income limit to qualify.
SELECTLoan Limit Map
This Map will show you the USDA loan limits in your area. Limits are set by County.
SELECT
