Nevada down payment assistance programs for homeowners and first-time homebuyers
Whether you're looking to buy your first home or purchase a new one that suits your needs better, these Nevada down payment assistance programs can help you accomplish just that. From grants to low-interest loans, these programs can help you reduce the amount you need to save for a down payment.
Home At Last!
Home At Last offers customized Nevada down payment assistance options to encourage homeownership in the Silver State. A Nevada Rural Housing Authority program, Home At Last payment assistance is provided in the form of a three-year second mortgage that is completely forgiven after living in the home as a primary residence for the first three years. There is no interest, and there are no payments on the down payment assistance provided.
As a leading Home At Last lender, Greater Nevada Mortgage can pair the assistance with a 30-year first mortgage with a fixed interest rate. And, there are no separate applications to fill out, so it's easy and doesn't slow down closing!
Greater Nevada Mortgage will pre-qualify homebuyers for the mortgage loan required to purchase the home. Loan types include FHA, VA, USDA Rural Development, and exclusive conventional loans, known as HFA Preferred and HFA Advantage, available only through a Housing Finance Agency such as the Nevada Rural Housing Authority.
Although the loan type may impose a limit, there are no purchase price limits when buying a home through the Home At Last program. Of course, all loans must meet applicable loan guidelines, which a Greater Nevada Mortgage consultant can help with!
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Home Is Possible
As a Home Is Possible qualified lender, Greater Nevada Mortgage can help you get thousands of dollars*, courtesy of Nevada Housing Division and its Home Is Possible program.
Established by the state of Nevada in 2014, Home Is Possible 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). When you qualify, you can use that money for your down payment or closing costs.
Key Benefits:
- Get up to 5% of the loan value
- Usable for down payment and closing costs
- 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) with a single borrower: qualifying income up to $105,000 / For government loans (FHA, USDA, VA) with 2 or more borrowers: qualifying income up to $135,000
- For conventional loans, income limits vary - please contact your loan officer to learn more.
- Home price below $647,200
- Minimum credit score of 640 (680 for manufactured homes)
- Must live in home as primary residence
- Homebuyer education course required
- Must meet standard underwriting requirements
- One-time fee of $755
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Home Is Possible For Heroes
Another Nevada down payment assistance program from the Nevada Housing Division, the Home Is Possible For Heroes program gives veterans and military personnel more buying power and even more opportunities to experience the joys of homeownership—for less.
If you're a veteran who has been honorably discharged, are in the National Guard, are a surviving spouse, or you're on active military duty, Home Is Possible For Heroes was made specifically for you.
Key Benefits:
- Below-market fixed interest rate 30-year loan
- Reduces monthly mortgage payment
- No first-time homebuyer requirement
- Statewide program
Program Requirements:
- For loans with a single borrower: qualifying income up to $105,000 / For loans with 2 or more borrowers: qualifying income up to $135,000
- Home price below $647,200
- VA or USDA loans only
- Minimum credit score of 640 (680 for manufactured homes)
- Homebuyer must live in home as primary residence
- Borrower may not own other property at the time of close
- Homebuyer education course required
- Must meet standard underwriting requirements
- One-time fee of $755
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Home Is Possible For Teachers
Available through June 30, 2022, the Nevada Housing Division's Home Is Possible For Teachers program helps educators afford a home in the state.
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
- For loans with a single borrower: qualifying income up to $105,000 / For loans with 2 or more borrowers: qualifying income up to $135,000
- Home price below $647,200
- Minimum credit score of 660 for FHA / 640 for VA, USDA (680 for manufactured homes)
- 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
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Workforce Initiative Subsidy for Homeownership (WISH) Grants
Greater Nevada Mortgage actively participates in programs that open doors for all individuals and families, including the Workforce Initiative Subsidy for Homeownership (WISH) matching grant program.
The WISH program offers eligible low- to moderate-income households 4-to-1 matching grants of up to $22,000 that can be applied to downpayment and closing costs for the purchase of a home. WISH grants help working families and individuals move from renting to owning and can complement or supplement many local, state, and federal homeownership programs and initiatives.
To be eligible for WISH funds, the homebuyer must:
- Have successfully completed a homebuyer counseling program.
- Be a first-time homebuyer, as defined by the Bank in its AHP Implementation Plan.
- Meet income eligibility guidelines, as published by the Bank at the time of enrollment in the WISH Program and is at or below 80% of the HUD area median income.
The homebuyer must also open escrow on a home purchase transaction within one year of enrollment in the WISH program.
To learn more about the WISH grant program, visit our WISH Grants webpage, or check out the Federal Home Loan Bank of San Francisco's website.
WISH Grants
Please note: Enrollment in the WISH program does not guarantee receipt of funds.
Looking for more helpful homeownership resources?
Our qualified mortgage consultants are here to help you on your journey to homeownership at every step of the way. While you're doing your research, here are some more helpful resources to guide you to your new home.
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*For qualified borrowers. All loans are subject to credit approval by Greater Nevada Mortgage. Additional terms and conditions apply.