Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Nevada

Home Is Possible (HIP) Down Payment Assistance Program

  • What It Offers: Provides up to 4% of the loan amount in down payment and closing cost assistance.

  • Who Qualifies: First-time and repeat homebuyers with a minimum credit score of 640.

  • Income Limits: Must not exceed $105,000.

  • Repayment: Forgivable after three years if the buyer remains in the home.

  • Website: https://homeispossiblenv.org

Home Is Possible for Teachers

  • What It Offers: Provides up to $7,500 in down payment and closing cost assistance for teachers.

  • Who Qualifies: Licensed K-12 public school teachers in Nevada.

  • Income Limits: Must not exceed $105,000.

  • Repayment: Forgivable after five years.

  • Website: https://homeispossiblenv.org

Home At Last™ Program

  • Administered by: Nevada Rural Housing

  • Assistance: Provides customized loan options with or without down payment assistance; no interest and no payments on the assistance provided.

  • Eligibility: Designed for homebuyers in rural areas of Nevada; income limits and other requirements apply.

  • More Information: https://nvrural.org/programs/homeownership/down-payment-assistance/

Middle-Income Downpayment Assistance Grants

Please note that program availability and terms can change.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.