Nevada first-time homebuyer assistance programs
If you want to buy a home in Nevada, you may be concerned about saving for your down payment. After all, the median sales price of homes in the state is up this year, coming in at $455,100 as of January 2025. Making a 20 percent down payment on a home of that amount would set you back about $91,000 — which can be a challenge, especially if you earn Nevada’s median household income ($75,561) or less.
However, you may not need to make a 20 percent down payment, or any down payment at all, if you qualify for first-time homebuyer loans and programs through the Nevada Housing Division (NHD). The state created this resource in 1975 to help low- and moderate-income residents secure affordable housing.
Nevada first-time homebuyer programs
NHD Home Is Possible for First-Time Homebuyers
This mortgage, specifically for first-time homebuyers, comes with assistance worth up to 4 percent of the loan amount, usable for down payment and closing costs. The assistance comes in the form of an interest-free second mortgage, payable over 30 years.
You can work with one of more than 80 approved mortgage lenders throughout the state to determine your eligibility for the program.
NHD Home is Possible
Similar to Home is Possible for First-Time Homebuyers, this program offers a mortgage, which may be conventional or government-backed, plus up to five percent of the loan value in assistance. Buyers can put this money toward down payment or closing costs. It’s available to both first-time and repeat buyers, including those who are relocating from out of state.
NHD Home Is Possible for Teachers
Available through March 31, 2025, this program gives kindergarten through 12th-grade teachers in Nevada $7,500 for the down payment or closing costs on a home, as well as a below-market rate on a mortgage. The assistance is forgivable after five years if you stay in the home. You don’t need to be a first-time homebuyer to qualify, but you must not own property at the time of closing.
Nevada down payment assistance and grants
NHD Home First
The Home First program is geared toward first-time homebuyers and offers up to $15,000 in down payment support. The amount is forgivable after three years if you stay in the home, but the funds can’t be used for closing costs.
Home At Last
The Home At Last program from the Nevada Rural Housing Authority offers down payment assistance in the form of an interest-free second mortgage that is forgivable after three years of living in the home. Income limits are based on the loan product chosen — a 30-year, fixed-rate conventional, Federal Housing Administration (FHA), Department of Veterans Affairs (VA) or U.S. Department of Agriculture (USDA) loan.
Repeat buyers, as well as first-time buyers, are eligible.
Launchpad 1.0 Homeownership Program
Another program from the Nevada Rural Housing Authority, Launchpad provides four percent of the loan amount to be used toward the down payment. The assistance is forgivable after five years of living in the home. Participants must qualify for a government-backed loan and buy in targeted areas of Clark, Lyon, Nye and Washoe counties.
Workforce Initiative Subsidy for Homeownership (WISH) Grants
Greater Nevada Mortgage, a private lender operating in Nevada and California, partners with the Federal Home Loan Bank of San Francisco to match eligible borrowers’ down payment and closing cost savings at a rate of four to one, up to $30,806.
Middle-Income Down Payment Assistance Grants
Greater Nevada Mortgage also matches qualifying first-time homebuyers’ down payment and closing cost savings at a rate of five to one. Borrowers who save $10,000 can receive up to $50,000 in the form of a grant.
Note: As of this writing, the funds for this program have been exhausted. It will likely become available again in 2025.
Other Nevada first-time homebuyer loans
Several nationwide programs may also be helpful for homebuyers in Nevada.
- FHA loans: You may qualify for an FHA loan if you have a credit score of at least 580 and can make a down payment of at least 3.5 percent. If you can make a down payment of 10 percent, your credit score may be as low as 500.
- VA loans: Active-duty military members, veterans and surviving spouses may qualify for a VA loan with a lower interest rate than a conventional mortgage. These loans don’t typically require a down payment.
- Native American Direct Loan: This type of VA loan is available only to Native American veterans or veterans with Native American spouses. It usually doesn’t require a down payment or private mortgage insurance and offers lower closing costs and interest rates than conventional loans. The home must be located on federal trust land, among other requirements.
- USDA loans: USDA loans help low- and moderate-income borrowers in rural areas, and they don’t require a down payment.
Get started
If you’re interested in buying a house in Nevada — whether you’re looking at the Las Vegas housing market or elsewhere — visit the NHD and Nevada Rural Housing websites to learn more about available homebuyer programs.
- Research the market: Before looking for your first home in Nevada, look up information about the housing market. This will help you better understand the most affordable areas in the state. You can also determine eligibility for down payment assistance programs.
- Talk to your real estate agent: When interviewing agents, ask if they have experience working with first-time buyers using assistance programs. It’s helpful if your agent can offer their expertise in the process.
- Read up on Nevada mortgage lenders: While the Nevada Housing Division doesn’t make loans or financing decisions, the agency provides a list of preferred mortgage lenders. Talk to several of them and read their reviews online. In addition to factors like convenient hours of operation and branch locations, your lender should be a good and speedy communicator.
- Shop around for mortgage rates: When shopping for a loan, compare Nevada mortgage rates from a few lenders. You want to secure the best rate possible on your loan.
- Look for homeowners insurance: Before you can finalize a mortgage for a home in Nevada, you’ll need Nevada homeowners insurance. Just like with mortgage lenders, it’s important to shop around. Compare insurers’ offerings, from coverage options to customer support. In addition, ask any potential insurer about the disasters their policies cover.
