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Nevada First-Time Home Buyer Programs of 2019

July 20, 2018
Finding the Right Mortgage, Mortgages
Nevada First-Time Homebuyer Programs
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The Nevada Housing Division offers several loan programs to help first-time home buyers become homeowners in the Silver State.

If you haven’t owned a home in the past three years, you may qualify as a first-time home buyer. The housing division offers homebuying programs for repeat buyers, teachers and active-duty military and veterans, too.

National first-time home buyer programs to consider

With these national programs, home buyers in Nevada and elsewhere can get financing with low down payments, which are crucial for many first-timers.

FHA loans

National program

Best for

Low credit score

Low down payment

What you need to know

This is the go-to program for many first-time home buyers with lower credit scores. The Federal Housing Administration allows down payments as low as 3.5% for those with credit scores of 580 or higher. The FHA will insure loans for borrowers with scores as low as 500 but requires a 10% down payment

 

Conventional mortgage

National program

Best for

Low down payment

Limited mortgage insurance premiums

What you need to know

First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance. Most lenders require a minimum credit score of 620 to qualify for a

 

VA loans

National program

Best for

Military

Low down payment

What you need to know

Guaranteed by the U.S. Department of Veterans Affairs, these mortgages are available to military members, veterans and surviving spouses. If you qualify, you’ll see benefits such as no minimum credit score and no down payment or mortgage insurance, but you'll likely have to pay a VA funding fee.

 

USDA loans

National program

Best for

Low down payment

Rural

What you need to know

A USDA home loan is a zero-down-payment mortgage for eligible rural and suburban home buyers. USDA loans are issued by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program. There are income limitations, which vary by region. Applicants with credit

 

Nevada Housing Division highlights and eligibility requirements

First-time home buyers in Nevada who meet income and other eligibility requirements can get 30-year mortgages at competitive interest rates through Nevada’s Home Is Possible loan and assistance programs.

HIGHLIGHTS

  • Help with down payments and closing costs is available for low- and moderate-income borrowers.
  • Active military and veterans may be eligible for below-market interest rates.
  • Teachers may receive $7,500 in down payment and closing cost assistance.

ELIGIBILITY

  • Most programs have income limits.
  • Some programs establish limits on home prices.
  • Home must be a primary residence in Nevada.
  • Minimum credit scores vary by program.
  • Program-specific requirements may apply.

» MORE: Tips for first-time home buyers

Nevada first-time home buyer loan programs

Home Is Possible (HIP)

State program

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Best for

Down payment assistance

Closing cost assistance

What you need to know

The Home Is Possible program gives first-time and repeat home buyers up to 5% of the loan amount to pay the down payment, or closing costs or a combination. The money doesn't have to be repaid if you keep the home as your primary residence for three years or more. The program can be used to buy a

 

Mortgage Credit Certificate

State program

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Best for

Tax credits

What you need to know

The mortgage credit certificate program is for first-time home buyers and qualified veterans. It provides an annual credit that reduces the federal income tax bill. The credit is up to 30% of the interest paid on the mortgage, up to $2,000 a year. The program charges a one-time fee of $795, and a

 

HIP Plus

State program

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Best for

Down payment assistance

Closing cost assistance

Tax credits

What you need to know

This variation of the Home Is Possible program is strictly for first-time home buyers and qualified veterans. It combines down payment and closing cost assistance with a mortgage credit certificate that provides an annual break on federal income taxes. HIP Plus provides up to 5% of the loan amount

 

HIP 1500

State program

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Best for

Down payment assistance

Closing cost assistance

Low mortgage insurance

Low-income borrowers

What you need to know

This Home Is Possible program is for borrowers whose incomes are under a threshold that varies by county. Borrowers get up to 5% of the loan amount to pay for any combination of down payment and closing costs, as with the core HIP program. HIP 1500 bestows an extra $1,500 for closing costs and a

 

Home Is Possible for Heroes

State program

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Best for

Military

Low mortgage rates

Government-backed loans

What you need to know

Veterans and active military personnel are eligible for this version of Home Is Possible. It offers below-market interest rates and can be combined with a mortgage credit certificate, with the certificate's usual $795 fee waived. There are income and home-price limits and the minimum credit score is

 

Home Is Possible for Teachers

State program

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Best for

Educators

Down payment assistance

Closing cost assistance

Low mortgage rates

What you need to know

This version of Home Is Possible is for licensed, full-time K-12 public school teachers in Nevada. It provides $7,500 for down payment and closing costs, which doesn't have to be repaid if the borrower remains the home for five years or more. There are income and home-price limits and a minimum

 

Your next step

That’s the general outline of first-time home buyer programs available in Nevada. For details, visit the Nevada Housing Division website.

The division does not lend money directly; instead, approved lenders do. If you see a first-time or repeat home buyer program that appeals to you, contact a lender directly.

» MORE: See the best Nevada mortgage lenders

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