First-Time Homebuyer Programs in Nevada

The down payment on a new home is often the biggest hurdle for first-time homebuyers. In Nevada, with an average home value of $441,637, a down payment of $88,327 is typically needed to avoid buying private mortgage insurance.

First-time homebuyer programs in Nevada help make homeownership more accessible. Some mortgages let you make a smaller down payment, but they often have income limits and require mortgage insurance. MoneyGeek explores several state-specific and government-backed first-time homebuyer programs for people from different financial backgrounds.

Nevada offers grants and loans to assist first-time homebuyers in covering down payment and closing costs. We compiled the first-time homebuyer programs offered by the Nevada Housing Division (NHD) to help you find the best option for your particular needs and situation.

The Home Is Possible For First-Time Homebuyers mortgage program provides interest-free down payment assistance, offering up to 4% of the loan amount. This assistance can cover down payments and closing costs and includes a competitive 30-year fixed interest rate. Available statewide, the program offers a non-forgivable loan that borrowers must repay over time.

The Home Is Possible program in Nevada offers down payment and closing cost assistance of up to 5% of the loan amount. It includes a competitive 30-year fixed interest rate and is available statewide to first-time and repeat homebuyers. Financing is also available for manufactured homes.

The Home Is Possible For Teachers program provides $7,500 in down payment and closing cost assistance to licensed full-time K–12 public school teachers in Nevada. The aid is forgivable after five years if the teacher stays in the home. The program offers a below-market 30-year fixed interest rate, is available statewide and doesn't require applicants to be first-time homebuyers.

Nevada offers zero-down-payment loan programs that allow you to purchase a home without putting money down. USDA and VA loans are government-backed options that provide this benefit.

USDA loans, offered through the U.S. Department of Agriculture's Rural Development Guaranteed Housing Loan program, help individuals and families in rural areas who may not qualify for traditional financing.

USDA loans offer several benefits, including no down payment requirements, lower interest rates than conventional loans and reduced mortgage insurance costs. These loans make homeownership more accessible to low-to-moderate-income households in eligible rural areas.

To qualify for a USDA loan, the property must be 2,000 square feet or below and located in a USDA-eligible rural area with a population of less than 35,000. Income limits vary by location. For example, in Lander County, Nevada, the income limit for a four-person, low-income household is $89,850, while in Lyon County, Nevada, it's $73,850.

VA loans from the U.S. Department of Veterans Affairs are for veterans, active-duty service members and certain National Guard and Reserve members. They offer home financing with benefits tailored to those who have served.

VA loans come with several advantages, including a no-down payment option. They don't require private mortgage insurance, which can save you money over the life of the loan. VA loans also typically offer lower interest rates than private loans. As of November 2024, the APR for a 15-year fixed-rate VA loan in Nevada is 6.16%, while the APR for a 30-year fixed-rate VA loan is 6.43%.

Eligibility depends on several factors, including the service length or commitment, duty status and character of service. Applicants must also meet location-based income limits and have a valid certificate of eligibility (COE).

First-time homebuyers in Nevada can access low-down-payment loan programs to finance their homes with a down payment of 3.5% or less. These programs include conventional, FHA and FHA 203(k) loans.

FHA and conventional loans are often compared, as they're the most common types of mortgages. FHA loans require at least a 3.5% down payment, while conventional loans can require as low as 3% for first-time homebuyers. Conventional loans typically have stricter credit score and debt-to-income ratio requirements than FHA loans.

As of November 2024, the current APR for a 15-year fixed-rate conforming loan in Nevada is 6.04%. The APR for a 15-year fixed-rate FHA loan is 8.48%. FHA loans can have higher APRs because they often include more fees and costs associated with government-backed loans.

Use our FHA vs. conventional loan calculator below to compare both mortgage programs and determine the best option.

We addressed frequently asked questions about first-time homebuyer programs in Nevada to help you evaluate your options and move closer to owning a home.

Explore additional MoneyGeek resources for first-time homebuyers in Nevada to help you with the homebuying process.