Common Programs of the Nevada Housing Division

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.

Home is Possible

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 manufactured home. Loans have 30-year terms and competitive interest rates. Borrowers have to meet income and home-price limits, must have a credit score of 640 or higher and have to take a home buyer education course. The fee is $675.

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Mortgage Credit Certificate

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 home buyer education course is required.

HIP Plus

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 that can be used to pay the down payment, closing costs or a combination. The money doesn't have to be repaid. The mortgage credit certificate provides an annual tax credit of up to 30% of the interest paid that year on the mortgage, up to $2,000 a year. The HIP Plus program can be used to buy a manufactured home.

HIP 1500

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 reduction in monthly mortgage insurance premiums. This program was scheduled to expire at the end of 2018.

HIP - Heroes

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 640. Borrowers must take a home buyer education course. The program is for government-issued loans only and is open to active-duty military, honorably discharged veterans, members of the National Guard and surviving spouses.

HIP - Teachers

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 credit score of 660. Borrowers must take a home buyer education course. First-time buyers can combine the loan with a mortgage credit certificate.

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