First-time homebuyers depend on Greater Nevada Mortgage for simpler, more streamlined mortgage solutions. Explore our programs, designed to assist with down payments, loans, grants and more, or apply for assistance now.
First-Time Homebuyer Programs
Get in the Game!
Beat Other Homebuyers Stuck on the Sidelines
Apply now as mortgage rates fall! We’re here to help you meet your homeownership goals—like buying your first or next home, or lowering your current interest rate and payments or accessing cash by refinancing. We also prioritize speed for our clients, with an average turnaround of only 21 days from application completed to ready to close for purchase loans!1
Our Passion for Helping First-Time Homebuyers
Buying your first home can be intimidating, but we have the knowledge to help you navigate the journey to your new home. We’re passionate about homeownership, and we’re here to guide you through the mortgage process every step of the way.
Types of Programs for First-Time Homebuyers
It’s more than a house: it’s your home-to-be. Settle in sooner with assistance and resources from Greater Nevada Mortgage. Homebuyer programs can help you purchase your first house.
Down Payment Assistance Programs
One of the biggest myths about buying a home is that you must come prepared to put down 10 – 20%. While having that cash on hand can certainly be helpful, there are several down payment assistance programs designed to help first-time homebuyers secure what they need without a large down payment.
Government-Backed Home Loans
First-time homebuyers in Nevada may qualify for a federal government-backed loan program available through the Department of Veterans Affairs, the Federal Housing Administration and even the Department of Agriculture. These payment assistance programs have helped make the dream of home ownership come true for many first-time buyers–and you could be next.
VA Home Loans
The Department of Veterans Affairs generally does not require down payments for its mortgage loans. Interest rates are competitively lower, closing costs are limited, and Private Mortgage Insurance isn’t needed. Best of all, VA loans come with a lifetime qualification that applicants may benefit from indefinitely.
VA Loans
FHA Loans
Mortgage loans through the Federal Housing Administration generally come with less restrictive requirements suitable for applicants with lower credit scores (around 600). If you qualify, your down payment could be as little as 3.5% of the total home price. FHA loans may also be used toward manufactured homes.
FHA Loans
USDA Home Loans
With a mortgage loan through the Department of Agriculture, buyers can skip down payments altogether. USDA loans are offered as a financial incentive to revitalize America’s rural areas. They are ideal for low-income buyers in rural areas seeking low interest rates.
USDA Loans
Common Questions
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Who qualifies as a first-time homebuyer in Nevada?
A first-time homebuyer is someone who hasn’t owned a home at any point during the last three years. That includes investments, vacation homes and similar properties. First-time homebuyers are almost always people looking to purchase a principal residence (or the place where you live most of the time) for the first time. You must be a first-time homebuyer to qualify for many down payment assistance and mortgage loan programs, but not all of them. If you’re not sure whether you meet this definition, Greater Nevada Mortgage can help you determine your status and eligibility.
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Does Nevada have a down payment assistance programs for first-time homebuyers?
The state of Nevada offers a few first-time homebuyer programs, including the Home Is Possible (HIP) program, the Home At Last (HAL) Down Payment Assistance program and the Mortgage Credit Certificate (MCC) program. These programs are designed to simplify the path to home ownership, especially for low-income, rural and otherwise disadvantaged homebuyers.
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What credit score do I need to buy a house in Nevada?
You’ll need a credit score of about 680 to qualify for most home buying assistance options in Nevada. Government-backed assistance programs may accept applicants with credit scores as low as 640. Applicants with lower debt-to-income ratios may also be considered despite their lower credit scores.
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
1Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, for October 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.