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
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–find your perfect fit below.
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 many down payment assistance programs designed to help first-time homebuyers secure what they need without a large down payment.
Home Is Possible
Established in 2014 by the Nevada Housing Division, this program helps homebuyers secure up to 5% of their home loan value for a one-time fee paid at closing. If you qualify, the money may be used for your down payment or closing costs.
Home is Possible for Heroes
Veterans and military personnel (honorably discharged and active duty) plus their surviving spouses can secure lower interest rates and lower monthly payments with this program.
Home Is Possible for Teachers
Teachers who take advantage of this program can receive up to $7,500 toward their down payment or closing costs, plus forgiveness after living in their new home after five years.
Workforce Initiative Subsidy for Homeownership (WISH) Grants
Transitioning from renting to owning your very own home is easier with a WISH grant. It offers eligible low- to-moderate income households 4-to-1 matching grants of up to $22,000, applicable toward down payments and closing costs.
Home At Last
Established in 2006 by the Nevada Rural Housing Authority, this program provides interest-free and payment-free down payment assistance via a three-year second mortgage, which is totally forgiven after living in the home as a primary residence for the first three years.
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.
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.
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.
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.
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.
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.
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.
Please contact a mortgage consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.