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Home Is Possible for First-Time Homebuyers (Nevada)

By Tyler Thompson · Licensed Real Estate Agent · Updated October 24, 2026

Administered by:

Nevada Housing Division

· State · Deferred Loan

Funding status: Active

About the Home Is Possible for First-Time Homebuyers (Nevada)

Home Is Possible for First-Time Homebuyers is the Nevada Housing Division's bond-funded mortgage for buyers who have not owned a home in three years. Each loan comes with a 0% second mortgage worth 2% or 4% of the note, for down payment and closing costs. Its rates run below the Division's open-to-all program: 6.750% with 2% and 7.000% with 4% on FHA, VA and USDA loans on October 23, 2026.

Income and price limits are set by county and took effect for reservations on June 9, 2026. In Clark County, household income must stay at or below $105,500 for one or two people and $121,325 for three or more, and the price cap is $566,354. Washoe County allows $119,710 and $137,666 with a $667,808 cap, and Carson City allows $108,332 and $124,581 with a $601,629 cap. Borrowers need a 640 middle score, or 660 for a manufactured home. The first-time rule covers the borrower, any non-purchasing spouse and anyone on the deed, and it adds one condition people miss: no ownership of any real property at closing. Qualified veterans and buyers in HUD targeted census tracts are exempt, and targeted tracts carry higher limits, such as a $692,211 price cap in Clark County.

The second mortgage is never forgiven. It charges no interest and needs no payments for 30 years, then is due in full at sale, transfer, refinance, first-mortgage payoff or when the owner moves out. Because tax-exempt bonds fund it, a federal recapture tax can apply at resale. The Division's Home Is Possible program offers 3% or 5% with no first-time rule, but at 7.500% or 7.750%.

How much assistance

2% or 4% of the first mortgage note amount for down payment and closing costs

0% interest, no-payment 30-year deferred second mortgage that is never forgiven. Due on sale, transfer, refinance, payoff of the first mortgage, or when the borrower stops occupying the home. Cannot be subordinated. Federal recapture tax may apply.

Eligibility

Income limits: County limits effective June 2026, 1-2 / 3+ people: Clark $105,500 / $121,325, Washoe $119,710 / $137,666, Carson City $108,332 / $124,581, Douglas $133,800 / $156,100. Higher in HUD targeted areas; lower for conventional loans at or below 80% AMI.
First-time buyer required: Yes — No ownership interest in a principal residence in the past 3 years and no real property owned at closing, for all borrowers and a non-purchasing spouse. Qualified veterans and buyers in HUD targeted census tracts are exempt.
Credit score minimum: 640
Geographic restrictions: Statewide Nevada. Primary residence only. County price limits as of June 15, 2026, for example Clark $566,354, Washoe $667,808, Douglas $770,085. 660 credit minimum for manufactured homes. DTI up to 50% depending on credit score and loan type.
Homebuyer education required: Yes

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How to Apply for Home Is Possible for First-Time Homebuyers (Nevada)

Step 1: Confirm the three-year rule for everyone

No borrower, non-purchasing spouse or other person going on the deed may have owned a principal residence in the past three years, or own any real property at closing. Lenders verify this with three years of tax returns or transcripts. If you are a veteran or buying in a HUD targeted census tract, ask the lender whether the exception lets you skip this rule.

Step 2: Check your county income and price caps

The limits at homeispossiblenv.org/page/first-time-homebuyer-income-purchase-price-limits took effect in June 2026 and change by county. A Clark County household of three must earn $121,325 or less and buy at $566,354 or less. Washoe and Storey allow $667,808 and Douglas $770,085. Count every adult's income that the lender must include, plus a non-purchasing spouse.

Step 3: Take the homebuyer course with every borrower

The Division requires each borrower and any non-purchasing spouse on title to attend, which is stricter than Freddie Mac's own rule. The free Freddie Mac CreditSmart course linked from homeispossiblenv.org/page/buyers-education qualifies. Cosigners are exempt. Neighborhood Housing Services of Southern Nevada at 702-649-0998 and Community Services of Nevada at 702-307-1710 also teach approved classes for a fee.

Step 4: Choose a HIP lender and assistance tier

Approved lenders are listed at homeispossiblenv.org/find-lender-agent/find-lender.php. The tier sets your rate: 6.750% with 2% or 7.000% with 4% on FHA, VA and USDA loans on the October 23, 2026 sheet, and 7.000% or 7.125% on conventional loans under 80% of area median income. Government loans allow a 45% debt ratio at 640 and 50% at 680.

Step 5: Shop inside the cap and check the tract

The home must be your primary residence within the county price cap. Before writing an offer near the cap, have your agent run the address through the FFIEC geocoder at ffiec.gov to see whether it sits in a targeted tract, which raises Clark County's cap to $692,211. A Mortgage Credit Certificate cannot be used with this loan.

Step 6: Reserve, close and read the recapture notice

The lender reserves the first mortgage and the second together through eHousingPlus. At closing you receive the federal recapture tax brochure, which explains when a sale within nine years can trigger a tax. U.S. Bank services both loans, and payoff figures come from 800-365-7772. Program questions go to HIP@housing.nv.gov or 800-227-4960.

Real Cost Example

North Las Vegas fits under Clark County's $566,354 cap. On a $404,400 home there, an FHA buyer owes a $14,154 minimum down payment. The base loan of $390,246 grows to a $397,075 note once the 1.75% upfront mortgage insurance is financed. The 4% tier then supplies $15,883, which covers the whole down payment and leaves $1,729 for closing costs.

Estimated closing costs in North Las Vegas run $8,000 to $12,000 at that price. Subtracting the $1,729 surplus, this household still owes roughly $6,271 to $10,271 plus prepaid escrow. A seller credit of that size is well inside FHA's 6% ceiling, which on this price would reach $24,264.

The 2% tier would supply only $7,942 but lower the rate to 6.750%, about $67 less per month on this note. Either tier is repaid in full at resale: $15,883 or $7,942, with no interest added, whether the owner sells in year three or year twenty-nine.

Combining With Other Programs

This loan's own 2% or 4% second mortgage covers the down payment for most FHA buyers, so stacking usually targets closing costs. FHLBank San Francisco's WISH grant matches buyer savings 4-to-1, up to $32,837 in 2026, for households at or below 80% of area median income when the lender is a WISH member bank. Gift funds and seller credits follow FHA, VA, USDA or conventional agency rules.

A Mortgage Credit Certificate cannot be issued with this loan, and the program is one time only, so it cannot be layered with the Division's Home Is Possible or HIP for Teachers assistance. The second lien cannot be subordinated, which means any refinance pays it off. Call 702-486-7220 in Las Vegas or 775-687-2240 in Carson City before adding another second mortgage.

To lower cash at closing, ask the seller for credits, compare the 2% and 4% tiers against your savings, and check whether the home sits in a HUD targeted tract with a higher price cap. VA buyers can skip the down payment entirely and use the 4% for closing costs.

Pros and Cons

The biggest advantage is price: this program carries the Division's lowest rates, 6.750% with 2% assistance or 7.000% with 4% on government loans, a full point under the Home Is Possible 5% tier. The 4% second mortgage covers the 3.5% FHA down payment on its own. It charges no interest, needs no monthly payments for 30 years, and qualified veterans and targeted-tract buyers can use it without first-time status. Education is free through Freddie Mac's CreditSmart course, so the program adds no class fee.

The biggest limitation is that the second mortgage is never forgiven, so the full 2% or 4% is repaid at sale or refinance. County limits are tight: $105,500 for a small Clark County household and a $566,354 price cap outside targeted tracts. A federal recapture tax can apply to a profitable sale within nine years, and an MCC is not allowed. Buyers over the limits can compare Home Is Possible's 3% or 5% option, FHA loans, or Fannie Mae's HomeReady.

Frequently Asked Questions

Can I use Nevada's first-time HIP loan if I owned a home before?+

Yes, if three years have passed since you last had an ownership interest in a principal residence and you own no real property at closing. The rule covers every borrower, a non-purchasing spouse and anyone else on the deed. Qualified veterans and buyers purchasing in HUD targeted census tracts are exempt from it. Lenders confirm status with three years of tax returns or transcripts and a fraud report showing ownership history.

What are the 2026 income limits for Home Is Possible first-time buyers in Clark County?+

$105,500 for a household of one or two people and $121,325 for three or more, effective for reservations from June 2026. The Clark County purchase price cap is $566,354, or $692,211 in HUD targeted census tracts. Washoe County is higher at $119,710 and $137,666 with a $667,808 cap. Conventional loans at or below 80% of area median income use lower limits from Fannie Mae and Freddie Mac.

Is the Home Is Possible first-time buyer assistance forgivable?+

No. Since January 2, 2024, the 2% or 4% assistance has been a 0% interest second mortgage that is deferred for 30 years and never forgiven. There are no monthly payments. It becomes due in full when you sell, transfer or refinance, pay off the first mortgage, or stop living in the home. Earlier versions were forgivable after three or seven years, so older articles describing forgiveness are out of date.

Can I get a Mortgage Credit Certificate with Home Is Possible?+

No. The Nevada Housing Division's administrator guide says a Mortgage Credit Certificate may not be originated with a Home Is Possible for First-Time Homebuyers loan. The program already delivers its bond benefit through a lower interest rate and the 2% or 4% second mortgage. Because the loan is bond-financed, a federal recapture tax can apply if you sell at a gain within nine years and your income has risen past set levels.

How much lower is the first-time program rate than standard Home Is Possible?+

About three-quarters of a point to a full point on government loans. On the October 23, 2026 rate sheet, FHA, VA and USDA loans priced at 6.750% with 2% assistance and 7.000% with 4%, while standard Home Is Possible priced at 7.500% with 3% and 7.750% with 5%. On a $397,000 note, the gap between 7.000% and 7.750% is roughly $200 a month.

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