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Home Is Possible Down Payment Assistance (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 Down Payment Assistance (Nevada)

Home Is Possible Down Payment Assistance is the Nevada Housing Division's statewide program for buyers who are not limited to first-time status. It pairs a 30-year fixed first mortgage with a 0% second mortgage worth 3% or 5% of the note amount, usable for down payment, closing costs and prepaids. On the October 23, 2026 rate sheet, the 5% option carried a 7.750% rate on FHA, VA and USDA loans.

The income ceiling is a flat $165,000 for every household size in every county on FHA, VA, USDA and conventional loans above 80% of area median income, which is far looser than the county limits on the Division's first-time program. Conventional loans at or below 80% of AMI use lower Fannie Mae and Freddie Mac limits in exchange for reduced mortgage insurance. Borrowers need a 640 middle credit score, or 660 for a manufactured home, and debt ratios up to 50% depending on score and loan type. There is no first-time buyer rule, and a buyer may keep one other property outside Nevada. The rule stricter than people expect: anyone who has used any Home Is Possible assistance before cannot use it again. Every borrower and any non-purchasing spouse on title must complete homebuyer education, and the free Freddie Mac CreditSmart course qualifies.

The second mortgage is never forgiven. Since January 2, 2024, it has been a 0% deferred loan for 30 years, due in full at sale, transfer, refinance, payoff of the first mortgage, or when the owner stops living in the home. Nevada's first-time program offers 2% or 4% at lower rates, such as 6.750% and 7.000% on government loans, but adds a first-time rule and county price caps.

How much assistance

3% or 5% of the first mortgage note amount for down payment, closing costs and prepaids

0% interest, 30-year deferred second mortgage that is never forgiven. Due in full on sale, transfer, refinance, payoff of the first mortgage, or when the borrower stops occupying the home. Cannot be subordinated.

Eligibility

Income limits: $165,000 for all household sizes in every county on FHA, VA, USDA and conventional loans above 80% AMI; lower Fannie Mae/Freddie Mac limits for conventional loans at or below 80% AMI.
Purchase price limit: $832,750
First-time buyer required: No
Credit score minimum: 640
Geographic restrictions: Statewide Nevada. Paired with a Home Is Possible 30-year fixed first mortgage from a participating lender. 660 credit minimum for manufactured homes.
Homebuyer education required: Yes

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How to Apply for Home Is Possible Down Payment Assistance (Nevada)

Step 1: Check the $165,000 limit and your loan type

Add up the income of every borrower and any non-purchasing spouse, because the Nevada Housing Division counts both. Compare the total with the $165,000 ceiling, then ask whether a conventional loan at or below 80% of area median income would cut your mortgage insurance. Confirm you have never used Home Is Possible assistance before, since the program is one time only for each borrower.

Step 2: Finish homebuyer education before you lock

Every borrower and any non-purchasing spouse on title needs a completion certificate. The Division's free option is Freddie Mac CreditSmart, linked at homeispossiblenv.org/page/buyers-education. Approved paid options include Neighborhood Housing Services of Southern Nevada online for $99 and Money Management International online for $45. Chicanos Por La Causa offers a free in-person class at 702-207-1614.

Step 3: Choose a lender on the HIP list

Only approved lenders can reserve Home Is Possible funds, and the site lists more than 100 of them at homeispossiblenv.org/find-lender-agent/find-lender.php. Ask each one for the current 3% and 5% rates on your loan type, because the larger assistance raises the first-mortgage rate. Lenders charge an eHousingPlus compliance fee of $275, and second-mortgage fees are capped at recording costs.

Step 4: Get pre-approved with your DPA tier chosen

Your lender underwrites to FHA, VA, USDA, Fannie Mae HFA Preferred or Freddie Mac HFA Advantage rules, plus the program's 640 credit floor. Government loans allow a 50% debt ratio at 680 and above, and 45% below 680. Manual underwriting is not allowed on FHA loans or manufactured homes. Decide between 3% and 5% now, since the percentage is fixed once reserved.

Step 5: Make an offer on an eligible Nevada home

The program finances one-to-four unit homes, condos, townhomes and double-wide manufactured homes anywhere in Nevada, new or existing. Single-wide manufactured homes are excluded, and manufactured homes cap debt ratios at 45%. The program sets no price cap of its own, so loan agency limits apply. You must move in within 60 days of closing and live there as your primary residence.

Step 6: Reserve, close and keep the payoff number

When the lender reserves the first mortgage through eHousingPlus, the 3% or 5% assistance is reserved with it automatically. The lender funds the assistance at closing, and any unused amount goes to principal, with no cash back. U.S. Bank services both loans afterward. To learn the second-mortgage balance before a sale or refinance, call 800-365-7772. General questions go to HIP@housing.nv.gov or 800-227-4960.

Real Cost Example

On a $484,900 home in Henderson, a buyer using a Home Is Possible conventional loan at 97% of the price puts $14,547 down and borrows $470,353. Choosing the 5% tier adds a $23,518 second mortgage, which covers the whole down payment and leaves $8,971 toward closing. The 3% tier would add only $14,111 at a rate one-eighth of a point lower.

Estimated closing costs in Henderson run $9,500 to $14,500 on a home at that price. After the $8,971 left from the assistance, the buyer brings roughly $529 to $5,529 to closing, before prepaid escrow. Seller credits within the loan agency's limits can cover that remainder.

The $23,518 is not forgiven. If the owner sells in year eight, the full $23,518 comes out of the sale proceeds, with no interest added. A buyer under 80% of area median income who uses a WISH member bank may also ask about FHLBank San Francisco's 4-to-1 savings match, up to $32,837 in 2026.

Combining With Other Programs

Home Is Possible assistance comes attached to its own first mortgage, so stacking happens around it, not inside it. FHLBank San Francisco's WISH program matches buyer savings 4-to-1 up to $32,837 in 2026 for households at or below 80% of AMI, through member banks only. Gift funds and seller credits follow the FHA, VA, USDA, Fannie Mae or Freddie Mac rules for the first loan. Buyers can add any amount of their own money.

A buyer cannot combine this program with the Division's first-time program, HIP for Teachers or any earlier Home Is Possible assistance, because each borrower may use the program one time. Temporary rate buydowns are not allowed. Because the second lien cannot be subordinated, a later refinance has to pay it off. Questions about combining other help go to 702-486-7220 in Las Vegas or 775-687-2240 in Carson City.

Other ways to cut cash to close: pick the 3% tier when the lower rate matters more, ask the seller for closing-cost credits, or compare a VA loan, which needs no down payment, with the 5% tier covering closing costs and prepaids. Any assistance left after closing is applied to principal, so overshooting the need buys nothing extra.

Pros and Cons

The biggest advantage is reach. A flat $165,000 income limit, no first-time rule and statewide eligibility let repeat buyers and higher-earning households use it, which the Division's first-time program and most county programs do not. The 5% tier can cover the full 3% conventional down payment and part of closing costs. The second mortgage carries 0% interest and no monthly payment for 30 years, so it adds nothing to the monthly budget. VA buyers can use it to keep savings after closing.

The biggest limitation is that the money is never forgiven: the full balance comes due at sale, refinance or payoff, which cuts equity in a resale. The first-mortgage rate is also higher, 7.750% for 5% on a government loan versus 6.750% on the first-time program's 2% tier. It is one time only per borrower, it needs a 640 credit score, and the second lien cannot be subordinated. Buyers who qualify should compare the Home Is Possible first-time program, a VA loan or FHLBank San Francisco's WISH grant.

Frequently Asked Questions

Is Nevada Home Is Possible down payment assistance a grant?+

No. Since January 2, 2024, Home Is Possible assistance has been a 0% interest second mortgage that is deferred for 30 years and never forgiven, according to the Nevada Housing Division's administrator guidelines updated July 16, 2026. There are no monthly payments. The full amount is due when you sell, transfer or refinance, pay off the first mortgage, or stop living in the home. Older brochures that call it non-repayable describe an earlier version.

Do I have to be a first-time buyer for Home Is Possible in Nevada?+

No. The standard Home Is Possible program has no first-time buyer requirement, and a buyer may own one other property outside Nevada at closing, following loan agency rules. The catch is that each borrower can use Home Is Possible assistance only once, so anyone who used it on an earlier home is ineligible. First-time buyers can also compare the Division's separate first-time program, which offers lower rates but adds county income and price limits.

What is the income limit for Home Is Possible in Nevada?+

$165,000. That ceiling applies to every household size in every Nevada county, on FHA, VA and USDA loans and on conventional loans above 80% of area median income. Conventional loans at or below 80% of AMI use lower county limits set by Fannie Mae and Freddie Mac, and in exchange get reduced mortgage insurance. The Division counts the income of every borrower and any non-purchasing spouse, even when the spouse is not on the loan.

Should I choose the 3% or 5% Home Is Possible option?+

5% suits buyers short on cash, and 3% suits buyers who want the lower rate. On the October 23, 2026 rate sheet, the 5% option on an FHA, VA or USDA loan carried 7.750%, while the 3% option carried 7.500%, a quarter point lower. On a $470,000 loan, 5% supplies about $9,400 more at closing, but all of it is repaid at sale. The 3% tier also leaves a smaller balance to repay at sale.

Can I refinance a home bought with Home Is Possible?+

Yes, but the second mortgage must be paid off when you refinance. The Nevada Housing Division does not subordinate its second lien to a new first mortgage or a home equity line of credit, so the full assistance balance is added to your refinance payoff. U.S. Bank services the loan as master servicer, and you can request a payoff figure at any time by calling 800-365-7772 before you shop for refinance rates.

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