First-time home buyers in Nevada have access to a range of programs aimed at making homeownership more affordable. With rising home prices, these programs provide essential support for down payments and closing costs, helping buyers overcome financial barriers. Here’s a closer look at the top options available to first-time buyers in Nevada.
1. Home Is Possible (HIP)
- Overview: The Home Is Possible program offers up to 4% of the loan amount in down payment assistance, making it ideal for buyers who need financial support to cover initial costs. Available to both first-time and repeat homebuyers, HIP makes homeownership more accessible.
- Eligibility: Requires a minimum credit score of 640 and completion of a homebuyer education course.
- Best For: Buyers who need significant help with down payments to get into a home.
2. Home First Program
- Overview: The Home First program offers $15,000 in down payment assistance, which is forgivable after three years if the buyer remains in the home. This incentive is an excellent opportunity for buyers who plan to stay in their home for the long term.
- Eligibility: Applicants must have a credit score of 640 or higher and have been Nevada residents for at least six months.
- Best For: Buyers who need help with down payments and plan to stay in their home for several years.
3. WISH Grants
- Overview: The WISH Grant program provides eligible low- to moderate-income first-time buyers with up to $30,806 in matching funds for down payment assistance. To qualify, applicants must complete a homebuyer counseling program and meet income requirements.
- Best For: Low- to moderate-income buyers who have some savings but need additional support to afford a down payment.
Eligibility Requirements for Nevada First-Time Buyer Programs
To qualify for Nevada’s first-time buyer programs, applicants need to meet certain requirements:
- First-Time Buyer Status: Most programs require that you haven’t owned a home in the past three years.
- Income Limits: Many programs have income caps based on the area’s median income.
- Credit Requirements: A minimum credit score is required, typically around 640 or higher.
- Homebuyer Education: Completion of a homebuyer education course is often necessary for eligibility.
Start Your Homeownership Journey in Nevada
Buying your first home in Nevada doesn’t have to be out of reach. These first-time buyer programs provide critical support for down payments and closing costs, making it easier to afford a home. Get in touch with a mortgage professional to discuss eligibility and find the program that best fits your needs. With the right resources, homeownership in Nevada can be within your grasp.