Nevada First-Time Homebuyer Programs

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Updated on Wednesday, February 20, 2019

Whether you’re looking for a home in busy Las Vegas, in the suburbs or among the vast and stunning desert scenery, there are plenty of places to choose from in Nevada.

When thinking about financing, you may already be familiar with federal housing assistance programs. However, just as there’s more to be found in Nevada than Las Vegas, there are more financial assistance programs to be found, many run by the state of Nevada itself.

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Programs provide 30-year mortgages with below-market interest rates, down payment assistance and federal tax credits. We’ve reviewed them all in this guide to Nevada’s first-time homebuyer programs in 2019.

Nevada first-time homebuyer programs

Nevada offers a range of financial assistance programs for first-time homebuyers. Among these are multiple offerings within the Home is Possible program, including those designed especially for veterans and teachers, as well as mortgage credit certificate programs that help buyers get federal tax credits for their new homes. Nevada also offers financial assistance to those buying homes in rural areas through the Home At Last programs.

Home is Possible

The Home is Possible program is available to homebuyers whose yearly income is $98,500 or less. Those who are eligible may get a low-interest mortgage plus assistance with down payment and closing costs.

Benefits

  • The mortgage offers a 30-year term at an attractive interest rate.
  • Offers a forgivable loan of up to 5% of the value of your mortgage, to be used for down payment and closing costs. Assistance is forgivable after three years, as long as you’ve lived in the home during that time.
  • Manufactured homes are eligible.

Requirements

  • Household income must be at or below $98,500 for FHA, VA and USDA loans
  • For conventional loans, income limits vary by county, ranging from $70,100 to $87,700
  • Credit score must be at least 640
  • Home price must be below $484,350
  • You must live in the home as your primary residence
  • One-time application fee of $675
  • Homebuyer education class required

How to apply

To get started with the Home is Possible program, contact a participating lender. They’ll help you see if you’re eligible, then walk you through the whole application and borrowing process.

Home is Possible for Heroes

The Home is Possible for Heroes program was created specifically for military veterans, current members of the military and surviving spouses to help them achieve homeownership. This program offers mortgages with low interest rates across the state of Nevada.

Benefits

  • Thirty-year mortgage with below-market interest rate
  • First-time homebuyer status is not required
  • Can combine it with Mortgage Credit Certificate program. If you do, MCC fees will be waived

Requirements

  • Available to veterans, active service members, National Guard members and surviving spouses.
  • Mortgage must be a VA or USDA loan
  • One-time application fee of $675
  • Property requirements:
    • Home sale price must be below $484,350
    • Borrower must not own any other properties at closing
    • Home must serve as borrower’s primary residence
  • Income must fall below $98,500
  • Credit score minimum of 640
  • Homebuyer education class required

How to apply

If you’re interested in applying for the Home is Possible for Heroes program, begin by contacting a qualified lender in your area. The lender can tell you if you qualify, and then get you started with the application process.

Home is Possible for Teachers

The Home is Possible for Teachers program is designed to help make homeownership more attainable for teachers at K-12 Nevada public schools. Participants can get a low-interest mortgage, as well as assistance with down payment and closing costs. Note that this program will only be available through June 30, 2019.

Benefits

  • Thirty-year mortgage with below-market interest rates
  • Plus, $7,500 for down payment and closing costs. Assistance is a loan that is forgiven after five years if you reside in the home for that time period.
  • Program may be used in combination with the Mortgage Credit Certificate program. If you do combine the programs, the MCC fees will be discounted.

Requirements

  • You must be a licensed, full-time K-12 teacher at a Nevada public school
  • Your income must be below $98,500
  • Loan must be government-backed. Conventional loans are not permitted
  • Minimum credit score of 660 for FHA loans, or 640 for USDA and VA loans
  • You must not own any other property at time of closing
  • Home price must be below $484,350
  • You must live in the home as your primary residence
  • You must take a homebuyer education class
  • One-time application fee of $675
  • Loan program ends June 30,2019

How to apply

Find out more and apply for the Home is Possible for Teachers program by finding a participating lender in your area. If you don’t qualify, the lender should be able to tell you about other programs you may be eligible for.

Mortgage Credit Certificate

The Nevada Housing Division offers a Mortgage Credit Certificate (MCC) program for first-time homebuyers. That means you get to subtract an amount equal to up to 20% of your annual mortgage interest from the amount you owe in federal taxes each year. That can add up to tens of thousands of dollars over the loan term.

Benefits

  • Federal tax credit can shrink your tax bill by an amount equal to up to 20% of total interest paid on your mortgage each year. Expect to save about $2,000 a year.
  • Any outstanding interest may be claimed as tax deduction
  • As a result of tax savings, your debt-to-income ratio (DTI) is reduced, increasing your borrowing power for your mortgage
  • Discount of $400 on program fees when MCC is used in combination with Home is Possible program
  • Program fees waived for honorably discharged veterans, active duty military personnel, National Guard members and surviving spouses

Requirements

  • You must be a veteran or first-time homebuyer or not have owned a home in the past three years
  • You must live in the home as your primary residence
  • Income requirements and purchase price limits vary by county and household size
  • One-time fees required:
    • $795 program fee
    • $300 lender application fee
    • Program fees waived for honorably discharged veterans, active duty military personnel, National Guard members and surviving spouses
  • Applicants must complete a homebuyer education class

How to apply

Contact a participating lender to get started and to see whether you qualify for the Mortgage Credit Certificate program. They’ll work with you from the beginning of the process to loan closing.

Home At Last

The Home At Last program is offered through the Nevada Rural Housing Authority to help residents in rural Nevada achieve homeownership. This program offers up for $24,000 in down payment assistance, to make housing affordable throughout the state.

Benefits

  • Down payment assistance of up to $24,000 disbursed as a 0% deferred-payment forgivable loan. Loan may be forgiven after three years.
  • Down payment assistance is combined with a 30-year fixed-interest rate mortgage. No separate application forms are required
  • No purchase price limits
  • All associated lender fees may be paid using down payment assistance funds
  • May be combined with Mortgage Credit Certificate program. When combined, program fee is reduced to $395

Requirements

  • Home must be located in qualified rural areas of Nevada. Every county contains qualifying rural areas.
  • Your income cannot exceed $135,000 for conventional loans and $116,000 for FHA, VA and USDA loans
  • Your DTI must be 50% or lower
  • Home must be your primary residence
  • Associated lender fees due at closing:
    • $80 tax service fee
    • $275 compliance and administrator fee
    • $400 funding fee
    • Loan origination fee of up to 0.50% of total loan amount

How to apply

Check to see whether the area you’re considering qualifies as rural by using the Home At Last Eligibility Mapping Tool. Then contact an approved lender to begin the application process.

Home At Last Mortgage Credit Certificate

Run by the Nevada Rural Housing Authority, the Home At Last Mortgage Credit Certificate offers tax benefits for first-time homebuyers and military veterans.

Benefits

  • Federal tax credit can shrink your tax bill by an amount equal to up to 20% of the interest you pay per year on your mortgage. Average savings are $2,000 a year, but there is no cap on the credit. Tax credits may be applied every year during the entire loan term
  • Receive credit each year OR change your W-4 withholdings so you increase your take-home pay all year.
  • Lenders can use the MCC as additional qualifying income when considering your mortgage application.
  • Associated fees waived for active duty military personnel, qualified veterans and members of the National Guard

Requirements

  • You must be a veteran or first-time homebuyer or not have owned a home in the past three years.
  • Available only for those in rural areas of Nevada. Every county contains qualifying rural areas. Check whether the area you’re considering is eligible by using the Home At Last Eligibility Mapping Tool.
  • Income limits vary depending on county and household size
  • Purchase price limits vary depending on county and household size
  • Applicants must complete a free online homebuyer education course
  • Fees:
    • The Nevada Rural Housing Authority will charge a one-time fee of $795. May be reduced to $395 if you combine this program with Home At Last down payment assistance
    • Lenders may require a processing fee of up to $300
    • Fees waived for active duty military personnel, qualified veterans and members of the National Guard

How to apply

Check to see whether you qualify for the Home At Last Mortgage Credit Certificate by contacting an approved lender. To learn more about buying a home in Nevada, explore the free homebuyer education course available through the Nevada Rural Housing Authority.

National assistance

In addition to state-run financial assistance programs in Nevada, be sure to research federal programs during your home search, as well. These programs include FHA loans, Fannie Mae and Freddie Mac products, HUD Dollar Homes and more. Start exploring these and other federal programs by checking out LendingTree’s guide to national first-time homebuyer programs.

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