Nevada Down Payment Assistance Programs (2025 Updated)

It depends on the program:

• • HIP Program: Forgivable grant - no repayment if you stay 5 years
• • Home at Last: Forgiven over 36 months (3 years) of occupancy
• • Chenoa Fund: 0% interest loan due at sale or refinance
• • NRHA: Forgiven after 30 years or when loan is paid off

Most Nevada DPA programs are structured as forgivable grants, meaning if you meet the residency requirements (typically 3-5 years), you never have to repay them. This makes them essentially "free money" for homebuyers who plan to stay in their home long-term.

Yes! Most Nevada DPA programs work with all major loan types:

• • FHA Loans: All DPA programs compatible (HIP, Home at Last, Chenoa Fund)
• • VA Loans: Can use Chenoa Fund or Home at Last for closing costs with 0% down
• • Conventional Loans: HIP and Home at Last work with 3-5% down conventional mortgages
• • USDA Loans: NRHA program specifically designed for rural USDA properties

The specific programs you qualify for may vary based on your credit score, income, and property location. We'll identify which combination of loan type + DPA program gives you the best terms.

Timeline varies by program:

• • Initial Pre-Qualification: 1-2 business days to verify basic eligibility
• • Homebuyer Education Course: 1 day (8-hour online course) to 1 week (in-person)
• • Full DPA Approval: 7-14 days once mortgage application submitted
• • Total Process: 2-4 weeks from application to DPA funding at closing

Pro Tip: Start your homebuyer education course immediately after pre-approval. This certificate is required for most programs and completing it early prevents delays when you find a home. We can help you enroll in approved courses.

You still have options! Consider these alternatives:

• • Chenoa Fund: No income limits for most properties - works for higher earners
• • Lender Credits: We can offer closing cost credits (1-3%) if you accept slightly higher rate
• • Gift Funds: FHA/conventional allow 100% of down payment from family gifts
• • Employer Assistance: Some Nevada employers (hospitals, universities) offer homebuyer grants
• • IRA/401(k): First-time buyers can withdraw $10K from retirement penalty-free

If your income exceeds state program limits (typically $110-130K in Las Vegas), you likely have good financial standing for a conventional 3% down loan. We'll show you all available options to minimize your upfront costs.

Yes, Nevada offers enhanced assistance for public service workers:

• • Clark County Teacher/First Responder Program: Additional $2,000 grant for educators, police, fire, EMT purchasing in designated Las Vegas areas
• • Good Neighbor Next Door (HUD): 50% discount on select HUD foreclosures for teachers and law enforcement
• • VA Loans for Veterans: $0 down + DPA for closing costs = true zero out-of-pocket homebuying
• • Disabled Veteran Benefits: VA funding fee waived (saves $6,000-9,000) + property tax exemptions

Nevada recognizes the importance of keeping teachers, first responders, and veterans in our communities. Many of these programs can be stacked with standard DPA for maximum benefit. Contact us for a complete benefits analysis based on your profession.

You'll need to repay a prorated amount or the full balance, depending on the program:

• • HIP (5-year forgiveness): Sell after 3 years = repay 40% of grant ($15K grant = $6K due)
• • Home at Last (3-year forgiveness): Sell after 1 year = repay ~67% of grant
• • Chenoa Fund: Full balance due at sale regardless of time (but still 0% interest)

Repayment comes from your home equity at closing. Example: You got $15K HIP grant, lived 2 years, selling for $50K profit. You'd repay ~$9K from proceeds, keeping $41K equity.

Good news: Nevada home values have appreciated 3-5% annually. Most buyers who sell early still profit significantly even after DPA repayment. The assistance helps you build equity you wouldn't have otherwise.