Nevada First-Time
Homebuyer Programs

Yes! Many Nevada first-time buyers successfully stack multiple programs. For example, you can use an FHA loan (3.5% down) combined with Nevada Housing Division's down payment assistance to cover your down payment and closing costs. You can also combine state assistance with local programs like Clark County's down payment grants. However, each program has rules about combining assistance, so work with an experienced Nevada lender who knows how to layer these programs effectively.

It depends on the program. Many Nevada programs offer "forgivable loans" (also called soft second mortgages or deferred payment loans). These are repaid only if you sell the home, refinance, or stop living there within a certain period (typically 5-10 years). If you stay in the home for the full period, the loan is forgiven entirely. For example, the Nevada Housing Division's HIP program gradually forgives assistance over time. Some programs are grants that never need to be repaid. We can explain exactly how each program works.

Credit score requirements vary by program and loan type. FHA loans (the most common for first-time buyers) require a minimum 580 credit score for 3.5% down, or 500-579 with 10% down. State programs like Nevada Housing Division's HIP typically require 620-640 minimum. If your credit is lower, we can help you improve it or find programs that accept lower scores. The good news: Nevada's assistance programs are designed for buyers with modest credit, so you don't need perfect credit to qualify.

The timeline varies. Completing the required homebuyer education course takes 6-8 hours (can be done online). Once you apply for a loan with down payment assistance, pre-approval typically takes 1-3 days. The full mortgage process (from application to closing) averages 30-45 days, similar to a regular mortgage. Some programs have limited funding and operate on a first-come, first-served basis, so it's best to start early. We recommend beginning the process 3-6 months before you want to buy.

Yes! FHA loans and most Nevada programs allow gift funds from family members, employers, or charitable organizations for your down payment and closing costs. The donor must provide a gift letter stating the funds are a gift, not a loan, and don't need to be repaid. You can combine gift funds with down payment assistance programs to minimize your out-of-pocket costs. This is especially helpful if family wants to help you buy your first home in Nevada.

Absolutely. Veterans and active military qualify for VA loans with $0 down payment (no down payment assistance needed). Teachers, law enforcement, firefighters, and other public service workers may qualify for additional local grants or programs through their employers or unions. Nevada Housing Division sometimes offers special allocations for certain professions. Additionally, HUD's Good Neighbor Next Door program offers 50% discounts on homes in revitalization areas for teachers, law enforcement, firefighters, and EMTs. Contact us to explore profession-specific programs you might qualify for.