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Down Payment
Assistance Programs

Saving for a down payment can be challenging for homebuyers, whether you are a first-time buyer or experienced homebuyer. We have some excellent news you need to know! Down payment assistance programs–grants and loans–are available to ease the burden and help you buy a home in Nevada.

How Does Down Payment Assistance Work?

Almost everyone who purchases a home will generally need to make a down payment. A down payment is a cash percentage of the home's final purchase price, typically ranging from 3.5% to 20%. Everyone's situation is unique. The rule in the old days was that the more you have for a down payment, the better.

Understandably, many homebuyers need help with some or all the down payment; this is where down payment assistance programs can help.

Various loans, grants, and more are available through federal, state, and local governments and nonprofits. To take advantage of these programs, you must meet some eligibility requirements, which vary based on the program.

Be a homebuyer not a real estate investor

Live in the home as the primary residence

Live in the state of Nevada

Meet program requirements

Nevada Down Payment Assistance Programs

Nevada offers several attractive programs for first-time & experienced homebuyers. Romany Homes & Gardens invest time and training our team to be experts in helping you take advantage of these valuable programs. We're qualified real estate agents for the following down payment assistance programs. Contact us to learn more about the requirements and the process.

Home Is Possible

The Nevada Housing Division's Home Is Possible program helps homeowners secure up to 5% of their home loan's value to use toward a down payment or closing costs.

Home is Possible

Home Is Possible for Heroes

Veterans and military personnel (honorably discharged and active duty) plus their surviving spouses can secure lower interest rates and lower monthly payments with this program.

Home Is Possible for Heroes

Home Is Possible for Teachers

Teachers who take advantage of this program can receive up to $7,500 toward their down payment or closing costs, plus forgiveness after living in their new home after five years.

Home is Possible

Workforce Initiative Subsidy for Homeownership (WISH) Grants

Transitioning from renting to owning your very own home is easier with a WISH grant. It offers eligible low- to-moderate income households 4-to-1 matching grants of up to $22,000, applicable toward down payments and closing costs.

WISH Grants

Home At Last

Open to more than just first-time homebuyers, the Nevada Rural Housing Authority provides down payment assistance to eligible clients to help with the purchase of a primary residence. Current homeowners who qualify may also use this program to refinance their existing loan.

Home At Last

Types of Down Payment Assistance Programs

Down payment assistance programs come in all shapes and sizes, but they aren't one-size-fits-all. Here's what you need to know about assistance options available to Nevada residents–and if you have questions, don't hesitate to reach out. We're happy to provide more details.

Grants

Would-be homebuyers love grants and it's easy to see why: unlike mortgage loans, grants don't need to be repaid. Think of them as gifts with some requirements attached–you still need to meet the program's eligibility requirements or fulfill certain conditions to receive them.

Low-Interest Loans

For many homebuyers, a low mortgage payment can significantly improve their monthly budget. Low-interest loans are exactly what they sound like: home loans with lower-than-average interest rates that deliver the benefit of a low monthly payment.

Zero-Interest, Forgivable Loans

If you plan to live in your home for a while, a forgivable loan could be a great fit. After a set number of years–usually 5, but up to 20–lenders will forgive these loans entirely. But if you move out before the forgiveness period ends, you may need to pay back some or all of the loan.

Zero-Interest, Deferred-Payment Loans

Postponing your loan payment without worrying about accrued interest could give you some much-needed financial wiggle room. But remember: most deferred-payment loans may never be forgiven, so you'll need to repay them if you decide to move.

Get Closer to Your Dream Home

Our qualified lending experts are here to help you every step of the way on your homeownership or refinancing journey . While you're doing your research, here are some more helpful resources to guide you to your new home.

Common Questions About Down Payment Assistance in Nevada

Down payment assistance programs can help bridge the gap between renting and owning your very own home. But to enjoy these benefits, there are certain conditions you need to meet–and every program sets its own qualifications for would-be buyers. Here are some of the most common.

Who qualifies for down payment assistance?

In most cases, qualification is limited to first-time homebuyers. However, programs such as Home at Last are available to qualifying current homeowners. Home Is Possible For Heroes extends assistance to any veteran, active-duty soldiers and their surviving spouses, regardless of history of home ownership.

Other common down payment assistance program requirements include:

An acceptable-to-good credit score (roughly 640 and up).
Legal residency in the state of Nevada (more than 183 days of the year).
First-time homebuyer status (with some exceptions, as mentioned above).

What qualifies as a first-time homebuyer in Nevada?

To be considered a first-time homebuyer in Nevada, you cannot have owned a home at any point within the past three years. If you're not sure whether you qualify, let our team know–we can work with you to determine whether you have first-time homebuyer status. If not, we'll explore other options.

How long does it take to get down payment assistance?

Securing down payment assistance usually takes a few weeks depending on the program's requirements. Some, like the WISH Grants program, require applicants to complete first-time homebuyer counseling. Others may be more straightforward, especially if you meet all eligibility requirements. Thanks to our approved lender status, Greater Nevada Mortgage can help expedite the application process.