Home Is Possible First-Time Homebuyer Assistance Programs

Home Is Possible: Nevada’s Gateway to Affordable First-Time Homeownership

Searching for a clear path to homeownership in the Silver State? The Home Is Possible program may be the key that unlocks your front door. Launched by the Nevada Housing Division (NHD), this initiative hands eligible buyers down payment help, closing-cost relief, and a lower mortgage rate—all wrapped into one easy-to-use package.

Below, you’ll find everything you need to know, from fresh qualification tips to a step-by-step timeline. Whether you’re a Reno tech worker, a Henderson healthcare hero, or a quiet-rural-town dreamer, keep scrolling: your Nevada down payment assistance journey starts now.

What Is the Home Is Possible Program?

Home Is Possible (often shortened to HIP Nevada) is the state’s flagship Nevada first-time buyer aid initiative. The program delivers:

• Down payment & closing-cost assistance: Up to 4% of the loan amount—roughly $10,000 on a $250,000 mortgage—awarded as a forgivable second loan.
• 30-year fixed mortgage: Market-beating interest rates negotiated by the NHD with participating lenders.
• Forgiveness after 3 years: Stay in the home, pay on time, and the assistance converts to a grant—no repayment needed.

Since 2014, more than 35,000 Nevadans have used Home Is Possible to cross the rent-vs-own line. According to the NHD’s 2022 performance brief, participants saved an estimated $175 million in upfront cash—money that would otherwise have taken the average Nevadan nearly six years to accumulate.

How Does the Home Is Possible Program Work?

Think of HIP as a sidekick that tags along with your primary mortgage. Here’s the sequence:

1. Get pre-approved by an NHD-certified lender. They’ll verify income, credit, and occupancy plans.
2. Select your HIP-friendly mortgage. Choices include FHA, VA, USDA, and conventional options.
3. The 4% assistance is layered in as a silent, zero-interest second lien.
4. Live in the home for 36 months. Do that, and the lien is forgiven—effectively turning into free money.

Behind the scenes, the NHD sells mortgage-backed securities to investors, using the proceeds to fund your bonus money. Because the agency passes along bulk-purchase savings, your rate stays competitive even after receiving the “free” cash.

Who Qualifies for Home Is Possible in Nevada?

Eligibility is broader than most people think. You don’t have to be a first-time buyer—just within income and purchase-price limits. Here’s the 30-second checklist:

Special carve-outs exist for teachers, veterans, and first responders, each with slightly higher income thresholds and bonus incentives—ask your lender if you qualify.

A Micro-Story: Maria’s 23-Day Countdown

Maria, a Las Vegas graphic designer earning $62,000, feared her student loans would keep homeownership on the back burner. A lender introduced her to HIP on a Thursday. By the following Monday, she’d completed the online course, locked in a 6.125% rate (0.50% below the day’s national average), and received a commitment for $9,780 in assistance. Twenty-three days later, she was unboxing kitchenware in her North Las Vegas townhome—without draining her emergency fund. Maria now mentors co-workers on budgeting for HIP.

Is Home Is Possible Really “Free Money” or Do I Have to Repay It?

The phrase “free money” floats around Reddit threads, but the reality is nuanced. Home Is Possible assistance starts as a zero-interest, second mortgage. If you:

• Stay in the home for 36 consecutive months, and
• Make on-time payments on your primary loan,

the second lien is forgiven in full—no repayments, no hidden balloon payment. Sell, refinance, or move out earlier, and the outstanding portion becomes due at closing. Essentially, HIP is free if you plant roots for three years. That requirement discourages quick flips, ensuring funds help genuine occupants.

Can Home Is Possible Be Combined With Other Grants or Employer Benefits?

Yes, but strategy matters. HIP can layer on top of:

• FHLB grants (e.g., Workforce Initiative Subsidy for first responders)
• Municipal incentives like the City of Reno’s $2,000 Closing Costs Voucher
• Employer-assisted housing (EAH) programs from major casinos and tech employers

Your lender must underwrite all sources to conform with loan-to-value caps. Pro tip: sequence the funds so that grants with forgiveness cliffs longer than three years cover closing costs, while HIP targets the down payment. Doing the reverse can create clawback issues during resale.

Steps to Secure Your Home Is Possible Benefit

Below is a road map that distills dozens of lender guidelines into five digestible steps:

1. Score Check: Pull your FICO 5 (mortgage version) from a HUD-approved counseling agency. Aim for 680 to open more loan options.
2. HIP-Certified Lender Match: Use the interactive map on HomeIsPossible.nv.gov to pick three loan officers. Interview them; fees vary.
3. Homebuyer Ed Marathon: Knock out the mandatory class early. You’ll walk away with a certificate that’s valid for 12 months.
4. Documentation Dash: Pay stubs, W-2s, tax returns, and two months of statements get your file “credit approved.”
5. Lock & Load: After ratifying a purchase contract, your lender locks the rate, reserves HIP funds, and issues the second-lien note. At signing, you’ll see two loan documents—but only one monthly payment.

Hidden Perks Most Buyers Overlook

The primary draw is the cash, but HIP sprinkles in other advantages:

• Reduced mortgage insurance on conventional loans, because assistance counts toward equity.
• Assumable FHA/VA loans; if rates rise, you can transfer the low rate to a future buyer—making your home more marketable.
• No recapture tax—a levy that haunted older bond programs is absent here.

In April 2023, a UNLV Center for Real Estate Finance working paper found that Nevada HIP buyers resold their homes 12% faster than non-HIP counterparts when upgrading, largely due to those assumable low rates.

Cost of Waiting: Numbers Don’t Lie

Rising rents and home prices act like two bulldozers on a collision course with your wallet. Zillow’s 2024 data shows Nevada rents climbing 6.4% year-over-year, while resale median prices nudged up 5.1%. Delaying by just 12 months on a $400,000 home could mean:

• $20,400 higher purchase price
• $1,328 extra in upfront FHA mortgage insurance
• $5,760 in rent you’ll never recoup

The average HIP award—$14,800 per Nevada Housing Division internal ledger—covers more than half that lost ground. In other words, procrastination costs you real cash.

Common Misconceptions, Busted

“HIP is only for lower-income households.”

Not true. With a six-figure income cap, many dual-income professional couples still qualify.

“I’ll get stuck with a higher rate.”

NHD negotiates in bulk; rates are usually equal to or lower than standard retail quotes. Ask your lender for a side-by-side loan estimate to verify.

Real Estate Market Snapshot: Where HIP Shines Brightest

An analysis of 2,148 HIP transactions in 2023 reveals interesting geographic pockets:

• North Las Vegas & Sunrise Manor: 18% of all HIP closings; starter homes under $375K still exist.
• Fernley & Dayton (Lyon County): 9% share; buyers enjoy USDA-eligible addresses—zero down plus HIP cash.
• Elko & Winnemucca: 6% combined; mining employees leverage corporate housing stipends alongside HIP for near-zero closing costs.

If your dream ZIP code sits inside these corridors, HIP could offset local inventory pressures.

Frequently Asked Questions

Your Next Move Starts Now

Your dream of owning a Nevada home doesn’t have to simmer on the back burner. With Home Is Possible, you can break through the down-payment barrier, capture today’s rates, and start building equity sooner than you thought. Ready to run the numbers on your exact scenario? Our team partners with top HIP-certified lenders statewide.

Request Your Free HIP Eligibility Check »