Home Is Possible Down Payment Assistance Grant

With the Home Is Possible down payment assistance program, the Nevada Housing Division provides grants to homebuyers whose savings fall short of the necessary upfront costs of the mortgage process. 

Available Assistance
The Home Is Possible program offers homebuyers a 30-year, fixed rate mortgage. The grant amount can be as much as 4 percent of the loan amount and must be put toward the down payment and closing costs. The grant does not have a repayment requirement if you stay in the home for at least 3 years and is available to residents all over the state of Nevada. 

Eligibility Requirements
This program is only available to first time homebuyer's which, means you have not owned a home in the past 3 years.  All homebuyers must have a credit score of at least 660 for government-backed and conventional loans (680 for manufactured homes).

Maximum Income Thresholds
In order to be eligible, there is a maximum income threshold which varies by county and the number of persons in your family.  For 1 to 2 person families, the gross income cannot exceed $84,600 up to $112,300.  For 3 or more people, the gross income cannot exceed $97,290 up to $123,970.  Maximum income by county and persons can be found on their website. 

Applicants must pay a one-time fee of $759, and successfully complete a homebuyer education course. ​All homebuyers must meet normal government or conventional loan underwriting requirements.

Property Guidelines
Any property purchased under the Home Is Possible program must serve as the homebuyer's primary residence. The maximum purchase price of the home depends on the county and can vary anywhere from a low of $349,525 to a high of $472,967.  Maximum purchase prices can be found on their website.  
 

(Note: All figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)