🏡 First-Time Homebuyer Programs in Las Vegas (and Beyond): What You Need to Know

Buying your first home is one of the most exciting milestones in life. But for many, the biggest challenge is saving enough for a down payment and navigating mortgage requirements.

The good news? Las Vegas and Nevada offer multiple first-time homebuyer programs designed to make owning your first home more affordable. Even if you’re not in Nevada, there are excellent nationwide programs that can help you step into homeownership with less upfront cost.

Let’s break down the best options in Las Vegas, then look at national programs you may qualify for.

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🌟 Las Vegas & Nevada First-Time Homebuyer Programs

1. Home Is Possible (HIP) – Nevada Housing Division

The Home Is Possible program is one of Nevada’s most popular first-time buyer programs.

✅ How it helps:

• Offers up to 5% of the loan amount as down payment assistance
• Can be used for down payment and closing costs
• Works with FHA, VA, USDA, and conventional loans

✅ Requirements:

• Minimum credit score of 640
• Must meet income limits (varies by household size & location)
• Must complete a homebuyer education course
• Must live in the home as your primary residence

💡 Best for moderate-income buyers who need help with upfront costs.

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2. Home Is Possible for Teachers & Heroes

A special version of the HIP program is available for Nevada teachers, first responders, and military personnel.

✅ How it helps:

• Forgivable down payment assistance (no repayment if you stay in the home for 5 years)
• Competitive fixed mortgage rates

✅ Requirements:

• Must be a licensed full-time teacher, first responder, or military member
• Meet the same credit and income requirements as the regular HIP program

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3. WISH Grant Program (Workforce Initiative Subsidy for Homeownership)

Some Las Vegas credit unions and community banks offer the WISH program, which matches your savings 4-to-1 for a down payment.

✅ How it helps:

• If you save $5,000, they match with $20,000
• Free money if you meet the program rules

✅ Requirements:

• Be a first-time buyer
• Meet income requirements (usually below 80% of area median income)
• Complete an approved homebuyer education course

💡 Ask your local credit union, such as One Nevada Credit Union, about participation.

🌎 Nationwide First-Time Homebuyer Programs

Even if you don’t qualify for a Nevada-specific program, there are federal programs designed for first-time buyers.

1. FHA Loan (Federal Housing Administration)

FHA loans are a classic choice for first-time buyers because they have lower down payment requirements.

✅ How it helps:

• Down payment as low as 3.5%
• More flexible credit score requirements

✅ Requirements:

• Minimum credit score of 580 for 3.5% down (500–579 requires 10% down)
• Mortgage insurance premium (MIP) required
• Must live in the home as your primary residence

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2. VA Loan (Department of Veterans Affairs)

If you’re active-duty military, veteran, or eligible spouse, VA loans are one of the best options.

✅ How it helps:

• Zero down payment
• No monthly mortgage insurance
• Competitive interest rates

✅ Requirements:

• Must meet service requirements
• VA funding fee may apply (can be waived for some disabled veterans)

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3. USDA Rural Development Loan

If you’re buying in eligible areas outside the main Las Vegas metro, you may qualify for a USDA loan.

✅ How it helps:

• Zero down payment required
• Lower mortgage insurance compared to FHA

✅ Requirements:

• Property must be in a USDA-eligible rural or suburban area
• Meet income limits (varies by household size and county)

👉 Check USDA eligibility map

4. Fannie Mae HomeReady® & Freddie Mac Home Possible®

These conventional loan programs are designed for low-to-moderate income buyers.

✅ How they help:

• Down payment as low as 3%
• Reduced private mortgage insurance (PMI) rates

✅ Requirements:

• Minimum credit score of 620
• Income must be below 80% of area median income (for HomeReady)

5. Good Neighbor Next Door Program

For teachers, law enforcement, firefighters, and EMTs, HUD offers steep discounts.

✅ How it helps:

• 50% off the home price for eligible properties in “revitalization areas”

✅ Requirements:

• Must commit to living in the home for at least 36 months
• Limited inventory (HUD.gov posts available homes)

✅ Which Program Is Right for You?

It really depends on your:

• Income level
• Credit score
• Job status (teacher, veteran, etc.)
• Where you want to buy

Sometimes you can combine programs — for example, use an FHA loan along with Home Is Possible assistance to cover your down payment.

🏠 Why Work With a Realtor Who Knows These Programs?

The truth is, many buyers don’t know what they qualify for, and end up thinking homeownership is out of reach. As a Las Vegas Realtor, I work with trusted lenders who specialize in first-time buyer programs and can help you:

• Find the best program for your situation
• Secure pre-approval to strengthen your offer
• Connect you with down payment assistance you may not know exists
• Negotiate on your behalf to save you even more

📞 Ready to Find Out What You Qualify For?

Don’t let the fear of a big down payment stop you. You may be closer to owning a home than you think.

📞 Call/Text me at 702-753-0211
📅 Book a Free Buyer Consultation:
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I’ll help you navigate all the options and find the best path to your first home in Las Vegas.

Ray McCullough
S.0202760 | Licensed Realtor
Keller Williams Las Vegas