This is the post I wish someone had handed me when I was buying my first home. Because nobody told me about these programs. Not until I was already deep into the process. And that’s a problem, because these programs can be the difference between buying and not buying.
Nevada has some of the best first-time homebuyer assistance programs in the country. Most people have never heard of them. Let’s fix that.
First — What Is Down Payment Assistance, Actually?
Down payment assistance (DPA) programs provide money to help you cover your down payment and/or closing costs. They come in a few different forms:
- Grants — money you don’t have to repay at all (as long as you meet the terms)
- Forgivable loans — second mortgages that are forgiven after you stay in the home for a certain period
- Deferred loans — second mortgages that don’t require payments until you sell or refinance
The key thing to understand: these aren’t charity. They’re programs created specifically to help working people — including moderate-income households — get into homeownership. If you meet the requirements, you’d be leaving money on the table not to use them.
Program 1: Home Is Possible (HIP) — The Flagship
Run by the Nevada Housing Division, Home Is Possible is the most widely used first-time buyer program in the state.
What it offers:
- 30-year fixed rate mortgage with a competitive interest rate
- Up to 4% of the loan amount in down payment and closing cost assistance
- The assistance is a grant — it does NOT have to be repaid if you stay in the home for at least 3 years
Who qualifies:
- First-time homebuyer (haven’t owned a home in the last 3 years)
- Credit score of at least 660 for government-backed and conventional loans
- Income below the program limit — varies by county and household size
- Must complete a homebuyer education course
- Home must be your primary residence
Real example: On a $350,000 loan, 4% assistance = $14,000. That could cover your entire down payment on an FHA loan. That’s not a small number.
Program 2: Home At Last (HAL) — No Income Cap
Home At Last is operated through a public-private partnership and has one significant advantage over Home Is Possible: there is no income cap and the funding is essentially unlimited because it’s not government-funded.
What it offers:
- Competitive 30-year fixed rate mortgage
- Down payment assistance up to 4–5% of the loan amount
- Available for both first-time buyers AND repeat buyers (unlike most DPA programs)
Who qualifies:
- Credit score of at least 640
- No income cap (unlike Home Is Possible)
- Primary residence only
- Must work with an approved HAL lender
Because there’s no income cap, HAL is especially useful for buyers who earn too much to qualify for HIP but still need help with the down payment.
Program 3: Home First — Maximum Assistance
Home First offers up to $15,000 in down payment assistance for qualifying buyers. This is one of the highest assistance amounts available in Nevada.
What it offers:
- Up to $15,000 in down payment assistance
- Designed for low-to-moderate income buyers
- Forgivable after meeting program requirements
Who qualifies:
- Income must be at or below 80% of Area Median Income (AMI) for Clark County
- Must complete homebuyer education
- First-time buyer requirement applies
Program 4: VA Loans — Zero Down for Veterans
If you served in the military, this is the most powerful home buying benefit available to you. Period.
What it offers:
- Zero down payment required — none
- No private mortgage insurance (PMI) — this alone saves $100–$200/month
- Competitive interest rates, often below conventional loan rates
- Limits on closing costs
- Lifetime benefit — you can use it multiple times
As a Marine Corps veteran myself, I want to be direct about this: your VA benefit is one of the most valuable financial tools you earned through your service. Using it to buy a home is one of the smartest things you can do with it.
Important update: The Mortgage Credit Certificate (MCC) program, which provided a federal tax credit for mortgage interest, paused as of January 1, 2026 and is not accepting new reservations. Check with your lender for current status.
Program 5: FHA Loans — The Most Accessible Option
FHA loans aren’t a down payment assistance program per se — they’re a loan type with a lower down payment requirement. But they’re often stacked with DPA programs for maximum benefit.
- 3.5% down payment minimum with a 580+ credit score
- More flexible on debt-to-income ratios than conventional loans
- Can be combined with Home Is Possible or Home At Last assistance
- On a $300,000 home: 3.5% = $10,500 down — and DPA can cover all or most of that
How to Use These Programs Together
Here’s where it gets powerful: these programs can often be stacked. An FHA loan combined with Home Is Possible assistance can result in a first-time buyer needing very little cash out of pocket at closing — sometimes just a few thousand dollars.
The key is working with a lender who is approved for these programs and knows how to structure the deal. Not every lender participates. I can connect you with lenders who work with these programs regularly.
The Catch (And It’s Not That Bad)
These programs do come with conditions:
- You must occupy the home as your primary residence
- There are income limits on most programs (though not all)
- A homebuyer education course is typically required — this takes a few hours and is genuinely useful
- The properties must meet certain conditions and appraise at or above the purchase price
None of these conditions are deal-breakers. They’re guardrails designed to make sure the programs are used by real buyers making real decisions — not investors or flippers.
Not sure which programs you qualify for? Let’s talk — book a free call with Ray