First-Time Homebuyer Programs in Nevada

You're considered a first-time homebuyer in Nevada if you haven't owned a home in the past 3 years (for most programs). Some programs also consider you a first-time buyer if you're a displaced homemaker, single parent, or purchasing in a targeted area, even if you previously owned a home. Veterans may qualify regardless of previous home ownership depending on the program.

Yes, in many cases you can stack programs! For example, you might use a Nevada Housing Division HIP program with gift funds from family members, or combine a local county program with an FHA loan. Our loan officers specialize in layering programs to maximize your down payment assistance. However, each program has specific rules about combining funds, so professional guidance is essential.

Most Nevada homebuyer education courses take 6-8 hours to complete and can be done entirely online at your own pace. Many courses are free or low-cost ($50-$75). You'll receive a certificate upon completion that's valid for your mortgage application. Most people complete the course in one weekend. We can recommend approved providers that work well with Nevada programs.

Credit score requirements vary by program. FHA loans accept scores as low as 580 (or even lower with compensating factors and manual underwriting). Conventional 97 loans typically require 620+. Nevada Housing Division programs generally require 620-640 minimum. If your credit score is below 620, you still have options through FHA or specialized programs. We can help you improve your score or find programs that work with your current credit profile.

It depends on the program. Many Nevada programs offer forgivable loans that are forgiven at 10-20% per year as long as you live in the home (fully forgiven after 5-10 years). Others are "silent second mortgages" with deferred payment – you only repay if you sell or refinance. Some are outright grants you never have to repay. Gift funds from family members are also gifts (not loans). We'll help you understand the repayment terms of each program you qualify for.

Yes, most down payment assistance programs have income limits based on Area Median Income (AMI). In Clark and Washoe counties, limits are typically $120,000-$150,000 for households, while rural areas have limits around $85,000-$100,000. However, standard FHA and Conventional 97 loans have NO income limits – only the assistance programs do. If you exceed income limits, you can still use low down payment loans without the assistance grant. Income limits are for household income, not individual.

Pre-approval for the underlying loan (FHA, conventional, etc.) typically takes 24-48 hours with complete documentation. Approval for down payment assistance programs can add 1-2 weeks, as they require additional documentation and processing. However, you can start house hunting with just your loan pre-approval while the assistance application processes. Total time from application to closing averages 30-45 days. We'll help you expedite wherever possible and coordinate all programs simultaneously.

Yes! Most Nevada first-time buyer programs work for condos, townhomes, single-family homes, and even 2-4 unit properties (with FHA, you can live in one unit and rent the others). The condo complex must be FHA-approved if using an FHA loan, but many Nevada complexes qualify. Some programs have restrictions on manufactured homes or homes in certain conditions, but standard condos and townhomes are eligible. Property must be your primary residence.