Nevada Down Payment Assistance: Home Is Possible Explained
For many Las Vegas renters, the hardest part of buying a home isn't the monthly payment. It's coming up with the down payment and closing costs. Nevada has a state-run answer to that problem: Home Is Possible (HIP), a family of homebuyer programs run by the Nevada Housing Division, a state agency. Here's what the programs offer, who qualifies, and how to get started.
Programs change. The figures below come from the program's official site, homeispossiblenv.org, as it read in October 2026. Income limits, price limits and terms are updated periodically, so always check current limits with a participating lender before you plan around them.
What is Home Is Possible?
Home Is Possible is the Nevada Housing Division's umbrella brand for statewide homebuyer assistance. The programs combine an attractive 30-year fixed-rate mortgage with down payment assistance (DPA) that can be used toward your down payment or closing costs. The state says the programs have helped Nevadans buy roughly thirty thousand homes over ten years.
The programs aren't loans you apply for directly with the state. You use them through a participating (HIP-approved) lender, who applies the assistance to your mortgage.
The main programs
1. Home Is Possible (no first-time buyer requirement)
According to the program site, this option:
- Provides up to 5% of the loan value toward down payment or closing costs
- Comes with an attractive 30-year fixed interest rate
- Does not require you to be a first-time homebuyer
- Is available statewide, including for manufactured homes
Published eligibility requirements include:
- Qualifying income up to $165,000
- Home price up to $832,750
- Minimum credit score of 640 (660 for manufactured homes)
- Maximum debt-to-income ratio for government loans (FHA, USDA, VA) of 50% with a 680+ score, or 45% below 680 (45% for manufactured homes). For conventional loans, 50% with a 640+ score.
- You may own one other property outside Nevada at closing (see guidelines)
- A homebuyer education course is required
- The home must be your primary residence, and standard underwriting applies
How the assistance is repaid or forgiven depends on the specific option and loan type. Ask your lender to explain the exact terms of the assistance on your loan.
2. Home Is Possible for First-Time Homebuyers
This version is aimed at buyers who have not owned a home in the past 3 years. According to the program site:
- Down payment assistance up to 4% of the total loan amount, usable for down payment and closing costs
- The assistance is described as interest-free, 30-year, non-forgivable, so plan for it to be repaid (typically when you sell, refinance or pay off the loan; confirm the terms with your lender)
- Comes with an attractive 30-year fixed rate
- Maximum purchase price and income limits are set by county for government loans, so check current limits for Clark County
- Minimum credit score 640 (660 for manufactured homes), maximum DTI up to 50% depending on credit and loan type
- Primary residence, standard underwriting, and a homebuyer education course
3. Other HIP options
The Nevada Housing Division also lists Home Is Possible for Teachers and resources for veterans, plus a Mortgage Credit Certificate (MCC) program that can provide a federal tax credit. Eligibility and availability for these vary, so check current details on homeispossiblenv.org.
Can I use it with FHA, VA or conventional loans?
Yes. The program's guidelines reference government loans (FHA, USDA and VA) as well as conventional financing, each with its own qualifying rules. For many first-time buyers in Las Vegas, an FHA loan plus HIP assistance is a common pairing: the FHA minimum down payment can be as low as 3.5% with a 580+ score, and HIP assistance may help cover it. Keep in mind HIP's own credit minimum (640 as published) is higher than FHA's. VA buyers who already qualify for no down payment may use the assistance toward closing costs, depending on program rules.
For reference, the program's FAQ lists FHA purchase price limits by county, with Clark County shown at $541,287 for a single-family home. FHA limits are updated annually, so check current limits.
How to get started (the official steps)
The Nevada Housing Division outlines the process this way:
- Find a HIP-qualified lender and get pre-approved
- Complete homebuyer education
- Find a HIP-qualified real estate agent
- Find a qualifying home and make an offer
- Work with your lender on the paperwork to close escrow
- Get your keys
Homebuyer education classes are offered both in person in Las Vegas and as live online webinars. The program's events calendar lists upcoming sessions.
Tips for Las Vegas buyers
- Get pre-approved early. HIP limits interact with your loan type, credit score and debt-to-income ratio, and a lender can tell you which option fits best.
- Know the price ceiling. Las Vegas Valley prices vary widely between neighborhoods like North Las Vegas, Henderson and Summerlin, so make sure your search fits the program and loan limits.
- Budget beyond the down payment. Even with assistance, plan for inspections, the appraisal, moving costs and reserves.
- Understand repayment. Assistance that's described as non-forgivable has to be paid back. Know when and how before you sign.
- Take the class seriously. The education course is required, and it's genuinely useful if you're buying for the first time.
Is Home Is Possible right for you?
If you have steady income, a credit score around 640 or higher, and limited savings for a down payment, Nevada's programs may close the gap between renting and owning. Every situation is different, and down payment assistance isn't always the cheapest option once you compare rates and terms. That's why it's worth comparing a HIP loan side by side with standard FHA, conventional or VA options.
Talk to Edward
Edward Anderson helps Las Vegas, Henderson and North Las Vegas buyers compare loan options, including down payment assistance, through NEXA Mortgage. Apply Now or call/text 702-354-6071.
Sources: Nevada Housing Division, Home Is Possible, https://www.homeispossiblenv.org (pages: /home-possible, /home-possible-program, /homebuyer-faq, /get-started), accessed Oct 27, 2026. Nevada Housing Division, https://housing.nv.gov.
Edward Anderson, NMLS #811672 | NEXA Mortgage, LLC, NMLS #1660690 | Equal Housing Opportunity. Not a commitment to lend; all loans subject to credit approval. Program details are set by the Nevada Housing Division and subject to change.