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. The grant amount (which does not require repayment) can be as much as 5 percent of the loan amount, to be used towards down payment and closing costs.

The Home is Possible program offers homebuyers a 30-year, fixed rate mortgage. The grant does not have a repayment requirement, and is available to residents all over the state of Nevada. Unlike most assistance programs, the program is not exclusive to first-time homebuyers, and there are no asset limits that applicants must fall under. The program offers up to a 4 percent grant with government loan types and up to a 5 percent grant with conventional loans. The Home is Possible program can also be combined with Nevada Housing Division’s Mortgage Credit Certificate (MCC) Program.

Applicants Must Meet the Following Program Requirements:

• All homebuyers must have a credit score of at least 640 for government-backed loans and 680 for conventional loans.
• The qualifying income on mortgage applications must be below $95,500.
• The purchase price of the home must be below $400,000.
• The property must serve as the homebuyer's primary residence.
• A Homebuyer education course must be successfully completed.
• All homebuyers must meet normal government or conventional loan underwriting requirements.
• Effective February 1, 2016, manufactured housing loans will be available for government loans.
• Applicants must pay a one-time fee of $675.