Overview
Nevada's housing market offers opportunities for first-time buyers, with a median home price of approximately $450,000. The Nevada Housing Division (NHD) provides the primary state-level assistance through mortgage programs and down payment assistance for qualifying buyers.
The Home Is Possible (HIP) DPA is a nevada housing division's key offering for first-time buyers, providing up to 4% of the loan amount as a forgivable second mortgage (3-year forgiveness). This program is designed to reduce the upfront cost barrier that prevents many qualified buyers from purchasing a home. Buyers must complete a HUD-approved homebuyer education course and work with an approved lender.
State Programs
Home Is Possible (HIP) DPA
Forgivable down payment assistanceHome Is Possible for Teachers
Down payment assistanceFederal Programs Available in Nevada
These nationwide programs can be combined with Nevada state assistance for maximum benefit.
FHA Loan Program
Low down payment mortgageVA Home Loan
Zero down payment mortgageUSDA Rural Development Loan
Zero down payment mortgageTips for First-Time Buyers in Nevada
The Home Is Possible for Teachers extends additional support through up to $7,500 as a forgivable second mortgage for licensed educators. Nevada has no state income tax, keeping more take-home pay available for housing costs. Property taxes average about 0.59%. The Home Is Possible program provides essential assistance in the Las Vegas and Reno markets.
Federal programs complement state offerings in Nevada. FHA loans require just 3.5% down with flexible credit requirements. VA loans provide zero-down-payment financing for veterans and active-duty military, particularly relevant near Nellis Air Force Base, Creech Air Force Base. USDA loans offer zero-down-payment options in eligible rural areas, which cover significant portions of Nevada.
Prospective buyers should compare all available options, as combining state and federal programs can dramatically reduce out-of-pocket costs. Working with a HUD-approved housing counselor can help navigate the application process and identify the best program combination for your situation.
Frequently Asked Questions
For educational purposes only -- not financial or tax advice. Program details, eligibility requirements, and benefit amounts are subject to change. Verify all information directly with the administering agency before applying. Last verified: March 30, 2026.