Overview
Nevada's housing math is a study in contrasts. The statewide median runs around $461,000, driven by Las Vegas and Reno, so the down payment hurdle is real for first-timers. But the state gives back in two big ways: there's no state income tax at all, and property taxes are among the lowest in the country. The Nevada Housing Division (NHD), through its Home Is Possible family of programs, is the agency to know. The real advantage here is leverage — modest carrying costs after you close mean your monthly budget stretches further than the sticker price suggests.
The standout for first-time buyers is the Home First program, which provides a flat $15,000 toward your down payment as a forgivable second mortgage. It carries 0% interest and requires no monthly payments, and it's fully forgiven after three years if you keep the home as your primary residence — at that point it simply disappears. The catch to plan around: those funds are for the down payment only and can't cover closing costs. To qualify you must be a first-time buyer (no ownership in three years), have at least six months of Nevada residency, and hit a minimum 640 credit score (660 if your debt-to-income ratio tops 45%). Homebuyer education is required.
State Programs
Home First
Forgivable second mortgage (0% interest, forgiven after 3 years)Home Is Possible (HIP)
Non-forgivable second mortgage (30-year, repaid over time)Home Is Possible for Teachers
Forgivable assistance (forgiven after 5 years in home)Worker Advantage Program
Down payment assistance (launched 2025)Federal 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 other pillar is the original Home Is Possible (HIP) program, which gives up to 4% of your loan amount for down payment or closing costs. Important distinction: HIP's assistance is a non-forgivable 30-year second mortgage, so you repay it over time — but it can cover closing costs, which Home First can't, making the two useful in different situations. Nevada also runs niche programs: Home Is Possible for Teachers gives K-12 public-school teachers $7,500 (forgivable after five years in the home, no first-time requirement, income limits around $105,000 single / $135,000 joint), and the newer Worker Advantage program, launched in 2025, offers $20,000 to essential workers.
Here's where Nevada shines for your long-term budget: no state income tax means your salary, capital gains, and retirement income aren't taxed by the state at all. Property tax is gentle too — the effective rate averages roughly 0.5% to 0.6%, so a $461,000 home runs only about $2,300-$2,700 a year, a fraction of what high-tax states charge. Nevada doesn't offer a property-tax homestead exemption that cuts your assessed value, but it does cap annual tax increases on an owner-occupied primary residence at 3% — a meaningful protection as values rise. There are also exemptions for veterans, surviving spouses, and disabled homeowners.
Most assistance is statewide, but check for local layers: Las Vegas, North Las Vegas, Henderson, and Clark County have run their own down payment and homebuyer programs through their housing and neighborhood-services offices, with amounts that vary by funding cycle. Military buyers are well-served — Nellis Air Force Base and Creech AFB anchor the Las Vegas area, and the Nevada Department of Veterans Services partners on housing resources — so combine a VA loan with NHD assistance where eligible. Start by taking the required homebuyer education class through a HUD-approved counseling agency, then reach out to an NHD-approved lender or the Home Is Possible team.
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: June 15, 2026.