Nevada down payment assistance home buyer

Home Is Possible — Nevada's Down Payment Assistance Program

By Mike Certo, Cornerstone First Mortgage · NMLS #260555 · Updated May 24, 2026

The 60-second answer

Home Is Possible (HIP) is Nevada's flagship down payment assistance program, administered by the Nevada Housing Division. The key facts:

Up to 4% of the loan amount as deferred (never-forgiven) down payment + closing cost assistance
Available statewide in Nevada (Las Vegas, Reno, rural, all of NV)
Combined with conventional, FHA, VA, or USDA first mortgages
No first-time buyer requirement for some HIP variants (verify current version)
Income limits apply (varies by county; verify current limits)
Education course required before closing

For a $400K Las Vegas home with FHA 3.5% down, HIP can cover the full $14K down payment + provide additional closing cost help. The math often turns "can't afford to buy" into "ready to close."

What HIP actually provides

Home Is Possible provides a deferred (never-forgiven) second mortgage on top of your first mortgage:

Amount: Up to 4% of your first mortgage loan amount
Use: Down payment + closing costs + prepaid items
Repayment: Never forgiven — 0% interest and no monthly payment while you own and occupy; the balance is repaid in full at sale, refinance, first-mortgage payoff, or move-out
Lien: A second mortgage that gets recorded but typically requires no monthly payment

The balance is repaid in full when you sell, transfer, refinance, pay off the first mortgage, or move out — no payments and no interest while you own and occupy.

Eligibility requirements

Income limit

Since January 21, 2025, Home Is Possible uses one flat limit: $165,000 of qualifying household income, statewide — every county, every household size. The old county-and-household-size tables (the ~$95K-$155K ranges many sites still publish) no longer apply.

Verify current limits with Nevada Housing Division at apply time — program terms change.

Property requirements

Primary residence (you must occupy)
Single-family home, condo, townhome, or manufactured home on owned land
Must meet HIP appraisal + condition requirements

Borrower requirements

Must meet credit minimums (varies by first mortgage type)
Must complete homebuyer education course (online, 8 hours typical)
Must work with HIP-approved lender (Cornerstone is approved)

NO first-time buyer requirement (for some HIP variants)

Unlike many DPA programs, several HIP variants don't require you to be a first-time buyer. If you've owned before but sold, you can still qualify. Verify with Mike for your specific situation.

How HIP stacks with first mortgages

HIP + FHA loan

Most common combination. FHA 3.5% down + HIP covers the down payment + closing.

FHA 96.5% LTV first mortgage
HIP deferred second covers the 3.5% down payment
Effective $0 down for borrower
Mortgage insurance applies (FHA UFMIP + monthly MIP)

HIP + Conventional 97 loan

Conventional 97% LTV first mortgage
HIP deferred second covers the 3% down payment
Effective $0 down
PMI applies until 80% LTV reached

HIP + VA loan

VA already $0 down
HIP covers closing costs only (not needed for down payment)
Useful when VA buyer has limited cash for closing

HIP + USDA loan

USDA $0 down for eligible rural NV properties (Pahrump, rural Nye, rural Lyon, etc.)
HIP covers closing costs
Income + property eligibility both required

Las Vegas / Clark County specifics

Clark County represents most NV home buyers + most HIP usage. Key Las Vegas considerations:

Las Vegas median home price: ~$450K (varies by ZIP)
HIP on $450K FHA loan: ~$22,500 assistance maximum
Typical scenario: First-time buyer in NW Vegas or Henderson with $25K savings, qualifies for $400K-$475K home with HIP covering down payment
Henderson home pricing: Higher than Vegas overall ($550K+); HIP still applies
Summerlin entry-level: Around $500K-$650K; some HIP buyers stretch to entry-level Summerlin

Reno / Washoe County specifics

Reno + Sparks have grown rapidly, pricing many first-time buyers out of older HIP-friendly ranges:

Reno median home price: ~$525K
HIP on Reno FHA: Up to ~$26K assistance
Areas where HIP buyers find inventory: Spanish Springs, Damonte Ranch, NE Reno, Sparks suburbs
Lake Tahoe (Incline Village): Above HIP income + price limits typically

Rural NV considerations

For rural NV (Pahrump, Carson City, Elko, Winnemucca, Mesquite):

Lower home prices allow more HIP buying power
USDA loans combined with HIP work in rural-eligible areas
Income limits may differ from Clark/Washoe

How to apply

Step 1: Get pre-approved with HIP-approved lender

Cornerstone is HIP-approved. Mike can pre-qualify you in 30 minutes.

Step 2: Complete homebuyer education

Nevada Housing Division provides approved online course (~8 hours, ~$75 fee).

Step 3: Find your home with HIP-friendly realtor

Many AZ + NV realtors familiar with HIP — but verify they understand the timing implications.

Step 4: Make offer + go under contract

Standard offer process. HIP doesn't slow timing.

Step 5: Lender submits HIP reservation

Mike reserves your HIP assistance within the system (typically same-day).

Step 6: Close on home

HIP funds arrive at closing alongside first mortgage funds. Single closing.

Step 7: Stay in the home — no payments on the second

Live in the home as your primary residence. The deferred second simply sits at 0% with no payments — it is repaid only when you sell, refinance, or move out.

Common scenarios

Scenario 1: Las Vegas hospitality worker, $58K income

Income: $58K W-2 + reported tips
Credit: 685 FICO
Savings: $8K
Wants: $375K starter home in NLV or Henderson
Path: FHA 3.5% loan ($362K first mortgage) + HIP ($13K down payment assistance)
Cash to close: ~$5K (vs $20K-$25K without HIP)

Scenario 2: Reno teacher, $62K income

Income: $62K W-2 (teacher salary)
Credit: 720 FICO
Savings: $12K
Wants: $450K home in Sparks or NE Reno
Path: FHA + HIP ($16K assistance)
Cash to close: ~$4K

Scenario 3: Las Vegas casino dealer (W-2 + reported tips), $85K income

Income: $85K W-2 with tips
Credit: 700 FICO
Savings: $18K
Wants: $500K home in NW Vegas or Henderson
Path: Conventional 97 + HIP ($17.5K assistance)
Cash to close: ~$8K

Scenario 4: Reno first-time buyer couple, $115K combined

Income: $115K combined
Credit: Both 740+
Savings: $25K combined
Wants: $525K Damonte Ranch home
Path: Conventional 97 + HIP ($15K — partial assistance, both at HIP income cap)
Cash to close: ~$15K

HIP variants

Nevada Housing Division has updated HIP over the years. Current variants (verify on NHD site):

HIP — standard variant, 5% assistance
HIP Plus — higher assistance amount in some cases
HIP for Heroes — specialized variant for first responders, healthcare, teachers (some discounts/enhancements)
HIP Down Payment Assistance — variations on the core program

Mike will recommend the optimal variant for your specific situation.

What HIP does NOT do

Doesn't reduce interest rate on your first mortgage
Doesn't eliminate mortgage insurance (PMI still applies on conventional below 80% LTV; MIP still applies on FHA)
Doesn't help with monthly payment ongoing
Doesn't cover repairs found at inspection
Doesn't help if you're investment-property buyer (primary residence only)

HIP fills the down payment + closing cost gap. Other parts of mortgage qualifying you still need to satisfy normally.

Frequently asked questions

Can I use HIP if I'm not a first-time buyer?

Home Is Possible has no first-time-buyer requirement — meet the $165,000 income limit and occupancy rules and you can qualify even if you own or have owned a home.

What's the income limit specifically for Las Vegas?

The Home Is Possible income limit is a flat $165,000 of qualifying household income statewide — all counties, all household sizes — effective January 21, 2025. Sites quoting ~$95K-$135K county tables describe the old structure.

Does HIP work with a USDA loan in Pahrump?

Yes — HIP can combine with USDA in eligible rural NV areas. Both have income limits; you need to meet both sets.

What if my income is over HIP limits?

Above $165,000, HIP isn't available — city and county DPA (which use lower 80%-AMI limits) won't fit either, so the paths are conventional low-down options or national programs. Note Nevada's MCC is paused.

Does HIP cost me anything upfront?

The homebuyer education course has a small fee (~$75). The HIP deferred second has no origination fees typically. Standard first mortgage closing costs apply.

What happens if I refinance my first mortgage?

Refinancing triggers repayment of the HIP deferred second in full — the balance is never forgiven, so plan the payoff into any refinance math.

What if I sell within 3 years?

You repay the HIP balance in full at closing from sale proceeds — the deferred second is never forgiven, regardless of how long you have owned the home.

Can HIP be used for a manufactured home in NV?

Yes — manufactured homes on owned land qualify. Manufactured home on leased land typically doesn't.

What about Reno / Washoe County specifically — are limits different?

No — since January 21, 2025 the HIP income limit is the same $165,000 in every Nevada county, including Washoe. Purchase-price limits and FHA loan limits do differ by county.

How does HIP compare to FHA's "Section 184" or other federal DPA?

HIP is a Nevada state program; Section 184 is a federal Native American program. They're different. Some borrowers may have access to multiple programs.

Talk to Mike about your HIP scenario

Free 30-minute call. Bring your income, credit score, savings, and target NV home/neighborhood. Mike will model HIP + alternative DPA options for your specific situation.

(480) 296-6513 · Mike Certo, NMLS #260555 · Cornerstone First Mortgage NMLS #173855

Sources

Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. HIP program terms per Nevada Housing Division current guidelines; subject to change. Educational content, not a loan commitment. Loans subject to buyer and property qualification.