What is Nevada's Home Is Possible program?

Home Is Possible (HIP) is the Nevada Housing Division's statewide home buyer program. It pairs a 30-year fixed-rate first mortgage with down payment and closing cost assistance of up to 5% of the loan amount, depending on the option. Some HIP options require you to be a first-time buyer and others do not. All require a minimum 640 credit score (660 for manufactured homes), a homebuyer education course, and the home as your primary residence, within income and purchase price limits.

Home Is Possible options at a glance.

Details come from the Nevada Housing Division's program pages. Options and terms change, so confirm the current version before planning around it.

Home Is Possible program options
Option	First-time buyer required?	Assistance	Loan types
HIP-DPA	No	Up to 5% of the loan amount as a no-interest, no-payment second mortgage	FHA, VA, and USDA
HIP for First-Time Homebuyers	Yes (no home owned in 3 years)	Up to 4% of the loan amount as a no-interest, no-payment second mortgage	FHA, VA, USDA, and conventional (income at or below 80% of county median)
HIP for Teachers	No	A fixed amount forgiven monthly over five years; offered through December 31, 2026	FHA, VA, USDA, and conventional; full-time Nevada licensed K-12 public or charter classroom teachers
HIP for Heroes	No	A 30-year fixed first mortgage without down payment assistance	VA and USDA loans; veterans, active duty, National Guard, and surviving spouses
Worker Advantage	No	A fixed amount as a no-interest, non-forgivable 30-year second mortgage (fully reserved as of the latest rate sheet; confirm availability)	FHA, VA, USDA, and conventional; essential workers in healthcare, education, public safety, and construction

Who qualifies for Home Is Possible?

Every HIP option checks the same core items:

Minimum credit score of 640, or 660 for manufactured homes
Maximum debt-to-income ratio on government loans of 50% with a 680+ credit score, or 45% below 680 (45% for manufactured homes)
Household income and purchase price within the program limits, set statewide or by county depending on the option
A homebuyer education course before closing
The home is your primary residence
Standard underwriting approval for the first mortgage
Each borrower can use Home Is Possible one time, and you must move in within 60 days of closing

How the assistance is repaid.

Most HIP assistance is a second mortgage with no interest and no monthly payment. On HIP-DPA and HIP for First-Time Homebuyers it is non-forgivable, so it is repaid when you sell, refinance, or pay off the first mortgage. HIP for Teachers assistance is forgiven gradually each month over five years.

That difference matters if you expect to refinance or move within a few years.

What kinds of homes qualify.

New or existing single-family homes, condos, townhomes, and manufactured homes qualify. Some options also allow two- to four-unit properties when you live in one unit. Under HIP-DPA you may own one other property outside Nevada at closing.

How to apply.

You apply through a Nevada Housing Division participating lender, not directly with the Housing Division. The lender qualifies you for the first mortgage, confirms which HIP option fits, and reserves the assistance once you are under contract.

Bryan Bowman, NMLS #1473913, is based in the Las Vegas Valley and licensed in Nevada, and can explain how Home Is Possible compares with standard loan options. HIP loans must be originated by a Nevada Housing Division participating lender.

Common questions.

General answers — your situation deserves a specific one. Bryan is a call away.

Is Home Is Possible only for first-time buyers?

No. HIP-DPA, HIP for Teachers, HIP for Heroes, and Worker Advantage do not require first-time buyer status. HIP for First-Time Homebuyers does: you cannot have owned a primary residence in the past three years.

What credit score do I need for Home Is Possible?

The minimum is 640, or 660 for manufactured homes. Debt-to-income limits on government loans depend on your score: up to 50% at 680 and above, 45% below 680.

How much down payment assistance does Home Is Possible give?

Up to 5% of the loan amount under HIP-DPA and up to 4% under HIP for First-Time Homebuyers. HIP for Teachers provides a fixed forgivable amount.

Do I have to pay back Home Is Possible assistance?

For most options, yes, but not monthly. The assistance is a no-interest second mortgage repaid when you sell, refinance, or pay off the first loan. HIP for Teachers is forgiven over five years.

Can I use Home Is Possible with a VA loan?

Yes. HIP-DPA, HIP for First-Time Homebuyers, and HIP for Heroes all work with VA loans, and HIP for Teachers can pair with a VA loan for teachers with military service.

Is there an income limit for Home Is Possible?

Yes. HIP-DPA, HIP for Heroes, and HIP for Teachers on government loans use a statewide cap; HIP for First-Time Homebuyers, conventional Teachers loans, and Worker Advantage use county-based limits. The Housing Division publishes the current limits.

Can I use Home Is Possible more than once?

No. Each borrower can use a Home Is Possible program one time.

Can I own another home and use Home Is Possible?

Under HIP-DPA, HIP for Teachers, and HIP for Heroes you may own one other property outside Nevada at closing. HIP for First-Time Homebuyers requires that you have not owned a primary residence in the past three years.

Is Home Is Possible available in Las Vegas?

Yes. Home Is Possible is a statewide program, available in Las Vegas, Henderson, North Las Vegas, Reno, and the rest of Nevada.

Closely related guides on the same decision.

Down Payment Assistance Programs in Nevada

Nevada down payment assistance comes from three main sources. The Nevada Housing Division's Home Is Possible program is statewide and offers up to 5% of the loan amount. Nevada Rural Housing runs programs for eligible addresses outside the largest cities, and the Washoe County HOME Consortium funds first-time buyer assistance in the Reno area when available. Most assistance is a second mortgage with no monthly payment, paired with an FHA, VA, USDA, or conventional first loan.

First-Time Home Buyer Programs in Nevada and Las Vegas

Nevada first-time buyers have more support available than most realize: state-sponsored programs through the Nevada Housing Division, down payment assistance options for eligible buyers, and loan programs like FHA, VA, USDA, and low-down-payment conventional structures. Eligibility depends on income, location, and the specific program's requirements.

Mortgage Broker for Reno and Northern Nevada

Bryan Bowman, NMLS #1473913, is a Nevada-licensed mortgage loan officer with Nexa Mortgage LLC who works with buyers and homeowners across the state, including Reno, Sparks, and Washoe County. As a broker, he compares programs from multiple wholesale lenders for purchases, refinances, FHA, VA, USDA, conventional, and jumbo loans. Nevada's Home Is Possible loans are originated through Nevada Housing Division participating lenders.

Get answers about your situation.

Guides explain the general rules. A short conversation with Bryan tells you how they apply to you — no obligation, no pressure.

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