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State of Nevada Housing Division

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The Nevada Housing Division First-Time Homebuyer Program offers to low- and moderate- income first time homebuyers fixed interest rates 30-year loans with additional assistance available for down payment and closing costs.

Qualification Guidelines:

A first-time homebuyer is someone who has not owned or co-owned their own residence within the past three years. If purchasing in a Targeted Area there are no restrictions on former home ownership.

Total gross household income must fall within the Maximum Income Limits set by NHD.

The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it’s located.

Assets, including without limitation, may not exceed 50 percent of the purchase price of the residence being purchased, unless disabled or elderly and such assets are the primary source of income. There is a lower asset test for down-payment loans — maximum $5,000.

Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.

Credit must meet the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.

Successfully completes a HUD approved in-person 6 to 8 hour Homebuyer Counseling Course.

Steps to Obtain a First Time Homebuyer Loan

Prequalify for a Loan

Participating Lending Institutions process all NHD loans. First, select a Participating Lending Institution. Then, make an appointment with that lender to determine your eligibility and the purchase price of the home for which you can qualify for and which loan type best meets your needs.

The Participating Lending Institution will also explain what fees are involved and how much down payment is necessary. NHD can also provide a down-payment loan, if needed.

First Time Homebuyer Education Class
The Division cannot emphasize how important homebuyer education is for first-time homebuyers. The Division requires the attendance to a HUD approved in-person class for all applicants using NHD loan programs.

Locate an Affordable Residence
Begin looking for an eligible residence you can afford based on the information the lender provided. Although not required, using the services of a real estate professional is recommended.

Enter Into a Real Estate Purchase Contract
This agreement is the contract used to purchase a home. It specifies the legal obligations of the seller and the buyer, establishes a specific date of purchase and sets the price of the home. This contract should allow enough time for a complete home inspection, (on an existing home), home appraisal and loan approval. In this agreement, it should state that if you are not satisfied with the home inspection, or you do not obtain a NHD loan, the contract is cancelled and your earnest money will be refunded.

Apply for a Loan
At this point you can formally apply for a NHD loan through a Participating Lending Institution. After you have applied the lender will request that NHD reserve funds for the loan. Only one application may be made per applicant and funds are reserved on a first-come, first-serve basis.