Home Is Possible is the Nevada Housing Division's flagship program, and the version aimed specifically at first-time buyers offers down payment assistance of up to 4 percent of the total loan amount, usable for either the down payment or closing costs, according to the Nevada Housing Division. It is paired with a competitive fixed interest rate on a standard 30-year loan and is available statewide, including in North Las Vegas.

Basic Eligibility

According to the Nevada Housing Division, buyers generally need to be a first-time homebuyer (meaning no home ownership in the past three years), meet a minimum credit score of 640 (660 for manufactured homes), meet county-specific income and purchase price limits, plan to live in the home as a primary residence, and complete an approved homebuyer education course before closing.

Licensed full-time K-12 public school teachers in Nevada have access to a separate program: Home Is Possible for Teachers, which provides $7,500 usable for down payment and closing costs, forgivable after five years if the teacher stays in the home, according to the Nevada Housing Division. Unlike the standard first-time buyer program, this one does not require first-time buyer status.

Current program guidelines list this program as available, with qualifying income limits and home price ceilings. Since program availability and limits can change, teachers considering this option should confirm current terms directly through the Nevada Housing Division's teacher program page before relying on these figures.

FHA loans are backed by the Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, and are widely used by first-time buyers because of their comparatively low down payment requirement. According to HUD, an FHA-backed down payment can be as low as 3.5 percent of the purchase price. FHA loans can generally be combined with Nevada Housing Division down payment assistance programs, subject to each program's specific requirements.

Current FHA loan limits and specific credit score requirements are set by HUD and can change; a licensed lender can confirm current figures for a specific purchase price and credit profile. FHA loans are available on 1 to 4 unit properties, which can matter for buyers considering a home with an accessory unit or a small multi-unit property as part of their first purchase.

Eligible veterans, active-duty service members, and certain surviving spouses may qualify for a VA-backed home loan, which typically does not require a down payment, according to the U.S. Department of Veterans Affairs. VA loans also generally do not require private mortgage insurance, which can meaningfully lower the monthly payment compared to some other loan types. A VA loan guaranty protects the lender if a borrower defaults, which is part of why lenders can offer favorable terms without requiring money down.

Eligibility is based on service history and duty status, verified through a Certificate of Eligibility, which can typically be obtained through a lender, VA.gov, or by mail. Buyers who may qualify should confirm eligibility directly through VA.gov or with a VA-approved lender before assuming a specific benefit applies to their situation.

Talk to an Approved Lender First

Because eligibility, income limits, and program availability can all change, the most reliable next step is speaking directly with a lender approved for the specific program that interests you, rather than assuming any figure in this post still applies at the time you are ready to buy. The Nevada Housing Division maintains a searchable directory of approved HIP lenders as a starting point.

Complete Homebuyer Education Early

Since Nevada Housing Division programs require a homebuyer education course before closing, completing it early in the process, rather than waiting until an offer is already in progress, can help avoid delays.

Know the Local Market Before You Shop

Down payment assistance only stretches as far as the price of the home it is applied to. The North Las Vegas overview is a good starting point for the city generally, and the 89031 housing market report has current pricing and inventory data for one of the zip codes where these programs are commonly used.

Consider Whether a Sale Is Also Part of Your Move

Some first-time buyers are technically buying for the first time individually while a spouse or co-buyer already owns a home that needs to sell first. If a current home sale is part of the picture, coordinating that timeline with a purchase matters just as much as the down payment assistance itself. The Seller's Guide covers pricing and preparation steps for that side of the move.