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Home Is Possible for First-Time Homebuyers

Statewide, Nevada

Last verified
See what you qualify forOfficial program site →
Assistance

4%

Of the purchase price, as the program sets it

Income limit

$152,320

The household income limit the program publishes

Price cap

$746,181

Highest purchase price the program allows

Repayment

Forgivable

Forgiven after 3 years

What is Home Is Possible for First-Time Homebuyers?

Home Is Possible for First-Time Homebuyers is a deferred second loan for homebuyers in Statewide, Nevada.

  • NHD 4% DPA forgivable second (3-year forgivable, 0% interest, no payments) paired with an NHD bond first mortgage. FTHB required. 640 FICO, 50% DTI. Statewide.
  • Home Is Possible for First-Time Homebuyers (HIP FTHB) is the Nevada Housing Division's flagship DPA program for first-time buyers (defined as not having owned a primary residence in the past three years). Eligible homebuyers receive up to 4% of the first-mortgage amount as down payment / closing-cost assistance, structured as a 3-year forgivable second mortgage at 0% interest with no monthly payments. The DPA is paired with an NHD-issued 30-year fixed first mortgage (FHA, VA, USDA, or Fannie/Freddie HFA conventional). The first-mortgage rate is slightly higher than the open-market rate to fund the DPA. Funds may be used for down payment, closing costs, and prepaid escrows. After 3 years of continuous owner-occupancy, the second mortgage is fully forgiven.
  • Funding comes from State and Bond.

How much assistance does it provide?

Home Is Possible for First-Time Homebuyers provides assistance worth 4% of the purchase price, as set by the program.

  • Buyer contribution: No fixed borrower minimum contribution; per first-mortgage product overlays (3.5% FHA, 0% VA/USDA, 3% conventional).
  • Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Home Is Possible for First-Time Homebuyers is forgiven after 3 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Full balance due if borrower sells, refinances, transfers title, or ceases owner-occupancy within the 3-year forgiveness period. Fully forgiven after 3 years of continuous owner-occupancy.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home Is Possible for First-Time Homebuyers is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Federally designated targeted census tracts and honorably discharged veterans waive the first-time-homebuyer requirement.
  • The home is occupied as a primary residence
  • On credit: 640 minimum representative mid-FICO across all NHD HIP FTHB products (FHA/VA/USDA/Conventional).
  • A completed homebuyer education course, through NHD-approved homebuyer education provider; HUD-approved counseling agencies, Framework Homeownership, eHome America, and Money Management International (MMI) are accepted.
  • Residency: Property must be located in Nevada and serve as borrower's principal residence.
  • Citizenship or immigration status: U.S. citizen, permanent resident alien, or qualifying non-permanent resident alien per first-mortgage product overlays.
  • First-time homebuyer required (cannot have owned a principal residence in the past 3 years; waived in federally targeted census tracts and for honorably discharged veterans). Owner-occupied principal residence required. Income limits by household size (1-2p $94,800 / 3+p $108,420 non-targeted; up to $152,320 in targeted areas). Acquisition price limits $544,232 (non-targeted) / $746,181 (targeted). 640 minimum mid-FICO. 50% maximum DTI. NHD-approved homebuyer education required. Must originate first mortgage with NHD-approved participating lender. Subject to IRS Section 143 federal recapture tax on sale within 9 years.

The program excludes

  • Purchases above the $746,181 price cap
  • Households above $152,320

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home Is Possible for First-Time Homebuyers limits household income to $152,320.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Home Is Possible for First-Time Homebuyers caps the purchase price at $746,181.

  • Eligible property types include Single-family detached, condominium, townhouse, PUD, 2-unit (FHA only) and manufactured home on permanent foundation per servicer overlays.
  • New construction is eligible.
  • Manufactured homes are eligible.

Is there eligibility for specific groups?

Home Is Possible for First-Time Homebuyers names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves.

  • Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Home Is Possible for First-Time Homebuyers serves buyers purchasing in Statewide, Nevada.

  • The program targets specific areas: Federally designated IRS targeted census tracts (per Section 143) and Qualified Census Tracts where NHD waives the FTHB requirement and applies higher income / purchase price limits.

How do you apply?

Applications for Home Is Possible for First-Time Homebuyers go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through NHD-approved homebuyer education provider; HUD-approved counseling agencies, Framework Homeownership, eHome America, and Money Management International (MMI) are accepted..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Reserved by approved participating lender via NHD Lender Online portal at time of rate lock., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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Home Is Possible for First-Time Homebuyers, explained

A short, free course on Home Is Possible for First-Time Homebuyers: what it is, who it is for, when it is repaid, where it applies and how to apply. Based on program data from July 2026. About ten minutes.

5 modules · About 10 minutes

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