Home Is Possible

What is Home Is Possible?

Home Is Possible 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 first mortgage. NO FTHB requirement. 640/680 FICO, 50% DTI, $165K income cap, $832,750 purchase-price cap. Statewide.
• Home Is Possible (HIP) is the Nevada Housing Division's general (non-FTHB) DPA program. 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 set slightly higher than open-market to fund the DPA. NO FIRST-TIME HOMEBUYER REQUIREMENT - repeat buyers and previous homeowners are eligible. Higher income and purchase-price ceilings than HIP FTHB. 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 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 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 is open to buyers who will live in the home as their primary residence.

What are the income limits?

Home Is Possible limits household income to $165,000.

• 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 caps the purchase price at $832,750.

• 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 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 serves buyers purchasing in Statewide, Nevada.

How do you apply?

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

1. 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. 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. 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.