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.

Home Is Possible is forgiven after 3 years, so a homebuyer 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.

Home Is Possible is open to homebuyers who will live in the home as their primary residence. On credit, the program states: 640 minimum mid-FICO for FHA/VA/USDA; 680 minimum for Fannie/Freddie HFA Preferred / HFA Advantage conventional. A homebuyer education course is required, through NHD-approved homebuyer education provider; HUD-approved counseling agencies, Framework Homeownership, eHome America, and Money Management International (MMI) are accepted. Residency requirement: 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. NO first-time homebuyer requirement (repeat buyers eligible). Owner-occupied principal residence required. Single statewide household income cap of $165,000 (regardless of household size). Acquisition price limit $832,750 statewide. 640 minimum mid-FICO for FHA/VA/USDA; 680 minimum for Fannie/Freddie HFA conventional. 50% maximum DTI. NHD-approved homebuyer education required. Must originate first mortgage with NHD-approved participating lender.

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.

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.

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.

Home Is Possible serves homebuyers purchasing in Statewide, Nevada.

Applications for Home Is Possible go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reserved by approved participating lender via NHD Lender Online portal at time of rate lock. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.