Launchpad (including Launchpad for First-Time Homebuyers)

Launchpad (including Launchpad for First-Time Homebuyers) is a deferred second loan for homebuyers in Nevada, administered by Nevada Rural Housing (NRH). Launchpad, introduced by Nevada Rural Housing in 2024, delivers a below-market first-mortgage rate plus down payment assistance for rural Nevada homebuyers. Standard Launchpad offers 3% or 5% assistance (no first-time-buyer requirement); Launchpad for First-Time Homebuyers offers 2% or 4% assistance for buyers who have not owned a primary residence in three years (waived for Veterans and targeted-area purchases). Assistance is a 0% interest, 30-year deferred, non-forgivable second mortgage repayable on sale, refinance, non-occupancy, or at maturity. Available in all 15 rural counties plus the rural parts of Clark and Washoe. Below-market first-mortgage rate. 2%, 3%, 4%, or 5% down payment assistance. 0% interest, no monthly payments on the second mortgage. First-time-buyer requirement waived for Veterans and targeted-area buyers. Available across rural Nevada including rural Clark and Washoe. Funding comes from Nevada Rural Housing homeownership program funds (remains open until funding fully obligated).

Launchpad (including Launchpad for First-Time Homebuyers) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by 30-year deferred second mortgage with no interest; never forgiven. Repayable if the borrower sells, refinances, ceases to live in the property, or at the end of the 30-year term. The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Launchpad (including Launchpad for First-Time Homebuyers) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 640 (660 for manufactured homes). A homebuyer education course is required, through NRH-approved homebuyer education (Homebuyer 101) - free. Residency requirement: No current Nevada residency requirement; home must be occupied as primary residence within 60 days of closing. Property must be in NRH's rural jurisdiction (population under 150,000); use HALMap.org to confirm address eligibility. Conventional loans are limited to 80% AMI and may carry lower income limits.

Launchpad (including Launchpad for First-Time Homebuyers) limits household income to $117,300. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Launchpad (including Launchpad for First-Time Homebuyers) caps the purchase price as follows: Launchpad: no program purchase-price limit (loan-agency limits apply). Launchpad for First-Time Homebuyers non-targeted: Carson City $596,945; Douglas $746,181; Storey $656,640; Washoe $656,640; all other counties $544,232. Targeted areas higher (up to $802,560 in Washoe). Eligible property types include Single Family, 2-4 Unit, Condo, Townhouse, and Manufactured. New construction is eligible. Manufactured homes are eligible.

Launchpad (including Launchpad for First-Time Homebuyers) serves homebuyers purchasing anywhere in Nevada. The program targets specific areas: HUD Qualified Census Tracts (targeted areas) for Launchpad for First-Time Homebuyers allow higher purchase price and income limits and waive the first-time homebuyer requirement. Tracts include Clark (57.04, 57.03, 60.01, 22.01, 22.07, 50.10, 78.01); Lyon (9602.06, 9609.01); Nye (9604.11, 9604.13, 9604.14); Washoe (19.01, 19.03, 27.03).

Applications for Launchpad (including Launchpad for First-Time Homebuyers) go through Nevada Rural Housing (NRH), which publishes the current terms and the application steps on its own site. Funds are reserved through eHousingPlus (Nevada Rural Housing Authority); reserved/locked by participating lenders. 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.