RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI)

What is RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI)?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) is a deferred second loan for homebuyers in Multiple, Nevada, administered by Rural Nevada Development Corporation (RNDC).

• RNDC's HMNI-funded down payment assistance is an interest-free deferred second loan of up to $25,000 for down payment and eligible closing costs, helping low-income first-time homebuyers purchase HQS-compliant homes in 15 rural Nevada counties. The loan carries no payments and no interest and is forgiven after 3-10 years if the home remains the borrower's primary residence; it is recaptured on early sale or transfer. This tier is funded by the State's Home Means Nevada Initiative and is distinct from RNDC's separately-cataloged HOME-funded DPA (up to $30,000).
• Up to $25,000 interest-free, no-payment deferred assistance.
• Forgivable over time.
• Combinable with a first mortgage.
• Funding comes from Home Means Nevada Initiative (HMNI) funds via Nevada Housing Division.

How much assistance does it provide?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) offers up to $25,000 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — Rural Nevada Development Corporation (RNDC) determines any individual award.

Do you have to pay it back?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) is forgiven after 10 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Due in full if the home is sold, transferred, no longer the primary residence, rented, abandoned, donated, or destroyed before the 3-10 year affordability period ends; also on death of the last surviving applicant or divorce unless a decree allows one applicant to remain.
• The assistance is recorded in Second / subordinate position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) sets its income limit as follows: Low-income first-time homebuyers; eligibility set by gross annual income and purchase price (Part 5/HUD income; specific limits per county/program, not published in the brochure).

• 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?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) caps the purchase price as follows: Maximum purchase-price requirements depend on which program (HOME vs HMNI) is used.

• Eligible property types include Single Family.
• New construction is not eligible.

Where does it apply?

RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) serves buyers purchasing in Multiple, Nevada.

How do you apply?

Applications for RNDC Down Payment Assistance — Home Means Nevada Initiative (HMNI) go through Rural Nevada Development Corporation (RNDC), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Rural Nevada Development Corporation (RNDC) to reserve funds

   Funds are reserved through First-come, first-served; ongoing applications with a waiting list (by pre-qualification order) when funds unavailable., and are subject to availability.

2. 2

   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.