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Rural Nevada Development Corporation Down Payment Assistance (HOME)

Rural Nevada Development Corporation (RNDC) · Nevada

Last verified
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Assistance

$30,000

The maximum the program publishes — not an offer

Repayment

Forgivable

Forgiven after 10 years

What is Rural Nevada Development Corporation Down Payment Assistance (HOME)?

Rural Nevada Development Corporation Down Payment Assistance (HOME) is a deferred second loan for homebuyers in Nevada, administered by Rural Nevada Development Corporation (RNDC).

  • Rural Nevada Development Corporation (RNDC) offers a deferred-loan down payment and closing cost assistance program for low-income, first-time homebuyers in 15 eligible rural Nevada counties. Two funding streams are available: up to $30,000 in federal HOME funds and up to $25,000 in Home Means Nevada Initiative (HMNI) funds. The interest-free deferred loan is forgiven after 3-10 years (depending on fund source) if the home remains the borrower's primary residence, and becomes due in full if the home is sold before the affordability period ends.
  • Up to $30,000 (HOME) or $25,000 (HMNI) for down payment and closing costs.
  • 0% interest, no payments.
  • Forgivable after 3-10 years of primary-residence occupancy.
  • Serves 15 rural Nevada counties.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from Two fund sources: federal HOME Investment Partnerships funds (up to $30,000) and Home Means Nevada Initiative (HMNI) state funds (up to $25,000).

How much assistance does it provide?

Rural Nevada Development Corporation Down Payment Assistance (HOME) offers up to $30,000 in assistance.

  • Award tiers: HOME funds: up to $30,000 deferred loan. Home Means Nevada Initiative (HMNI) funds: up to $25,000 deferred loan. Forgiveness period (3-10 years) and maximum purchase price vary by fund source used.
  • 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?

Rural Nevada Development Corporation Down Payment Assistance (HOME) is forgiven after 10 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Deferred loan forgiven after 3-10 years (depending on which fund source is used) if the home remains the applicant's primary residence. If the home is sold/title transfers before the affordability period ends, the full DPA amount becomes due and payable.
  • 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.

Who qualifies?

Rural Nevada Development Corporation Down Payment Assistance (HOME) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • On credit: Could not confirm a minimum credit score from the official source.
  • Residency: Applicant must reside in one of the eligible rural counties.
  • Eligible counties: Carson, Churchill, Douglas, Elko, Esmeralda, Eureka, Humboldt, Lander, Lincoln, Lyon, Mineral, Nye, Pershing, Storey, White Pine. Could not confirm minimum credit score, specific income limits by household size, maximum purchase price dollar amounts, homebuyer education requirement, or eligible loan products from the official program page.

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?

Rural Nevada Development Corporation Down Payment Assistance (HOME) sets its income limit as follows: Low-income, first-time homebuyers; eligibility determined by applicant's gross annual income and the home's purchase price. Could not confirm specific income-limit dollar amounts by household size from the program page.

  • 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?

Rural Nevada Development Corporation Down Payment Assistance (HOME) caps the purchase price as follows: Maximum purchase price requirements depend on which fund source (HOME or HMNI) is used; specific dollar amounts not published on the program page.

  • Eligible property types include Single Family.

Where does it apply?

Rural Nevada Development Corporation Down Payment Assistance (HOME) is a federal program, so it is not limited to Nevada.

How do you apply?

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

  1. Contact Rural Nevada Development Corporation (RNDC) to reserve funds

    Funds are reserved through Apply directly to RNDC (downloadable application; email/mail). Contingent on pre-approval from a mortgage lender., and are subject to availability.

  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.

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