Current mortgage rates in Nevada

Mortgages in Nevada

The Nevada Housing Division’s homebuying programs offer an attractive 30-year interest rate and are compatible with both government-sponsored and conventional mortgages. You’ll work with one of the division’s qualified lenders to determine which programs you qualify for.

More: Get a free credit score and credit monitoring from Credit Sesame.

Home is Possible (HIP)

The Home is Possible program was established in 2014 to help homebuyers with their down payment and closing costs. When you use a HIP loan to buy a home, you’ll qualify for up to 5% of your home’s sales price as free “bonus money.”

This program is open to both first-time and repeat homebuyers, provided they don’t own any property at the time of closing.

Home is Possible for Heroes

The HIP for Heroes program offers military members and veterans below-market interest rates on 30-year fixed loans, giving them more buying power and reducing their monthly mortgage payments.

HIP for Heroes is also open to both first-time and repeat home buyers as long as they don’t already own any property when the sale closes. However, it’s only compatible with VA or USDA loans.

More: Use these savings accounts to build up your down payment.

Home is Possible for First-Time Homebuyers

This program for first-time homebuyers offers an interest-free down payment assistance loan in addition to your 30-year mortgage.

You’ll borrow 2% of your total loan amount, which you can put toward your down payment and closing costs. If you stay in the home, this secondary loan will be forgiven after seven years.

To qualify as a first-time homebuyer, you must not have owned a home in the last three years. You’ll also need a minimum credit score of 660. The maximum income and purchase price limits for this program vary by county.

Home is Possible for Teachers

This program offers licensed full-time K-12 teachers in the state up to $7,500 in bonus money that can be used to cover their down payment and closing costs when buying a home. This loan is forgivable after five years if you stay in the home.

The credit score requirement is 640 for VA and USDA loans, but if you’re using an FHA loan, it goes up to 660. Conventional loans cannot be used with the HIP for Teachers program.

As long as you don’t own any property at the time of closing, the program is open to both first-time and repeat homebuyers.

HIP for teachers is only available until Dec. 31, 2020, so if you meet this criteria you should act fast.

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About the Author

Sigrid Forberg

Sigrid Forberg

Reporter

Sigrid is a reporter with MoneyWise. Before joining the team, she worked for a B2B publication in the hardware and home improvement industry and ran an internal employee magazine for the federal government. As a graduate of the Carleton University Journalism program, she takes pride in telling informative, engaging and compelling stories.

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