Nevada’s main down payment assistance program is called Home Is Possible, and it can put up to 5% of your loan amount toward a down payment or closing costs, according to the Nevada Housing Division. It is not a substitute for a mortgage, it works alongside one, and it comes with its own eligibility rules.
What Home Is Possible actually offers
The program provides a grant or a second loan, depending on the option you choose, calculated as a percentage of your total loan amount rather than a flat dollar figure. That assistance can go toward your down payment, your closing costs, or a mix of both.
Because it is tied to your loan amount, the dollar figure moves with the price of the home you are financing.
How the assistance works
Some Home Is Possible options come as a silent second loan with no monthly payment, and some are structured as a grant that does not have to be repaid at all. The tradeoffs between them usually come down to your interest rate and how long you plan to stay in the home.
Your lender applies the assistance at closing, so you are not managing two separate transactions.
Who typically qualifies
Nevada Housing Division sets income limits and a purchase price cap for the program, and both move based on household size and where in the state you are buying. You also need to work with a lender who is approved to originate Home Is Possible loans, not every lender offers it.
A minimum credit score applies as well, and it is set by the specific loan type you pair the assistance with, whether that is FHA, VA, USDA, or conventional.
What it does not cover
Down payment assistance does not lower your purchase price, and it does not replace the need to qualify for the underlying mortgage on your income and credit. You still go through the same underwriting process as any other buyer.
It also is not automatic. You have to apply for it specifically, and your lender has to be set up to offer it.
How to find out if you qualify
The fastest way to know where you stand is to talk to a lender who works with Home Is Possible loans and get pre-approved with the program built in from the start. Income limits and price caps can shift, so it is worth confirming the current numbers directly with Nevada Housing Division or your lender rather than relying on an old figure.
Simple summary
Home Is Possible can put up to 5% of your loan amount toward a down payment or closing costs, structured as a grant or a low cost second loan depending on the option. It comes with income limits, a purchase price cap, and lender requirements, so the way to know if it fits you is to ask a lender who actually offers it.
If you want help finding a lender who works with Nevada’s down payment assistance programs, you can reach out here: Get Started as a Buyer