Down Payment Assistance
This is the real deal.
10,000 since 2006. That's how many rural Nevada families have experienced the feeling of closing days, keys finally in their hands, and home at last.
Our programs provide customized loan options with or without down payment assistance. There is NO interest and there are NO payments on down payment assistance provided. And there are NO separate applications to fill out for the assistance, so it’s easy and doesn’t slow down closing!
Before we take you into the nitty gritty of the programs below, here are some of the most important stepping stones of NRH Homeownership Programs:
- Review Required Program Education & Training
- Connect with a Participating Lender (a requirement to use the program)
- Connect with a Certified Real Estate Partner (not a requirement but a great idea!)
- Review Program Fees
- Review Eligible Areas (by using a specific property address in our map tool)
Home At Last™
This is the original sauce here, folks. Our "flagship program." The one that started it all. HAL, as we like to call 'er for short, has helped thousands and thousands of families since 2006, and the flag continues to fly with a generous income maximum, no first-time homebuyer requirement and customizable loan options for all kinds of homebuyers.
Loan types include FHA (requires 3.5% down), VA and USDA (no down payment required), and conventional (requires a minimum of 3% down). All borrowers must meet normal loan underwriting requirements for the type of financing being used to purchase the home. Down payment assistance provided by the Home At Last program can be used to cover all or a portion of the down payment required for your loan, and the assistance can even be used to help cover closing costs.
Want to see a snapshot of today's rates and options?
Home At Last™ Program Details
Income Limits
Maximum Income: $165,000
Note: For Conventional loans, if borrowers have income at or below 80% of the Area Median Income (AMI), the income limits are determined by the county where the home is being purchased. For USDA RD Guaranteed loans, all income that meets the USDA guidelines will meet the income eligibility requirements for the Home At Last program. Visit our options page to review more details on the current income limits.
Debt-to-Income Ratio
Maximum DTI: 50%
DTI limits depend on the loan type and credit score. Consult with a lender for details. If debt ratios are too high to qualify, check out the Mortgage Credit Certificate (MCC). For eligible homebuyers, the MCC provides additional qualifying income to lower debt ratios and boost purchasing power - it will totally knock your socks off!
Minimum Credit Score
Minimum credit score is 640 (or 680 for manufactured homes)
First-Time Homebuyer
There is NO first-time homebuyer requirement to participate in the Home At Last™ down payment assistance program. Note: If pairing Home At Last with the MCC, homebuyers will need to meet the first-time homebuyer requirement, which is simply to not have owned a home within the previous 3 years. Qualified Veterans are exempt from first-time buyer requirements.
Residency Requirement
There is no requirement to be a current Nevada resident to qualify for the program.
The home must be occupied as a primary residence within 60 days of closing.
Homebuyer Education
Homebuyer education is required. Check out the options for education here.
Home Means Nevada Rural Down Payment Assistance
This limited-time program opens the door to affordable homeownership for Nevada residents who have not owned another home within the previous 3 years.
On April 1, 2024, the Home Means Nevada Rural DPA program will begin offering $35,000 in forgivable down payment assistance to eligible homebuyers purchasing a primary residence located anywhere in rural Nevada (that's any community with a population under 150,000!).
Here's what you need to know:
- $35,000 in forgivable down payment assistance is to be used only for down payment (no closing costs).
- Down payment assistance is secured by a second loan with no interest and no payments, and is fully forgiven on December 31, 2026 (non-prorated).
- To finance the purchase of the home, a 30-year first mortgage with a low fixed rate is provided by a participating lender - rates are available to view online at HALRates.org and homebuyers can find a list of participating lenders at FindANevadaLender.org.
- The Home Means Nevada Rural DPA program expires on December 31, 2024, or when there are no more funds available for the program, whichever occurs first.
Pair the Home Means Nevada Rural DPA program with Nevada Rural Housing's Mortgage Credit Certificates (MCC) program to add the following benefits:
- More income
- Tax-paying homebuyers will pay less federal income tax and can increase their take home pay with the MCC tax credits* that are equal to a percentage of the mortgage interest paid on the home each year (it's a huge savings!).
- More purchasing power
- Lenders can use the MCC estimated tax credits* as additional qualifying income to help homebuyers qualify for a mortgage.
- Lower debt ratios
- For homebuyers with student loans or high amounts of debt, the additional income produced by the MCC tax credits* will lower debt ratios to help more homebuyers qualify for a mortgage.
- More affordable homeownership
- Homebuyers can claim the MCC tax credits* over the life of the loan, as long as the home remains their primary residence.
- Learn more about the MCC program and see how a $345,000 mortgage with a 7.50% interest rate will provide an eligible homebuyer with $429 of additional monthly income*.
*An approved participating lender will determine eligibility for the MCC and DPA programs. Not all applicants will qualify. Example MCC tax credit savings are estimates and for illustrative purposes only. Nevada Rural Housing does not offer this information to solicit a mortgage application or as tax advice. MCC holders or applicants should consult their own tax advisor or the Internal Revenue Service for guidance regarding the calculation of MCC tax credit benefits.
Want to see a snapshot of today's rates and all the homeownership program options provided by Nevada Rural Housing?
Home Means Nevada Program Details
Income Eligibility
The income limits for this program are based on 300% of Federal Poverty Guidelines (FPG) and household size.
| Household Size | Income Limit |
| 1 | $45,180 |
| 2 | $61,320 |
| 3 | $77,460 |
| 4 | $93,600 |
| 5 | $109,740 |
| 6 | $125,880 |
| 7 | $142,020 |
| 8 | $158,160* |
| *For each additional household member add $16,140 |
Residency Requirements
At least one borrower must have a minimum six-month Nevada residency to qualify for the program.
The home must be occupied as a primary residence within 60 days of closing.
First-Time Homebuyer
Must be first-time, rural homebuyers, which is defined as not having owned a home within the past three years. This requirement will also apply to any non-purchasing spouse. Note: Co-signers and non-occupant, co-borrowers are not required to be first-time buyers.
Homebuyer Education
Homebuyer education is required. Check out the options for education here.
How to Apply for Home Means Nevada Rural Down Payment Assistance
Step 1: Contact an approved lender.
Step 2: Tell your lender that you want to buy a home using the Home Means Nevada Rural DPA Program.
Pro-tip: Ask your lender if you also qualify for the MCC!
If you need support please reach out!
Connect with the Homeownership Crew
We love what we do and who we do it for – you, our partners, and the people of rural Nevada. We have a heckuva lot of fun doing it, too.
If you have a question, need some training, want to partner or just have something awesome to say (we'll adore those kinds of messages, too!), let us know.
