Today’s Home Is Possible program mortgage interest rates & updates

Homebuyers:
A HIP-qualified lender is the best place to start your mortgage journey. They have the most-up-to-date rates, as well as program information that could stretch your homebuying budget.

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Lenders:
The Home Is Possible program is designed to help qualified Nevadans make the dream of home ownership a reality. See how these programs can help grow your referrals today! Please mouse over the “HIP Programs” column for program highlights..

Rates as of May 31, 2023*

HIP Programs On hover Content FICO Credit Score Mortgage Rate Down Payment Assistance Second Mortgage
HIP For First-Time Homebuyers (see income limits)
FHA, VA & USDA

Home Is Possible For First-Time Homebuyers Highlights (FHA/VA/USDA-RD)

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price & income limits per county: (click here for limits)
  • (see link under rate sheet for Targeted Areas)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • DPA is in the form of a no interest, no payment 7-year forgivable note. 

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Home Is Possible For First-Time Homebuyers Highlights (FHA/VA/USDA-RD)

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price & income limits per county: ( click here for limits)
  • (see link under rate sheet for Targeted Areas)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • DPA is in the form of a no interest, no payment 7-year forgivable note. 

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 6.875% w/2% 7-yr forgivable
FHA, VA & USDA

Home Is Possible For First-Time Homebuyers Highlights (FHA/VA/USDA-RD)

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price & income limits per county: ( click here for limits)  
  • (see link under rate sheet for Targeted Areas)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Home Is Possible For First-Time Homebuyers Highlights (FHA/VA/USDA-RD)

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price & income limits per county: ( click here for limits)  
  • (see link under rate sheet for Targeted Areas)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.375% w/4% 7-yr forgivable
Conventional

Highlights

  • Maximum purchase price - this link for purchase price only (click here for limits)
  • Maximum 80% AMI or less - income limit per county (click here for county limits)
  • Household income must be used in determining income
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Highlights

  • Maximum purchase price - this link for purchase price only (click here for limits)
  • Maximum 80% AMI or less - income limit per county ( click here for county limits)
  • Household income must be used in determining income
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 6.875% w/2% 7-yr forgivable
Conventional

Highlights

  • Maximum purchase price - this link for purchase price only (click here for limits)
  • Maximum 80% AMI or less - income limit per county (click here for county limits)
  • Household income must be used in determining income
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Highlights

  • Maximum purchase price - this link for purchase price only (click here for limits)
  • Maximum 80% AMI or less - income limit per county ( click here for county limits)
  • Household income must be used in determining income
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment 7-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.375% w/4% 7-yr forgivable
HIP For Teachers
Teachers (FHA)

HIP For Teachers FHA Highlights

  • Maximum purchase price - check Agency limits
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP For Teachers FHA Highlights

  • Maximum purchase price - check Agency limits
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.000% $7,500 5-yr prorated
Teachers (VA & USDA)

HIP For Teachers VA and USDA Highlights  

  • Maximum purchase price $726,200 (remember to check Agency limits)
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP For Teachers VA and USDA Highlights  

  • Maximum purchase price $726,200 (remember to check Agency limits)
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.000% $7,500 5-yr prorated
Teachers Conventional

HIP For Teachers Conventional

  • Maximum purchase price $726,200
  • Maximum income limit <80% AMI per county ( click here for county limits)
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP For Teachers Conventional

  • Maximum purchase price $726,200
  • Maximum income limit <80% AMI per county ( click here for county limits)
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income
  • Minimum credit score 640 (680 for Manufactured Homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close
  • Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
  • $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 6.750% $7,500
HIP For Heroes
Heroes (VA & USDA)

HIP For Heroes Highlights

  • Maximum purchase price - check Agency limits
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for manufactured homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP For Heroes Highlights

  • Maximum purchase price - check Agency limits
  • Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for manufactured homes)
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at time of close.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.000% w/0% N/A
Conventional Loans – Fannie Mae & Freddie Mac 80% AMI or Less (see income limits)
Conventional (0% DPA)

Highlights

  • Maximum purchase price $726,200
  • Maximum income limit per county ( click here for county limits)
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Highlights

  • Maximum purchase price $726,200
  • Maximum income limit per county ( click here for county limits)
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income must be included when determining qualified income 
  • Minimum credit score 640
  • Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • Purchaser cannot own other property at the time of close
  • DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.125% w/0% N/A
Home First DPA Program (388 of the 500 Total Loans Still Available)
FHA, VA & USDA

Home First DPA Program

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
  • Income Limits: 300% of Poverty Level ( click here for limits)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
  • DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Home First DPA Program

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
  • Income Limits: 300% of Poverty Level ( click here for limits)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
  • DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.000%  $15,000 3-yr forgivable
Conventional

Home First DPA Program

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
  • Income Limits: 300% of poverty level or 80% of County AMI, whichever is less ( click here for limits)
  • Household income must be used in determining income
  • Cosigner's income does count towards program income limits (Fannie & Freddie requirement)
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
  • DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

Home First DPA Program

  • You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
  • Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
  • Income Limits: 300% of poverty level or 80% of County AMI, whichever is less ( click here for limits)
  • Household income must be used in determining income
  • Cosigner's income does count towards program income limits (Fannie & Freddie requirement)
  • Minimum credit score 640 (680 for Manufactured Homes)
    Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
  • At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
  • DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

640 7.000%  $15,000 3-yr forgivable

*Please note the above rates are informational only and may change at any time. 

HUD-Approved Targeted Areas

Notices and Program Updates

Condo Purchase

October 04, 2019

Do's and Dont's FreddieMac

August 30, 2019

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