Home Is Possible program options

The Home Is Possible program is designed to help qualified Nevadans make the dream of home ownership a reality. 
Please mouse over the "HIP Programs" column for program highlights.

HIP Programs On hover Content FICO Credit Score Down Payment Assistance
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)
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 660 (680 for manufactured homes)
  • Maximum debt ratio 45%
  • DPA is in the form of a no interest, no payment prorated 3-year forgivable note
 660 w/2%
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) 
  • Household income must be used in determining income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 660 (680 for manufactured homes)
  • Maximum debt ratio 45%
  • DPA is in the form of a no interest, no payment prorated 3-year forgivable note.
 660 w/4%
Government Insured Loans (Income to $105,000)
FHA, VA & USDA

FHA, VA & USDA Highlights

  • Maximum purchase price $548,250 (remember to check Agency limits)
  • Maximum income limit $105,000
  • 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 (FHA and Conventional only); 45% if less than 680 credit score
  • 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.

 

 640 w/3%
FHA, VA & USDA FHA, VA & USDA Highlights
  • Maximum purchase price $548,250 (remember to check Agency limits)
  • Maximum income limit $105,000
  • 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 (FHA and Conventional only); 45% if less than 680 credit score
  • 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.

 

 w/4%
FHA, VA & USDA

FHA, VA & USDA Highlights

  • Maximum purchase price $548,250 (remember to check Agency limits)
  • Maximum income limit $105,000
  • 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 (FHA and Conventional only); 45% if less than 680 credit score
  • 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.

 

 w/5%
HIP Specialty Programs (Income to $105,000)
Heroes - VA & USDA

HIP for Heroes Highlights

  • Maximum purchase price $548,250
  • Maximum income limit $105,000
  • 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 45%
  • VA and USDA-RD loans only
  • Purchaser cannot own other property at the time of close

 

 640 n/a 0%
Teachers (FHA)

HIP for Teachers FHA Highlights

  • Maximum purchase price $548,250 (remember to check Agency limits)
  • Maximum income limit $105,000
  • Non-purchasing spouse's income must be included when determining qualified income
  • Cosigner's income does not count towards income limits
  • Minimum credit score 660 (680 for manufactured homes)
  • Maximum debt ratio 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.

 

 660 $7,500
Teachers (VA & USDA)

HIP for Teachers VA and USDA Highlights

  • Maximum purchase price $548,250 (remember to check Agency limits)
  • Maximum income limit $105,000
  • 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 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.

 

 640 $7,500
Conventional Loans - Freddie Mac 80% AMI OR LESS (see income limits)
Conventional (4% DPA)

HFA Advantage Highlights

  • Maximum purchase price $548,250
  • Maximum income limit per county (click here for county limits - Freddie)
  • 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
  • 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.

 

 640 w/4%
Conventional (5% DPA)

HFA Advantage Highlights

  • Maximum purchase price $548,250
  • Maximum income limit per county (click here for county limits - Freddie)
  • 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
  • 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.

 

 w/5%
Conventional Loans - Fannie Mae 80% AMI OR LESS (see income limits)
Conventional (4% DPA)

HFA Preferred Conventional Highlights

  • Maximum purchase price $548,250
  • Maximum income limit per county (click here for county limits - Fannie)
  • 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
  • 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.

 

 640 w/4%
Conventional (5% DPA)

HFA Preferred Conventional Highlights

  • Maximum purchase price $548,250
  • Maximum income limit per county (click here for county limits - Fannie)
  • 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
  • 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.

 

 w/5%
Conventional Loans - Fannie Mae Over 80% AMI (income limit $105,000)
Conventional (4% DPA)

HFA Preferred Conventional Highlights

  • Maximum purchase price $548,250
  • Maximum income limit $105,000
  • 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
  • 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.

 

 640 w/4%