City of Reno – First Time Home Buyer Programs
The Nevada Housing Division offers a down payment assistance program called Home is Possible (“HIP”). This program allows qualifying City of Reno home buyers to receive up to 5% of the loan amount towards their down payment and closing costs. For example, with a $300,000 loan amount, this program would offer a grant of up to $15,000 to be used towards down payment and closing costs. This grant does not need to be repaid.
Benefits – Home Is Possible for City of Reno Down Payment Assistance
- HIP down payment assistance is available anywhere in the City of Reno and statewide.
- Receive up to 5% of the loan amount for down payment and/or closing costs.
- Grant is non-repayable.
- Competitive 30 year interest rates for conventional and government loan types (FHA, VA)
- Down payment grants can be combined with Federal Income Tax Rebates through Mortgage Credit Certificate (MCC) Program.
- Program is for anyone buying a home within the City of Reno that falls under the minimum program requirements below.
Requirements – Home Is Possible for Reno Down Payment Assistance
- You must occupy the purchased Reno home as a primary residence.
- Your income is below $95,500.
- Desired homes purchase price is under $400,000. See Reno homes for sale that qualify for down payment assistance now.
- Your credit score is a minimum of 640.
- You meet the normal government or conventional requirements for underwriting.
- Attend a required home buyer course.
- Pay a one-time fee of $675.
Get Started! Complete the form below to see if you qualify for this program.
City of Reno Home Buyer Programs