Nevada Home is Possible for Heroes Program

The Nevada Housing Division (NHD) was created by the Nevada Legislature in 1975. A division of the Department of Business and Industry, this entity was created to address what the agency identifies as a “real problem: a shortage of safe and decent housing for individuals and families of low and moderate income.”

To that end, the Nevada Housing Division created three “Heroes” programs — two of which are aimed at non-military members, including teachers, and one specifically for military-affiliated borrowers.

The NHD Home Is Possible For Heroes program offers veterans and those currently serving home loans with lower rates, no first-time buyer requirement, and more. These loans are not issued by NHD, but rather through a network of participating lenders.

Borrowers are encouraged to shop around for a participating lender to find the most favorable terms and conditions.

The NHD Home Is Possible For Heroes Program (HIP-H)

HIP-H is intended for both veterans who have retired or separated from the military and for qualifying military members still on duty. An honorable discharge is required, where applicable.

These loans are offered as 30-year, fixed-rate mortgages and may be VA loans or USDA loans only. Home price limits apply, and there is an income limit. In 2020, the qualifying income cap was set at $98,500 or lower, but these caps are subject to change; this amount is provided as a reference only.

Purchase price limits apply too. Despite the VA eliminating loan limits for VA mortgages in 2020, this program caps the home price at $510,400. As always, such limits are subject to change, and this amount, too, is provided strictly as a reference.

As with all government-backed mortgages, occupancy requirements apply. You cannot purchase an investment property with this loan program, and at least one borrower on any VA mortgage must occupy the home as the primary residence.

VA loan rules make exceptions, but you will need to discuss your needs with a participating lender to determine what may apply to your circumstances.

The Home Is Possible For Heroes Program rules and benefits also include the following:

• Minimum credit score required (640 in 2020, provided as a reference only)
• The borrower must qualify financially for the mortgage (income, repayment history, credit utilization, FICO score, etc.).
• Below-market fixed interest rate 30-year loan
• Reduced monthly mortgage payment
• A one-time fee applies
• The borrower may not own other property at the closing time

Housing Counseling Is Required As A Condition Of Loan Approval

This program requires all successful applicants to attend a homeownership class or other approved form of housing counseling prior to the loan’s closing date. This type of counseling will include budgeting for home ownership, credit requirements, and primers on what to expect during the home buying process overall.

The homeownership education requirement can be met in a variety of ways, including in-person classes, online-only options, and Spanish-language options. All borrowers are required to attend, but co-signers are not.

This counseling is not provided by NHD, but rather through its network of housing counselors, including the following:

• Chicanos por La Causa CPLC
• Community Services of Nevada
• Money Management International, Inc.
• Neighborhood Assistance Corporation of America
• Neighborhood Housing Services Southern Nevada
• Nevada Partners
• Southern Nevada Regional Housing Authority
• Women’s Development Center