• Home
  • Military Discounts
    • Military & Veteran Discount List
    • Local Military and Veterans Discounts
    • Apple Military Discount
    • Veteran & Military Cell Phone Discounts
    • Gym and Health Club Discounts
  • Benefits
    • 10 Veterans Benefits You May Not Know About
    • Top Military Spouse Benefits
    • Medal of Honor: Benefits, History and Facts
    • Purple Heart Benefits
    • Veterans Health A to Z
  • Housing & Home Ownership
    • VA Loan Calculator
    • VA Loan Limits by County
    • VA Home Loan Guide
    • 5 Benefits of a VA Loan
    • 2022 BAH Rates
    • BAH Calculator
  • Money & Finance
    • 2022 Military Pay Charts
    • 2022 Defense Budget
    • 2022 Military Pay
    • 2022 Military Pay Charts
    • COLA Watch 2022-2023
    • Military Pay Calculator
    • Military Pay Dates
    • VA Disability Rates
  • Jobs
    • Veteran Friendly Employers
    • Military Spouse Employment Preference
    • Veterans Employment and Training Service (VETS)
    • Security Clearance Jobs After the Military
  • Education
    • Veteran Friendly Colleges
    • Online Colleges with Military Discounts
    • Veteran Friendly Colleges Guide
    • Military Spouse Career Advancement Accounts (MyCAA)
    • Monthly Housing Allowance (MHA) for the GI Bill
    • Forever GI Bill
  • Resources
    • How to Get a Veterans ID Card
    • Veterans ID on Driver’s License or ID Card by State
    • Military ID Cards
    • Military Calendar
    • State Veteran’s Benefits
Zero Down Home Loan Eligibility

Home » Nevada Home is Possible for Heroes Program

Nevada Home is Possible for Heroes Program


The Nevada Housing Division (NHD) was created in 1975 by the Nevada Legislature. 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.”

Nevada Home Loan Programs for VeteransTo 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 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 and this amount is included as a reference only.

Purchase price limits apply too. In spite of the VA having eliminated loan limits for VA mortgages starting in 2020, this program caps the home price at below $510,400 in 2020. 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 type of loan program and at least one borrower on any VA mortgage is required to 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 financially qualify 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
  • Borrower may not own other property at 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 and online-only options and there are Spanish-language options provided. 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


About The AuthorJoe Wallace is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News


Related Articles
State-Run Veteran Friendly Home Loan Programs State Veteran’s Benefits
Best VA Loan Lenders Best States with Veteran Benefits
VA Home Loan Guide Nevada Veterans Benefits

Military + Veteran Discounts

Want 30+ Mil/Vet discounts to use today? Enter your email for updates and we'll send it!
Name(Required)

VA Home Loans

Popular Articles

2022 VA Disability Rates

2022 Military Pay

Military Pay Calculator

VA Loan Calculator

2022 BAH Rates

Search Veteran.com

VA Home Loan Eligibility

VUHL Zero Down Home Loan
Military Benefits Logo

Company

  • About
  • Contact Us
  • Add a Discount
  • Privacy Policy
  • Terms of Use
  • Disclosure
  • Unsubscribe

Quick Links

  • Home
  • Military Discounts
  • Benefits
  • Housing & Ownership
  • Money & Finance
  • Employment
  • Education
  • Resources

Connect With Us

  • facebook
  • instagram
  • pinterest
  • twitter
  • youtube
Copyright © 2022 Three Creeks Media, LLC

Veteran.com is a property of Three Creeks Media. Neither Veteran.com nor Three Creeks Media are associated with or endorsed by the U.S. Departments of Defense or Veterans Affairs. The content on Veteran.com is produced by Three Creeks Media, its partners, affiliates and contractors, any opinions or statements on Veteran.com should not be attributed to the Dept. of Veterans Affairs , the Dept. of Defense or any governmental entity. If you have questions about Veteran programs offered through or by the Dept. of Veterans Affairs, please visit their website at va.gov. The content offered on Veteran.com is for general informational purposes only and may not be relevant to any consumer’s specific situation, this content should not be construed as legal or financial advice. If you have questions of a specific nature consider consulting a financial professional, accountant or attorney to discuss. References to third-party products, rates and offers may change without notice.

Advertising Notice: Veteran.com and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on Veteran.com; For any rankings or lists on this site, Veteran.com may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner” the indicated company is a corporate affiliate of Veteran.com. No tables, rankings or lists are fully comprehensive and do not include all companies or available products.

Editorial Disclosure: Editorial content on Veteran.com may include opinions. Any opinions are those of the author alone, and not those of an advertiser to the site nor of Veteran.com.