Both states run assistance programs that cover some or all of your down payment and closing costs on top of a standard first mortgage. Income limits, purchase-price limits and the assistance amount are set by the sponsoring agency and change; most programs carry a first-mortgage rate above the open market because that spread funds the help. Whether the trade is worth it depends on how long you keep the loan, which is the conversation to have before picking a tier.
Nevada: Home Is Possible
The Nevada Housing Division runs the Home Is Possible family: a first-time-buyer track with 2% or 4% assistance, HIP-DPA for buyers who are not first-time with 3% or 5%, a Teachers program, and a Heroes program for military, veterans and first responders that is rate-only with no second lien. Minimum credit score is 640 on every track (660 for manufactured homes). Most assistance is a no-interest, no-payment, non-forgivable 30-year second mortgage; the Teachers assistance is a five-year prorated forgivable note. Nevada Rural Housing runs its own programs in the rural counties, and the state's Worker Advantage program adds assistance for essential workers while funding lasts.
The board below mirrors the Nevada Housing Division's lender rate sheet and refreshes each business morning. Open any row for the underwriting highlights.
Home Is Possible — today's program rates
Every HIP track, the minimum FICO, the program note rate, the assistance and what kind of second lien it is.
FHA, VA & USDA6406.500%2%30-yr note
- 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: (
- Household income must be used in determining income
- Cosigner’s income does not count towards income limits
- Minimum credit score 640 (660 for manufactured homes)
FHA, VA & USDA6406.750%4%30-yr note
- 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: (
- Household income must be used in determining income
- Cosigner’s income does not count towards income limits
- Minimum credit score 640 (660 for manufactured homes)
Conventional <80% AMI6406.750%2%30-yr note
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- Residential Units only. New or existing, single-family residence, condos, townhomes, and manufactured homes
Conventional <80% AMI6406.875%4%30-yr note
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- Residential Units only. New or existing, single-family residence, condos, townhomes, and manufactured homes
FHA, VA & USDA6407.250%3%30-yr note
- Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
FHA, VA & USDA6407.500%5%30-yr note
- Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
Conv <80% AMI6407.500%3%30-yr note
- 80% of County AMI or less (
- Cosigner's income does count towards program income limits (Fannie & Freddie requirement)
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
Conv <80% AMI6407.625%5%30-yr note
- 80% of County AMI or less (
- Cosigner's income does count towards program income limits (Fannie & Freddie requirement)
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
Conv Over 80% AMI6407.500%3%30-yr note
- Cosigner's income does not count towards program income limits
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
Conv Over 80% AMI6407.625%5%30-yr note
- Cosigner's income does not count towards program income limits
- Maximum debt ratio: 50% (45% for Manufactured Homes)
- You do not need to be a first-time homebuyer under this program
FHA, VA & USDA6406.000%$27,500N/A
Conventional6406.500%$27,500N/A
Teachers - FHA, VA & USDA6407.250%$7,5005-yr prorated
- Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (45% for Manufactured Homes)
Teachers - Conventional6407.500%$7,5005-yr prorated
- Maximum debt ratio: 50% (45% for Manufactured Homes)
Heroes - VA & USDA6407.250%noneN/A
- 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 (660 for manufactured homes)
- Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (45% for Manufactured Homes)
- VA and USDA-RD loans only
Rates are set by the Nevada Housing Division, not by me, and NHD notes that they are informational and may change at any time. This is a program rate, not a quote.
Texas: TSAHC and TDHCA
| Program | Sponsor | Who | Assistance | Status |
|---|---|---|---|---|
| Homes for Texas Heroes | TSAHC | Teachers, first responders, veterans, corrections, EMS, nurses and allied health, counselors | Down payment assistance as a grant or a deferred forgivable second, paired with a TSAHC first mortgage | Active · source |
| Home Sweet Texas | TSAHC | Low and moderate income buyers, not limited to first-time | Same structure as Heroes for non-hero professions | Active · source |
| My First Texas Home | TDHCA | First-time buyers and veterans, income and price limits by county | Below-market first mortgage with assistance as a deferred second | Active · source |
| My Choice Texas Home | TDHCA | Repeat buyers | First mortgage with assistance, no first-time requirement | Active · source |
Amounts, income limits and price limits are published by each agency and change during the year; they are confirmed on your file before any quote. Programs require homebuyer education, usually a few hours online.
How I decide which one fits
- Whether the assistance beats a seller credit or a builder incentive on your specific house, because sometimes it doesn't.
- Your expected hold period against the higher first-mortgage rate that funds the help.
- County income and price limits, and hero eligibility.
- Whether the first mortgage is FHA, conventional or VA, since that changes the program tier and the payment.
Common questions
Is the assistance a gift or a loan?
Depends on the program. Nevada's main tracks are non-forgivable second mortgages repaid when you sell or refinance; the Teachers track and San Antonio's program are forgivable over a set period; some TSAHC options are grants.
Do I have to be a first-time buyer?
Not always. Nevada HIP-DPA, Home Sweet Texas and My Choice Texas Home have no first-time requirement. The first-time tracks usually define it as no ownership of a primary residence in the last three years.
Why is the program rate higher than the rate I see advertised?
The assistance is funded by that spread. It is worth it when you keep the loan several years and the alternative was waiting; it is not worth it if a seller credit gets you the same cash to close at a market rate.
Sources
Nevada Housing Division, Home Is Possible · Nevada Rural Housing · Texas State Affordable Housing Corporation · Texas Department of Housing and Community Affairs
