This week, we're answering the five questions we hear most from first-time buyers — starting with the one that stops people before they even start looking: "I don't have a down payment saved. Can I still buy?"
The short answer is yes, more often than most people think.
Your Down Payment Options Aren't Just 20%
Very few buyers actually put down 20%. FHA loans require as little as 3.5% down, conventional loans can go as low as 3%, and VA loans (for eligible veterans and service members) and USDA loans (for eligible rural and suburban areas) can go to 0% down. The real question isn't whether you need 20% — it's how to cover the smaller number you do need.
Nevada's Home Is Possible Program
The Nevada Housing Division's Home Is Possible program pairs a 30-year fixed-rate mortgage with down payment and closing-cost assistance — a grant of up to 4% of your loan amount, forgivable if you stay in the home at least 3 years. There's no repayment requirement, no income limit for most buyers, and no requirement that you've never owned a home before. Teachers can qualify for up to 6%. The minimum credit score is generally 640.
Zero Down in Parts of the Valley
Certain areas around the edges of the Las Vegas Valley — outer Henderson, the fringes of North Las Vegas, and the Boulder City area — may qualify for USDA financing, which eliminates the down payment entirely. Stacked with Home Is Possible assistance toward closing costs, that combination can bring a buyer close to zero cash to close.
What the Process Actually Looks Like
- Get pre-qualified with a lender familiar with these programs — not every loan officer defaults to mentioning Home Is Possible or USDA eligibility.
- Check USDA eligibility for your target zip codes before choosing a loan type.
- Apply for Home Is Possible assistance alongside your loan — it's paired with your mortgage, not a separate application later.
- Complete the required homebuyer education course.
- Work with an agent who already knows which builders, sellers, and neighborhoods work smoothly with these programs — this is where a lot of first-time buyers lose time.
Tomorrow: Is it better to buy new construction or resale in Las Vegas right now?
This post reflects general program information as of publication and is not a commitment to lend or a guarantee of eligibility. Program terms change frequently — verify current details with the Nevada Housing Division or your lender. Speak with Sherwyn or Ferguz Colonia for guidance specific to your situation.
Sherwyn Colonia, NVRE License #S.185645 | Ferguz Colonia, NVRE License #S.199036 FIV Realty | (702) 234-5985 | thecoloniateam.com This is not intended to solicit properties currently listed for sale. Equal Housing Opportunity. All information deemed reliable but not guaranteed. We are committed to compliance with the Fair Housing Act and the Nevada Real Estate Division's licensing and advertising regulations.
