We know how difficult it can be to buy a house in Northern Nevada, which is why we're so excited about the Nevada Housing Division's Home Is Possible program. It provides down payment assistance, enabling you to better compete for limited inventory. And they are introducing a special program for teachers in our state, starting on October 1.
Enough from us, let's let them tell you about it in this guest blog from the Nevada Housing Division.
We give props to Nevada teachers.
And $7,500 for a new home.
Teachers rock. They choose to spend their professional lives giving children a huge leg up on a promising future. That fact is not lost on the Nevada Housing Division. Neither is the fact that there’s currently a teacher shortage in the Silver State. These are two very good reasons why we’re rolling out a new homebuyer program: Home Is Possible For Teachers, aka HIP For Teachers.
Originally a pilot program, it received such high marks from the 300 teachers who got the opportunity to use it, we decided to make it part of our core curriculum, so to speak.
So what is HIP For Teachers? Glad you asked. It’s a homebuyer program specifically designed for full-time K-12 public school teachers in Nevada who are shopping for a home. Sound like you? (If not, we have other homebuyer programs just for you.) New homes, new-to-you homes, condos, townhomes and even manufactured homes can qualify for HIP For Teachers, provided a few provisos.
Teachers: Write this down!
As they say in the teaching biz, take notes—there may be a quiz at the end. (Wink, wink.) In the meantime, see if these program benefits and requirements fly with you or a beloved teacher in your life.
- $7,500 in bonus money
- Usable for down payment and closing costs
- Forgivable after five years (if you stay in your home)
- Below-market fixed interest rate 30-year loan
- Statewide program
- No first-time homebuyer requirement
- Can be combined with Mortgage Credit Certificate with program fees discounted
- Must be a licensed full-time K-12 public school teacher in Nevada
- Qualifying income below $98,500
- Home price below $400,000
- Minimum credit score of 660
- Government insured loans only (no conventional loans)
- Teacher must live in home as primary residence
- Homebuyer education course required
- Must meet standard underwriting requirements
- One-time fee of $675 on first mortgage
So you passed with flying colors. Now what?
If you’re a Nevada teacher who checks the boxes above, we wholeheartedly encourage you to apply for HIP For Teachers. How do you get started? Again, thanks for asking. Hello, participation grade! The magic starts with two very important people: a HIP-qualified lender and a HIP-qualified real estate agent. They are your wise teachers, your reliable study buddies and your very enthusiastic cheerleaders. Oh yeah, and the only ones who can help you take advantage of the $7,500 in down payment assistance and below-market interest rate that the HIP For Teachers program offers.
October 1, 2017 is the official start date of the program. However, you can certainly get a head start on your required homebuyer education class today, as the course certificate is valid for one year from completion. Yay education! Yay $7,500!