Home is Possible for Teachers
Attention Nevada Teachers!
Did you know there is a special program available to you for purchasing a home here in Nevada?
If not, listen up…
The Nevada Housing Division wants to show teachers how much they appreciate them by the creation of this special program just for you! One of the thoughts behind this creation is that
it would be a way to both retain the teachers we have, and help new recruits make it easy for them to find affordable housing here in Nevada. Having great teachers mean having better students which in the long run makes for better young adults.
Are you a teacher that is residing or looking to reside in Nevada? Then consider purchasing a home and taking advantage of this program.
What is it you say?
The program is called “Home is Possible (HIP)” This is a super amazing, gravity-defying homebuyer program that offer opportunity, savings and yes, bonus money. If you meet the income limits, credit score minimums and house price maximums, you’ll be well on your way to taking advantage of our homebuyer-friendly programs.
Check out the benefits for teachers:
- $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 the Mortgage Credit Certificate (MCC) program 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
These are the steps you need to take to get started:
- See if you meet the qualifications of one or more of the programs
- Find a HIP-qualified lender to get pre-approved
- Get your homebuyer education on
- Find a HIP – qualified realestate agent (that’s Me)
- Work with your realestate agent to find a qualifying house and make an irresistible offer
- Work with your lender on the paperwork to close escrow
- Get the keys and celebrate!
Got Questions? Nevada Housing Division has answers:
Nevada Housing Division
Las Vegas 3300 W. Sahara, Ste. 300, Las Vegas, NV 89102
Phone: (702) 486-5946 Fax: (702) 486-7227 Toll Free: 1-888-486-8775
Carson City 1830 College Pkwy., Ste. 200, Carson City, NV 89706
Phone: (775) 687-2236
Fax: (775) 687-4040
Toll Free: 1-800-227-4960
TTY Number: (800) 326-6868