Down payment assistance for teachers in Nevada, including Las Vegas.
Licensed full-time teachers in Nevada public schools are eligible for down payment assistance for teachers program. This program received updates specifically to help teachers to buy a home. Initially, there is only funding for only 300 teachers, provided on a first come, first served basis.
Home is Possible for Teachers is a program designed to help teachers realize the dream of home ownership through a generous Down Payment Assistance Program
First, let’s quickly review some of the main advantages of the Home is Possible
The Home is Possible grant program was introduced in 2014 to help those who can afford a market rate mortgage but whose savings fall short of the amount needed for entry costs like down payment.
The advantages of the Home Is Possible Grant Program are numerous. This grant will help cover a down payment and if there is some leftover, can go towards closing costs. It has the ability to help teachers more than other programs do.
Home buyers also benefit from:
Home is Possible
- The program offers a fixed interest rate loan with a term of up to 30 years and no first-time homebuyer requirement.
- Borrowers should have a credit score of at least 640 points for government insured loans, 660 for manufactured homes while for most conventional loans the minimum credit score is 680.
- The borrower’s income should be below $98,000 with a maximum debt ratio of 45%. While there is no minimum loan amount, the maximum is $400,000 and it has to be for a home that the borrower will use as a primary residence. If using FHA as the lending option, then the maximum loan amount will be $287,500 for Clark County.
- The program requires that the home buyer completes an education course.
program will celebrate the milestone of helping 10,000 Nevadan families sometime during this year.
Down Payment Assistance for Teachers
To help Nevada communities recruit and retain teachers, Nevada Housing Division (NHD) introduces a new program; Home Is Possible offering a down payment assistance for teachers.
In order to qualify for this program, a teacher must be a licensed, full-time K-12 public school teacher in Nevada. The program is available for those who meet its eligibility requirements, and for those who pay a one-time fee of $675.
Main highlights of the program & Requirements
- $10,000 in bonus money (second mortgage with 0% interest and no payments due)
- $10,000 to use towards Down Payment and Closing Costs
- Forgivable after five years (if teacher stays in home as primary residence)
- The borrower cannot move out, sell or refinance for 60 months or else they will have to pay back some funds depending on the date of their occupancy change.
- Below Market Fixed Interest Rate 30- year loan
- Can Not Be Combine with Other Programs
- Funding limited to 300 teachers. Space is limited as those available spots are currently around 100 left.
The Home is Possible program now affords teachers the opportunity to acquire their first home without financial difficulty. If you can make it through all of the very reasonable qualifications, buying a home in Nevada & specifically in Las Vegas might be much more of a breeze than you think.
Currently there around 100 spots left; as a result, we anticipate that available funds will move quickly. To ensure your spot, it is very important to contact your mortgage lender as soon as possible.
Contact Casey Moseman at 702-271-1274 to get the home buying process started and see what kind of home you can qualify for!