How can this benefit me if I am a teacher looking for a teacher mortgage?
Most noteworthy, the Nevada Home is Possible Down Payment Assistance program just announced that they’ve extended their program for teacher through June 30, 2019. With a 660 credit score, a teacher can receive $7500 to go towards their down payment and closing costs.
Those who qualify must be:1. Employed in the state of Nevada in grades K-12 2. Be a licensed full-time teacher 3. Apply and qualify for a government loan such as FHA 4. You DO NOT have to be a first time homebuyer to use this 5. Must occupy the purchased property within 60 days of closing 6. Must not have a total debt ratio over 45% 7. Complete a free online homebuyer education course 8. Those going on the loan cannot exceed a combined gross income of $98,500 per year 9. The loan amount cannot exceed $322,000 in Clark County (FHA loan limit)
Do I ever have to pay back my $7500 down payment assistance?You do not so long as you live in the home and keep this loan for 5 years. You must keep the home & the loan during the first 5 years. Otherwise, you will have to reimburse the grant program for $125 per month based on how many months were remaining in your 5 year period.
How do they keep track of my grant monies?The $7500 grant exists as a 0% forgivable second lien that is recorded on the property.
Are there additional fees with this program and is the rate higher?To compensate the program administrators you pay $275 and $480 as part of your final total closing costs. The rate is extremely competitive as compared to if you came in with your own funds.
Contact Casey Moseman to find out today’s rate and how to apply