Nevada Home is Possible for Teachers
Posted by Andrew Finney on Saturday, June 9, 2018 at 2:40 PM
By Andrew Finney / June 9, 2018
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The Nevada Home is Possible for Teachers program is a very special down payment assistance program being offered through the Nevada Housing Division.
Home is Possible for Teachers offers full-time K-12 teachers the opportunity to receive up to $7,500 in bonus money towards their down payment and/ or buyer closing costs on their new home!
Let's break it down and see if this program is for you or your favorite teacher!
Key Benefits:
- $7,500 in Bonus Money
- Bonus money can be used for down payment and/ or closing costs
- Forgivable after 5 years of living in the home you purchase
- Below-market fixed interest rate 30-year loan (Current Home is Possible for Teachers Rates: Today's Rates)
- Available anywhere in Nevada
- Great for teacher first time home buyer but not a requirement... NO first-time homebuyer requirements!
- Can be used with the Mortgage Credit Cerfitcate (MCC) program with program fees discounted
Home is Possible for Teachers Requirements:
- 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
Approved Home is Possible for Teachers Lenders
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