Carson City - January 31, 2017
Carson City, NV (January 31, 2017) – By the end of 2016, the Nevada Housing Division’s (NHD) Home Is Possible (HIP) program had helped 9,654 Nevada families realize the American dream of homeownership since it launched on September 22, 2014. This number includes 568 veterans and active military personnel, nearly 30 a month (up from 18 a month in 2015).
The HIP program is designed to help more credit-worthy families get into homes – people who can afford a monthly mortgage payment, but may be having a hard time coming up with a down payment. It provides a (non-repayable) down payment grant of up to five percent of the loan amount for Nevada families with a household income of less than $95,500. Homebuyers must also have a minimum credit score of 640 and be purchasing a home for less than $400,000. The buyer must meet standard underwriting requirements, complete a homebuyer education course and live in the home as a primary residence.
The United States average for homeownership is 63.7 percent, while Nevada is at 54.8 percent, but that number has been going up with the help of the HIP program.
Introducing HIP For Teachers
To help Nevada communities recruit and retain teachers, NHD has introduced a new program, HIP For Teachers, which offers Nevada’s K-12 teachers $10,000 in bonus money toward the purchase of a new home.
“In addition to making Nevada one of the country’s most veteran-friendly states, we’re working with Governor Sandoval to make it a great place for teachers to live and work,” explained Housing Administrator CJ Manthe. “A big part of that is helping them get into a home of their own, which was the impetus for this program.”
HIP for Teachers Key Benefits:
• $10,000 in bonus money
• Usable for down payment and closing costs
• Forgivable after five years (if the teacher stays in the home)
• Below-market fixed interest rate
• Statewide program
• No first-time homebuyer requirement
• Can be combined with the Mortgage Credit Certificate (MCC) program with program fees discounted
HIP for Teachers Program Requirements:
• Must be a licensed full-time K-12 public school teacher in Nevada
• Qualifying income below $95,500
• 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 (also required to record a second mortgage)
• Funding amount available for 300 teachers, provided on a first come, first served basis
Las Vegas real estate agent Alison Rachiell’s clients Bridget and John Carilli, were the first in Las Vegas to take advantage of the program. Bridget is in her first year of teaching special education in a local elementary school and John is also employed by the Clark County School District’s before and after school safety program.
“I think it’s great when somebody is dedicating their energy and time to teaching,” Rachiell said. “So being able to put them into a home they might have otherwise been unable to get is incredibly rewarding.”
Home Is Possible Funding
The Home Is Possible programs are funded through the use of a private/public partnership model, which has funded $76 million toward down payment and closing costs, for a total of $1.9 billion in closed mortgages since the program was founded.
The programs are provided through more than 85 mortgage company partners throughout the state. The mortgage companies work with the buyers to ascertain the best solutions for their specific situations and then walk them through the process.
For more information, visit http://homeispossiblenv.org and then contact a HIP-qualifed lender or REALTOR®.
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• Nevada Housing Division: www.housing.nv.gov
• Home is Possible: http://www.homeispossiblenv.org/
• HIP For Teachers: http://www.homeispossiblenv.org/program/home-possible-teachers
• NHD Approved Lenders: http://www.homeispossiblenv.org/find-lender-realtor/find-lender.php
• NHD Approved REALTORS: http://www.homeispossiblenv.org/find-lender-realtor/find-realtor.php
• U.S. Census Bureau: http://www.census.gov/housing/hvs/files/currenthvspress.pdf
About the Nevada Housing Division
Our mission is to provide affordable housing opportunities and improve the quality of life for Nevada residents. Nevada Housing Division (NHD), a division of the State of Nevada Department of Business and Industry, was created by the Nevada State Legislature in 1975. NHD is committed to making Nevada a better place to live and work. We connect Nevadans with homes by providing financing to developers to build affordable apartment homes, by providing innovative mortgage solutions, and by making more homes energy efficient, thereby lowering utility expenses. To learn more, visit www.housing.nv.gov.