Nevada Housing – Home Is Possible for Teachers. Teacher Home Buying Program

The Nevada Housing Division has announced the HIP (Home is Possible) home buying program for teachers!  Nevada Housing writes:

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

Source: Nevada Housing Division website at

http://housing.nv.gov/News/Nevada_Housing_Division_Makes_Home_Possible_for_Nearly_10,000_Nevada_Families,_Introduces_HIP_For_Teachers/