The Home is Possible Program Helps Nevadans

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Nevada Housing Division Home is Possible

The Home is Possible grant program from the Nevada Housing Division helps make homeownership a reality for qualified Nevadans, veterans and teachers. This program helps those who can afford a market rate mortgage but may not have the savings needed for entry costs.

Home is Possible

Home Is Possible helps homebuyers get up to 5% of the home loan value. That's thousands of dollars for a one-time fee of just $675. When you qualify, you can use that money for your down payment or closing costs. Below are the highlights of the Home Is Possible program.

Key Benefits:

  • Get up to 5% of the loan value

  • Usable for a down payment and closing costs

  • Forgivable after three years (if you stay in your home)

  • Attractive 30-year interest rate

  • No first-time homebuyer requirement

  • Financing available for manufactured homes

  • Statewide program

Program Requirements:

  • The borrower may not own property at the time of closing

  • For government loans (FHA, USDA, VA) — qualifying income must be below $98,500

  • For conventional loans (HFA-preferred) — please visit our income limits by county page

  • Home price below $484,350

  • A minimum credit score of 640

  • Must live in the home as a primary residence

  • Homebuyer education course required

  • Must meet standard underwriting requirements

  • One-time fee of $675

There are also two other versions of the Nevada Housing Division Home is Possible, one for veterans and one for teachers.

Home is Possible for Heroes:

If you're a veteran who has been honorably discharged, are in the National Guard, are a surviving spouse, or you're on active military duty, Home Is Possible For Heroes was made specifically for you.

Key Benefits:

  • Below-market fixed interest rate 30-year loan

  • Reduces monthly mortgage payment

  • No first-time homebuyer requirement

  • Can be combined with the Mortgage Credit Certificate (MCC) with program fees waived

  • Statewide program

Program Requirements:

  • A borrower may not own other property at the time of closing

  • Qualifying income below $98,500

  • Home price below $484,350

  • VA or USDA loans only

  • A minimum credit score of 640

  • The homebuyer must live in the home as a primary residence

  • Homebuyer education course required

  • Must meet standard underwriting requirements

  • One-time fee of $675

Home is Possible for Teachers

Teachers are passionate about educating the next generation of Nevadans. To show their appreciation, the Nevada Housing Division created the Home Is Possible For Teachers. This homebuyer program is like extra credit for teachers who help make Nevada a great place to live.

Key Benefits:

  • $7,500 in bonus money

  • Usable for a down payment and closing costs

  • Forgivable after five years (if you stay in your home)

  • Below-market fixed interest rate 30-year loan

  • Statewide program

  • No first-time homebuyer requirement

  • Can be combined with the Mortgage Credit Certificate (MCC) program with program fees discounted

Program Requirements:

  • The borrower may not own property at the time of closing

  • Must be a licensed full-time K-12 public school classroom teacher in Nevada

  • Qualifying income below $98,500

  • Home price below $484,350

  • A minimum credit score of 660 for FHA / 640 for VA, USDA

  • Government-insured loans only (no conventional loans)

  • The teacher must live in the home as a primary residence

  • Homebuyer education course required

  • Must meet standard underwriting requirements

  • One-time fee of $675 on the first mortgage

  • This program is only available through December 31, 2019

Supreme Lending is a qualified lender for the Home is Possible program and has already helped scores of people navigate their way through the beneficial program. Below are the details of the three different versions of the program.

Available Products:

  • Nevada HiP HFA Preferred: 30 Year Fixed Rate, Conventional fully amortized first mortgage with 3%, 4% or 5% Assistance 2nd Lien to Non-FTHBS

  • Nevada HiP FHA: 30 Year Fixed Rate, FHA fully amortized first mortgage with 2% or 4% Assistance 2nd Lien to Non-FTHBS

  • Nevada HiP VA: 30 Year Fixed Rate, VA fully amortized first mortgage with 2% or 4% Assistance 2nd Lien to Non-FTHBS

  • Nevada HiP USDA: 30 Year Fixed Rate, USDA fully amortized first mortgage with 2% or 4% Assistance 2nd Lien to Non-FTHBS

Purchase Only:

  • Available Statewide

  • Minimum 640/660 FICO depending on program selection

  • Maximum 45% Government/ 50% Conventional Debt to Income Ratio

  • Primary Residence Only

  • Home Buyer Education Required

  • Income and Purchase Price Limits apply

The first step to getting any of the three Home is Possible home loans starts not with playing with an online calculator but understanding your financial position and what you can afford.

Contact Steve Cowan to look at your financial situation, diagnose potential roadblocks before you ever call a REALTOR®, and help you understand your home buying options. Click here to get started.