What is the Nevada Home Is Possible for Teachers Program?
The Nevada Home Is Possible for Teachers Program provides low-interest mortgage rates and down payment assistance to eligible K-12 teachers in Nevada, helping them achieve homeownership.
Who qualifies for the Home Is Possible for Teachers Program?
Eligibility is open to licensed full-time K-12 teachers in Nevada who meet income, credit, and property requirements. The home must also be used as the buyer’s primary residence.
How much down payment assistance does the program provide?
The program provides up to $7,500 in down payment and closing cost assistance to help teachers afford upfront costs when buying a home.
Is the down payment assistance a loan or a grant?
The assistance is provided as a forgivable loan, which does not need to be repaid if the buyer remains in the home and meets program requirements for a specific period.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, though higher scores may improve eligibility and loan terms.
Are there income limits for the Home Is Possible for Teachers Program?
Yes, income limits apply and vary based on household size and the location of the property. These limits are updated annually.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may qualify if they are permanently affixed to a foundation and meet program requirements.
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Get Started NowCan the program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.
Is homebuyer education required for the program?
Yes, completing a homebuyer education course is mandatory to help teachers understand the responsibilities of homeownership and the program's benefits.
What is the maximum purchase price allowed under the program?
The maximum purchase price is typically $400,000, though this may vary based on the location and program rules.
Can the Home Is Possible for Teachers Program be combined with other assistance programs?
Yes, the program can often be combined with other state or local assistance programs to maximize financial benefits.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply depending on other qualifying factors.
What fees are associated with the program?
Standard fees, including origination, appraisal, and processing fees, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home before meeting program requirements?
If you sell or refinance before fulfilling the program’s conditions, you may need to repay some or all of the down payment assistance provided.
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Get Started NowCan the program be used to refinance an existing home?
No, the program is designed specifically for purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Nevada, and additional guidelines may apply based on whether the property is in a targeted or non-targeted area.
What are the benefits of the Home Is Possible for Teachers Program?
The program offers competitive mortgage rates, significant down payment assistance, and access to homebuyer education, making homeownership more affordable for Nevada teachers.
How do I apply for the Home Is Possible for Teachers Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Home Is Possible for Teachers Program?
The program provides a 30-year fixed-rate mortgage, ensuring long-term affordability and stable monthly payments for teachers.