“Home is Possible® For Teachers”

 

home-is-possible-for-teachers

 

The Nevada Housing Division just introduced the new “Home is Possible® For Teachers” Program which will be available on December 5th.

“Teachers make it their life’s work to educate young minds. The Housing Division wants to help recruit and retain K-12 teachers and make our growing communities more vibrant.”  

Initially, there is only funding for only 300 teachers, provided on a first come, first served basis. As a result, it is anticipated that the available funds will be gone quickly. To insure your spot, it is paramount interested teachers get pre-qualified and start shopping for a home prior to the release of the program on December 5th.

The Key Benefits of the program are:

  • $10,000 in bonus money (second mortgage with 0% interest and no payments due)
  • Usable for down payment and closing costs
  • Forgivable after five years (if teacher stays in home as primary residence)
  • Combined with a below-market fixed interest rate on the first mortgage (Hero rate currently at 3.375%)
  • Statewide program

Program Requirements:

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

“Home is Possible”® Specialist, Dwight Pace of the Nevada Housing Division will be discussing the “Home is Possible® For Teachers” Program at our “Home is Possible”® Down Payment Assistance Workshop, Saturday, December 10, from 8:45-10:15 at the America Matters Media Studio in the Reno Town Mall, 4001 S Virginia St, Reno, NV 89502. The workshop is FREE. Please call Doug Kaller-Academy Mortgage @ 775-828-7006 for additional information.