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
- 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.