NV HFA Preferred, 4% Grant & Job Loss Protection

 

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HFA Partnership Provides Many Benefits

Through a partnership between the Nevada Housing Division and Fannie Mae, Academy Mortgage and other participating lenders now offer the “Home is Possible” HFA Preferred 97% Conventional home loan. Developed by the Federal National Mortgage Association (Fannie Mae), Home Finance Agency loans are underwritten to Fannie Mae’s “My Community Mortgage” guidelines.

Ideal For Homebuyers With Limited Funds

The “Home is Possible” HFA Preferred home loan is ideal for homebuyers with limited funds for a down payment and closing costs. Not only does “Home is Possible” allows qualified buyers to own a home with as little as 3% down, but also provides a 4% non-repayable grant to assist you with your down payment and closing costs. “Home is Possible” HFA Preferred does not require a minimum contribution from the borrower’s own funds. Additional funds may be in the form of a gift from a family member, employer or non-profit. Also, the seller may contribute up to 3% toward the buyers recurring and non-recurring closing costs.

MortgageAssure™, A No Cost Mortgage Payment Protection Plan

FHA loans have typically been known as the loan for first-time homebuyers. If you qualify, I believe the “Home is Possible” HFA is a better alternative. Unlike FHA, there isn’t any upfront mortgage insurance with the “Home is Possible” HFA Preferred mortgage. Not only does FHA require 3.5% down, they also charge an upfront MI fee equal to 1.75% of the loan amount. The upfront MI is added to you loan amount increasing the monthly payment. Based on maximum financing, both HFA and FHA borrowers must pay monthly mortgage insurance. The FHA annual MI factor is .85% based on 96.5% maximum financing. The annual MI for a “Home is Possible” HFA Preferred 97% borrower with a 680-719 decision credit score is .8%. Where FHA MI is now for the life of the loan, the MI on the “Home is Possible” HFA Preferred home loan is automatically cancelled when your loan balance drops to 78% of the original purchase price. Now with MortgageAssure™, a no cost mortgage payment protection plan for involuntary unemployment from Radian, both MI and job-loss protection are included at no extra cost! 

In the event of a job loss, your MortgageAssure™ benefits include:

  • A maximum monthly benefit up to $1,500
  • Up to six monthly mortgage payments; not required to be consecutive.
  • Total Job Loss Protection of $9,000 during the coverage period
  • Two Years of coverage beginning on the loan closing date.
  • Peace of mind in an uncertain economic environment
  • You preserve your savings, retirement and college funds
  • you minimize your financial stress because you are relieved of the pressure of late payments

“Home is Possible HFA” Key Benefits

  • Fixed interest rate 30-year loan – current rate
  • No first-time homebuyer requirement
  • Grant is non-repayable
  • Must be homebuyer’s primary residence
  • No asset limits for homebuyers
  • Provides a grant up to 4% of the home loan amount that can be used for down payment assistance and/or closing costs

“Home is Possible HFA” Program Requirements

  • “Home is Possible” HFA loans require a minimum credit score of 680 (The minimum credit score for “Home is Possible” 640 for government insured loans is 640 and manufactured homes require a 660 minimum score)
  • Qualifying income on mortgage application must be below $95,500
  • Home price below $400,000
  • Homebuyer education course required
  • Must meet normal government or conventional loan underwriting requirements

First time buyers can combine the “Home is Possible” 4% Non-repayable grant with the Nevada Housing Mortgage Tax Credit Certificate (MCC) program. The MCC program helps first time buyers lower their monthly payment with a federal tax credit equal to the lower of $2,000 a year or 40% or the interest paid. The cost of the MCC program is 1% of the loan amount plus a $175 processing fee.

For additional information about the “Home is Possible” and MCC programs, call Doug Kaller, Academy Mortgage, Reno @ 775-828-7006 or email doug.kaller@academymortgage.com. To find out what you qualify for, please click on the orange “Pre-Qualify Now” tab at the bottom of this page. With “Home is Possible”;   dreams can come true!

Doug Kaller

Loan Officer

Academy Mortgage

5250 South Virginia Suite 240

Reno, NV 89502

( D: (775) 828-7006 | C: (775) 250-4421

( F: (888) 449-7473 | O: (775) 825-4545

*doug.kaller@AcademyMortgage.com

www.AcademyMortgage.com/dougkaller
LO NMLS #312085 | State Lic #NV Lic#10361 | Corp Lic #2731 | Corp NMLS #3113