For a limited time (first 300 approved applications), beginning December 5th, 2016, Nevada’s successful Home is Possible program has been modified specifically to help teachers to buy a home.
Home is Possible for Teachers is a statewide program designed to help recruit and retain teachers by helping them to realize the dream of home ownership through a generous Down Payment Assistance Program.
Home is Possible for Teachers
Benefits: The program allows for a second mortgage of up to $10,000 to be used for down payment and closing costs. The 2nd mortgage comes at 0% interest, and with no payments. It is completely forgivable after 5 years. In addition, the primary mortgage will be offered at a below-market fixed-interest rate.
Requirements: To qualify, a teacher must be a licensed, full-time K-12 public school teacher in Nevada, with a minimum credit score of 660. In addition:
- the home must be the buyer’s primary residence
- the home must be priced below $400,000
- the loan must be a government loan
- the buyer must meet standard loan underwriting requirements (must be able to qualify for the loan)
- the buyer must complete a Homebuyer education course
- the buyer must pay a one-time fee of $675 for each loan
If you are a teacher in Henderson, Las Vegas, or North Las Vegas, or are looking to move into those areas, please contact us for more information on Home is Possible for Teachers, other financing options, to find a participating lender, or for any other real estate needs.