Nevada Housing Home is Possible Teacher 2nd Mtg
Best For: First Time Homebuyers, Zero Down
Nevada Housing HIP Teacher 2nd Mortgage
This loan program is not available in Spalding County, GA
Program Description
Nevada Housing gives eligible borrowers down payment assistance up to $7500. Assistance is in the form of a 0% Interest, 5-year forgivable second mortgage, to apply toward down payment and/or closing costs. Assistance is forgiven over a 5 year period (principal forgiven monthly).
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Nevada Housing Home is Possible Teacher 2nd Mtg
Min. Credit Score
N/A
Min. Down Payment
No Limits
Max Loan Amount
$570,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to $7,500 in Assistance
Type: Bond Standard 2nd Mortgage Program - Forgivable
Assistance is in the form of a 0%, 5-year forgivable 2nd mortgage. Assistance is forgiven over a five year period, a no interest, no payment prorated forgiveness.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- Nevada Housing FHA Loan - Home is Possible
- NV Housing Conventional Loan - Home is Possible
- Nevada Housing USDA Loan - Home is Possible
- Nevada Housing VA Loan - Home is Possible
- NV Housing Conventional - Home is Possible Teacher
- Nevada Housing FHA Loan - Home is Possible Teacher
- Nevada Housing VA Loan - Home is Possible Teacher
- NV Housing USDA Loan - Home is Possible Teacher
Pros & Cons
- Min 640 credit score
- Sudsidized First Mortgage Rates
- Up to $7500 of down payment and/or closing cost assistance
Program Availability
Nevada Housing Home is Possible Teacher 2nd Mtgs are available in 1 state.
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“Teachers get a below market interest rate and $7500 of down payment assistance. Assistance is in the form of a 0% Interest, 5-year forgivable second mortgage. Allowing the Teacher to purchase with $0 down and have a lower payment."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
45.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Down Payment Assistance up to $7500
Additional Conditions
- Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is required for this loan program.
Class Name: 8 options per Guide. FHLMC CreditSmart, FNMA HomeView
All buyers (any person on the note/warranty Deed) must attend an approved homebuyer education course. All borrowers are required to attend –first-time buyers, repeat buyer. CoSignors are NOT required to attend. A NPS on title must attend homebuyer education.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Nevada Housing Home is Possible Second Mortgage
Best For: First Time Homebuyers, Zero Down
Nevada Housing HIP 2nd Mortgage
CalHFA MyHome Assistance Program
Best For: First Time Homebuyers, Zero Down
The CalHFA MyHome Assistance Program provides up to 3% in down payment assistance in the form of a deferred payment mortgage.
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* Available for Nevada K-12 Public licensed full-time classroom teachers who meet the Home Is Possible income and purchase price limits.
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