NV Housing USDA Loan - Home is Possible Teacher
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
USDA program for Nevada Teachers with subsidized interest rates & down payment assistance options.
This loan program is not available in USA
Program Description
30-year fixed rate USDA insured mortgage from Nevada Housing on their HIP Teacher program. This loan program provides a 2nd mortgage up to $7500 as a 2nd mortgage, at 0% interest, which is forgiven after 5 years. Enables many borrower to purchase with $0 down. Min credit score is 640 (680 for manufactured homes).
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
NV Housing USDA Loan - Home is Possible Teacher
Min. Credit Score
640
Min. Down Payment
0%
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.
Pros & Cons
- $0 (Zero) Down Payment
- Assistance Forgiven after 5 years
- Also available for manufactured homes
- Income limit restrictions apply
- Only available for 1-unit primary residences
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Specific USDA-defined property zones
Program Availability
NV Housing USDA Loan - Home is Possible Teachers are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“The Home is Possible USDA Teacher loan option gives up to $7500 of assistance. 640 min score (680 if manufactured home). Forgiven after just 5 years. Allows borrowers to purchase a home with $0 out of pocket. Maximum income limit - $105,000 (1 borrower) or $135,000 (2+ borrowers)"
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
$570,000
Income Limit
$105,000
Annual Household (1-2) 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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- USDA loan program from NV Housing; easier qualification than other options
- 100% Mortgage + up to $7500 of assistance
- Lower Credit Requirements (640 Score)
Additional Conditions
- Geographic Restrictions (Must be in USDA lending zone)
- Homebuyer education is required if for at least one borrower if any of the borrowers are a first time homebuyer
- Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
- Only available in specific USDA-defined property zones
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. FHLMC CreditSmart, FNMA HomeView, and Money Management Int'l are most popular options
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.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: USDA Gurantee Fee
USDA mortgage insurance is paid via two fees: an upfront guarantee fee equal to 1 percent of the loan amount, and an annual fee equal to 0.35 percent of the loan amount.
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this NV Housing USDA - HIP Teacher program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
Nevada Housing Home is Possible Teacher 2nd Mtg
|NV Housing USDA - HIP TeacherNevada Housing HIP Teacher 2nd Mortgage
Max. Loan Amount
$570,000
Min. Credit Score
640
Min. Down Payment:
0% 0%
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 FHA Loan - Home is Possible Teacher
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
FHA program for Nevada Teachers with down payment assistance options.
Nevada Housing VA Loan - Home is Possible
Best For: First Time Homebuyers, Low Down Payments, Lowest Rates
VA program for Nevada residents with subsidized interest rates & down payment assistance options.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
Understanding Today's Mortgage Market: A Breakdown for Home Buyers
Early Closure in the Bond Market: Insightful Review on July 3, 2023 The bond market started the week with an early closure on July 3rd, 2023. This Monday offered a brief trading window for bond market participants before wrapping up for the day. The U.S. bond market, along with the Nasdaq and New York Stock Exchange, observed an early closure due to the upcoming Independence Day holiday12.
Read MoreVisit our Mortgage Education Center for more resources.
* Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch