November 21, 2017
Las Vegas teachers can get $7,500 toward the purchase of a new home. Teachers throughout the state of Nevada do not need to be first-time homebuyers to secure the money, or the other benefits of the Home Is Possible For Teachers program.
Nevada Housing Division, the agency that administers this homebuyer program, not only fosters homeownership in the Silver State, it is also motivated to help solve the 2017 teacher shortage in Las Vegas and other Nevada towns. By requiring teachers to live in their new homes for five years in order to make the $7,500 loan forgivable, this program helps with teacher retention.
Bridget Carilli was the first teacher in Las Vegas to take advantage of Home Is Possible For Teachers. “We’re planning to have a family soon and we wanted to move out of our small apartment,” Carilli said. “ We had some money saved up but not enough for a down payment and closing costs, but with the HIP For Teachers program we were able to purchase the house.”
Carilli’s real estate agent, former teacher Alison Rachiell, is a fan of the teacher-focused program as well. “They’re getting rewarded for doing something great for our community. That makes me happy,” she said.
Teachers Get $7,500—For A Limited Time
Home Is Possible For Teachers, a state-run homebuyer program, is made possible through a public-private partnership between Nevada Housing Division and US Bank. It’s available through March 2018, and offers licensed, full-time K-12 public school teachers in Nevada benefits like:
- $7,500 in down payment assistance
- Completely forgivable after five years
- Below-market interest rate on a 30-year loan
Who Qualifies For Homebuyer Assistance?
Home Is Possible For Teachers has a few requirements teachers need to meet, including:
- Must be a licensed full-time K-12 public school teacher in Nevada
- Qualifying income below $98,500
- Home price below $400,000
- Minimum credit score of 660
- Teacher must live in the home for five years
- One-time fee of $755
Because of Home Is Possible For Teachers, educators have extra reasons to stay in, or relocate to Nevada. It is a big plus for teachers, Nevada’s education system and families alike.
To learn more, find a lender who is qualified to administer Home Is Possible For Teachers and other homebuyer programs in Nevada.