Since the Home Is Possible (HIP) homebuyer program started in 2014, the income maximum to qualify for down payment assistance has been $95,500—a pretty high limit that helps Nevadans with low or moderate income become homeowners.
But guess what. (You don’t actually have to guess if you read the title.) We just raised our income maximum to $98,500, making all of our HIP programs even more homebuyer-friendly. In case you didn’t do the math, that’s a 3% raise.
What’s so great about 3%? Over the past few years, wage growth has averaged 2.3% in Nevada according to the Nevada Department of Employment, Training and Rehabilitation. This statistic is a good indicator of how incomes are rising for working families. So if you’ve been flirting with the top end of our previous qualifying income and recently received a raise, there’s a good chance you’ll still qualify for our HIP programs. (And no need to curse a raise that otherwise may have priced you out of our awesome programs.) Plus, you may qualify for a bit more home because of this $3,000 raise.
That’s Not All We Raised
For homebuyers securing conventional loans through Home Is Possible programs, we have more good news to share: the debt-to-income (DTI) ratio was just raised to 50% (from 45%). This change will help homebuyers who are right on the cusp of qualifying for a loan to get that all-important stamp of approval for HIP bonus money, tax credits and/or favorable interest rates.
For more on DTI, read: This Secret Weapon May Help You Qualify For A Home Loan
Teachers: We Want You!
‘Round these parts, every day is Teacher Appreciation Day. That’s why we developed Home Is Possible For Teachers. This latest HIP homebuyer program encourages our state’s K-12 educators to stay, work and help future generations in Nevada. $10,000 in bonus money for a down payment and/or closing costs to buy a home is a heck of an incentive. (Hello, extra credit!)
As luck would have it, there are about 180 spots left for this amazing program. If you or someone you know qualifies, and is looking to buy a home, be sure to act before it’s too late. Because you know how teachers feel about tardiness.
Change For The Better
The Nevada Housing Division is proud to be an ever-evolving agency dedicated to tackling today’s ever-evolving housing issues. We can’t wait to help you find your way home.