May 03, 2017
National Teacher Appreciation Week is upon us. If you’re scrambling to deliver an original, heartfelt gift for the amazing teachers in your child’s life (or want to thank a teacher who’s made a profound impact on your life), check out Pinterest. There’s a plethora of good, crafty, appreciation-filled ideas there for sure—but perhaps not $10,000-good. That’s where we come in.
The Nevada Housing Division is proud to offer the ultimate teacher gift: Home Is Possible For Teachers. This limited-time homebuyer program will give 300 of Nevada’s licensed full-time K-12 teachers extra credit in the form of $10,000 toward the purchase of a home. (Keep reading for more details about the program.)
Admittedly, there’s one flaw with the program: You can’t gift Home Is Possible For Teachers to your favorite educator. They have to give themselves the gift. However, with $10,000 up for grabs, we’re pretty sure teachers will appreciate learning about HIP For Teachers from you. Ahhhhh, the student becomes the teacher, if only for a moment.
Today’s Lesson On HIP For Teachers
We’re rewarding Nevada’s teachers for choosing to work in the Silver State and helping make our future bright. So here’s what teachers need to know about our HIP For Teachers homebuyer program:
Key Benefits:
- $10,000
- Usable for down payment and closing costs
- Forgivable after five years (must stay in home)
- Below-market fixed interest rate 30-year loan
- Statewide program
- No first-time homebuyer requirement
- Can be combined with the Mortgage Credit Certificate (MCC) program with program fees discounted
Program Requirements:
- 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
- Government insured loans only (no conventional loans)
- Teacher must live in home as primary residence
- Homebuyer education course required
- Must meet standard underwriting requirements
- One-time fee of $755 on first mortgage
- Funding amount available for 300 teachers, provided on a first come, first served basis
To get started, all teachers need to do is find a HIP-qualified lender. No guessing needed.
Classy Gift-Giving
Know a teacher who would appreciate $10,000 for a new house? We thought so. Feel free to add a note about Home Is Possible For Teachers to your coffee mug, flowers, box o’ candy or other teacher appreciation gifts. Now that’s class!
