Home Is Possible (HIP) Lender FAQ
The manufactured unit must be a multi-width unit. No single-width homes are allowed and a minimum of at least 600 square feet gross living area is required.
The buyer must live in the home for a minimum of 3 years.
There are no restrictions. However, the home must be their primary residence and they must occupy the home within 60 days of closing.
After living in the home as the homebuyer’s primary residence for three years, the bonus money is 100% forgivable.
Assistance is in the form of a 0% interest, 3- year forgivable second mortgage – 1/36th per month, with no scheduled payments. Any remaining amount of the DPA second mortgage will only be due from the borrower if the first mortgage is paid off during the first three years.
No. The borrower will sign one document, the gift letter, at closing. The Nevada Housing Division also provides a commitment letter. The lender is responsible for providing all funds to the borrower.
No, the borrower must use the HIP program, as the down payment is not a standalone product. (However, you may use the MCC program as a standalone product.)
While HIP cannot be used as construction financing, it can be used for the permanent financing. Wait to reserve funds once the house is complete and the date is within 45 days of closing.