User Credential are issued only AFTER an authorized individual attends ALL Training Requirements. This includes Program Training and Workflow/Technical Training. Get started by clicking this link.

Transfer your credentials by clicking this link.

Requests for a change of product or rate must be submitted to eHousingPlus.
Complete and submit the Change Loan Request form by clicking this link.

Verify if your company is a participating lender in Home Is Possible program by clicking this link.

https://www.ehousingplus.com/reinstate-loan-request-form/

Reinstate Loan Request: Depending on your program, loans MAY have a reinstate fee OR MAY be reinstated at the higher of the reserved rate or current rate.

Clearing Flags on Cancelled Loans: Only allowed when there is a new property.  Fully executed purchase contract required.

Determining income for the First-Time Homebuyer Program

The second cannot be subordinated and must be paid off when refinancing the home.

U.S. Bank is the Master Servicer for all HIP first and second mortgages. The homebuyer can request a payoff at any time by calling U.S. Bank at 800-365-7772. Faxed payoff requests from customers or authorized third parties can be sent to U.S. Bank at 800-200-8772.

If the borrower or authorized third party would like to submit their payoff request via regular mail, please send to the following address:

U.S. Bank Home Mortgage
Attn: Payoff Department
3751 Airpark Dr.
Owensboro, KY 42301

HIP Plus

September 1, 2019 - August 31, 2020: HIP Plus offered a lower interest rate with a two-part second mortgage: half of the DPA was prorated over 3 years and the other half the DPA was only forgivable after the 30-year loan term.

First-Time Homebuyer Program (FTHB)

March 2019: The FTHB program began and featured a 15-yr forgivable second mortgage.

October 2020: The terms of the second were reduced to a 7-yr forgivable mortgage.

March 1, 2021: The FTHB second changed to a no interest, no payment, 3-yr prorated forgivable mortgage.

April 17, 2023: The FTHB second changed to a no interest, no payment, 7-yr forgivable mortgage (not prorated).

January 2, 2024: The FTHB second changed to a no interest, no payment 30-yr non-forgivable mortgage.

Borrowers must have a minimum 680 credit score, maximum 45% DTI, no manual underwriting and no single-wide manufactured homes. View additional manufactured housing minimum requirements

A non-United States citizen who is lawfully residing in the United States is eligible for a mortgage. All non-United States citizen applicants must have current, acceptable documentation from the U.S. Citizenship & Immigration Services (USCIS) evidencing the person's legal residency status and authorization to be employed in the United States.

A permanent resident alien must hold a Green Card; I-551 Permanent Resident Card.

A Non-Permanent Resident Alien (NPRA) is a foreign citizen who is permitted to reside in the United States and may have been granted authorization to work by the U.S. Citizenship & Immigration Service (USCIS).
A Deferred Action for Childhood Arrivals (DACA) classification with the USCIS are granted to individuals who were brought to the United States as children and allows the individual to become eligible for a work permit in the United States.

Non-U.S. Citizens are underwritten to the same documentation requirements as U.S. borrowers.

Nevada Housing Division and U.S. Bank do not address this in their guidelines.  We leave it up to the lender to determine the homebuyer's eligibility and to verify and obtain documentation based on FHA, VA, USDA, Fannie Mae and Freddie Mac guidelines and requirements.

All buyers (any person on the note/warranty Deed) must complete an approved homebuyer education course. A non-purchasing spouse (NPS) on title must complete a homebuyer education course. Cosigners are NOT required to take a class. Homebuyer Education certificates are valid for 12 months from the date of issuance.

The Nevada Housing Division (NHD) has partnered with Freddie Mac to offer their CreditSmart homebuyer education course. Access the program by clicking on this link.

NHD will accept any other HUD approved homebuyer education course. Due to Fannie Mae requirements, beginning with loans reserved on May 16, 2021, NHD will no longer accept Nevada Rural Housing Authority’s homebuyer education certificate for any HIP programs.

View the list of FHA approved projects by clicking this link.

IF your condominium is not on this list or is on the declined list, please send an Email to padquestions@usbank.com. Include project name, city, and state. They will get back to you with the current status of the project.

For Fannie/Freddie projects please reach out directly to U.S. Bank at 1-800-562-5165. 

Loans may only be manually underwritten for erroneous, inaccurate, or insufficient credit. Loans must comply with the requirements of the Fannie Mae, VA or USDA/RD guidelines per the selected product. Not permitted for FHA loans or manufactured homes. Adhere to US Bank guidelines specific to manual underwriting for Fannie Mae, VA and USDA-RD loans.

Credit Reports at the time of Application or After

• Once an application is taken and a new credit report obtained, that report will be used for 1003 purposes to qualify the borrower.
• Any change to a credit line will be reviewed with a credit supplement or other acceptable documentation to show the most current credit line information. A credit supplement sufficient to show a debt has been paid off or closed rather than pulling a full new credit report. Pulling a new credit report is unacceptable.
• U. S. Bank allows additional credit reports or a Rapid Rescore to be pulled only in those cases of documented erroneous, disputed or inaccurate information or it the credit report obtained at the application has expired. 
• Additional credit reports or a Rapid Rescore are not allowed for purposes of trying to obtain higher credit scores.
• All credit reports are required to be in the loan record.

Yes – a homebuyer may purchase a home for more than the appraised value when using the HIP DPA programs. Remember, however, to always follow U. S. Bank and Agency underwriting guidelines.

18% for LTVs ratios > 95% and <= 97%
16% for LTVs ratios > 90% and <= 95%
12% for LTVs ratios > 85% and <= 90%
6% for LTVs ratios > 80% and <= 85%

Properties can be new or existing, one-four units, detached or attached, condos, townhomes and manufactured housing. Freddie Mac loans - one unit property only.

Cosigners are allowed to own other real property under all HIP programs.

A spouse does not have to be on the loan, but their income must be counted towards program limits.

If a homebuyer has used any HIP DPA program previously, they are ineligible for any further assistance.

Nevada has over 120 targeted areas. Homebuyers can get the lower FTHB rate and DO NOT have to be a first-time buyer. Learn more about HUD Approved Targeted Areas by clicking on this link.

A non-occupant co-borrower and a cosigner both assist in securing a loan, but there are some differences between the two:

1. Role in the Loan:
   • Non-Occupant Co-Borrower: This individual is typically listed on the loan documents and shares responsibility for repayment of the loan alongside the primary borrower. They are considered a co-owner of the property and are equally liable for the debt.
   • Cosigner: A cosigner, on the other hand, doesn't have any ownership interest in the property being purchased or financed. They are mainly responsible for making loan payments if the primary borrower fails to do so. Cosigners are essentially providing a guarantee of repayment rather than sharing ownership.
2. Ownership of the Property:
   • Non-Occupant Co-Borrower: Usually, a non-occupant co-borrower has an ownership interest in the property. This means they have rights to the property and are responsible for its maintenance and any associated costs.
   • Cosigner: A cosigner does not have any ownership interest in the property. They are not entitled to use the property or make decisions regarding it. Their responsibility is solely financial.
3. Credit Impact:
   • Non-Occupant Co-Borrower: The loan appears on the credit report of both the primary borrower and the co-borrower. Both parties' credit scores can be affected by the loan's repayment history.
   • Cosigner: Similar to the non-occupant co-borrower, the loan appears on the cosigner's credit report. However, their credit score may not be as impacted if the primary borrower makes timely payments.
4. Income and Asset Considerations:
   • Non-Occupant Co-Borrower: Lenders consider the income and assets of both the primary borrower and the co-borrower when determining loan eligibility and terms.
   • Cosigner: Lenders may only consider the cosigner's income and assets as a secondary source of repayment if the primary borrower defaults.

Overall, both non-occupant co-borrowers and cosigners play vital roles in helping individuals secure loans, but the extent of their involvement, ownership rights, and responsibilities differ.