HIP for Teachers FAQ
Yes, we strongly encourage you to consider the MCC for every borrower who qualifies. The MCC program normally costs $795 but is reduced to only $395 when combined with Home Is Possible, Home Is Possible For Heroes or Home Is Possible For Teachers. Remember, the MCC program is free to veterans!
We’ve got you covered here: http://www.homeispossiblenv.org/page/marketing-material
No, government loans only.
Payment would be required if any of the following occurs within 5 years of the closing date:
- Ceases to reside in the property
- Prepays or refinances the first mortgage
- Sells, transfers or otherwise disposes of the property
The loan payoff calculation is $166.67 for each full month remaining on the loan term.
No, although we highly encourage all loan personnel to take the webinar training or request in-person office training.
No. The teacher will need to decide if they want the lower rate and a flat $7,500 in assistance or the regular HIP rate and up to 5% of the loan amount in assistance.
The Partial Exemption Disclosure, the Legal Obligation Letter, the Gift/Forgivable Loan Letter, the Forgivable Promissory Note and the Deed of Trust, all of which are provided by eHousingPlus.
On the first mortgage, there is a $400 funding fee to U.S. Bank and a $275 program fee to eHousingPlus. The second mortgage has a maximum $100 recording fee. No other fees are allowed on the second.