HIP for Teachers FAQ
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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.
No, only one $7,500 grant is available per qualified loan.