Lender FAQ
eHousingPlus
A
User Credential are issued only AFTER an authorized individual attends ALL Training Requirements. This includes Program Training and Workflow/Technical Training. Click here to get started: https://ehpuniversity.com/
A
Click here to transfer your credentials: https://www.ehousingplus.com/moved/
Q
A
If you have any questions regarding your lender credentials, please contact useraccess@ehpuniversity.com
A
Requests for a change of product or rate must be submitted to eHousingPlus.
Please click on this link to complete and submit the Change Loan Request form: https://www.ehousingplus.com/change-loan-request-form/
A
Click here to register a loan: https://services.ehousingplus.com/Default.aspx
A
Please click here to verify your company is a Home Is Possible participating lender: http://ehpuniversity.com/nevada/
HIP For Teachers
A
The HIP for Teachers program is available through June 30, 2023. A lender would need to reserve the loan by this date.
A
Charter School Teachers are eligible for this program. Please click here for the State of Nevada’s current list of Charter Schools: https://doe.nv.gov/Charter_Schools/ (choose directory on right hand side of page)
A
To be eligible for this program a homebuyer must be a licensed K-12 full-time public or public charter school classroom teacher. Administrative personnel, substitute teachers and private school teachers are examples of homebuyers who would be ineligible for this program.
First-Time Homebuyer Program
A
Determining income for the FTHB and Home First Programs (click to download PDF)
Second Mortgage Payoffs
A
The second cannot be subordinated and must be paid off when refinancing the home.
A
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
A
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 change to its present term of a no interest, no payment, 7-yr forgivable mortgage.
Manufactured Housing
A
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
Non-US Citizens/DACA
A
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.
A
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. For additional questions or clarification please contact U.S. Bank at 1800-562-5165, option 2
Homebuyer Education
A
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.
A
The Nevada Housing Division (NHD) has partnered with Freddie Mac to offer their CreditSmart homebuyer education course. Here is the link to the program: https://creditsmarttutorial.freddiemaclearning.com/
NHD will accept any other HUD approved homebuyer education course. Due to Fannie Mae requirements, beginning with loans reserved May 16, 2021, NHD will no longer accept Nevada Rural Housing Authority’s homebuyer education certificate for any HIP programs.
Condos
A
Please click here for a list of US Bank approved Fannie/Freddie projects.
Please click here for FHA approved projects: https://entp.hud.gov/idapp/html/condlook.cfm
IF your condominium is not on this list or is on the declined list, please send an Email to projectapprovaldept@usbank.com. Include project name, city, and state. They will get back to you with the current status of the project.
If you need to contact them by phone, please call 952-876-5318.
General Program Questions
A
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.
A
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.
A
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.
A
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%
A
Properties can be new or existing, one-four units, detached or attached, condos, townhomes and manufactured housing. Freddie Mac loans - one unit property only.
A
Cosigners are allowed to own other real property under all HIP programs.
A
A spouse does not have to be on the loan, but their income must be counted towards program limits.
A
If a homebuyer has used any HIP DPA program previously, they are ineligible for any further assistance.
A
Nevada has over 120 targeted areas. Homebuyers can get the lower FTHB rate
and DO NOT have to be a first-time buyer. Click on this link to learn more. https://www.homeispossiblenv.org/page/hud-approved-targeted-areas