Home Is Possible program mortgage interest rates & updates for today

Home Is Possible for First-Time Homebuyers Highlights (FHA/VA/USDA-RD)

• You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
• Maximum purchase price & income limits per county (click here for limits)
• Household income must be used in determining income
• Cosigner's income does not count towards income limits
• Minimum credit score 660
• Maximum debt ratio 45%
• DPA is in the form of a no interest, no payment 15-year forgivable note. The full DPA amount will be owed if there is a sale, transfer or refinance of the property during the first 15 years.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

FHA, VA & USDA Highlights

• Maximum purchase price $510,400 (remember to check Agency limits)
• Maximum income limit $98,500
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income does not count towards income limits
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

FHA, VA & USDA Highlights

• Maximum purchase price $510,400 (remember to check Agency limits)
• Maximum income limit $98,500
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income does not count towards income limits
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment partially forgivable second note. Half of the DPA will be forgiven on a 36-month prorated basis and the remaining DPA will be forgiven at the end of the 360th month.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP for Heroes Highlights

• Maximum purchase price $510,400
• Maximum income limit $98,500
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income does not count towards income limits
• Minimum credit score 640
• Maximum debt ratio 45%
• VA and USDA-RD loans only
• Purchaser cannot own other property at the time of close

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP for Teachers FHA Highlights

• Maximum purchase price $510,400 (remember to check Agency limits)
• Maximum income limit $98,500
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income does not count towards income limits
• Minimum credit score 660
• Maximum debt ratio 45%
• Purchaser cannot own other property at time of close
• Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
• $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HIP for Teachers VA and USDA Highlights

• Maximum purchase price $510,400 (remember to check Agency limits)
• Maximum income limit $98,500
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income does not count towards income limits
• Minimum credit score 640
• Maximum debt ratio 45%
• Purchaser cannot own other property at time of close
• Must be a Nevada licensed K-12 public or public charter school full-time classroom teacher
• $7,500 DPA is in the form of a no interest, no payment prorated 5-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HFA Advantage Highlights

• Maximum purchase price $510,400
• Maximum income limit per county (click here for county limits)
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income must be included when determining qualified income
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment partially forgivable second note. Half of the DPA will be forgiven on a 36-month prorated basis and the remaining DPA will be forgiven at the end of the 360th month.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HFA Advantage Highlights

• Maximum purchase price $510,400
• Maximum income limit per county (click here for county limits)
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income must be included when determining qualified income
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HFA Preferred Conventional Highlights

• Maximum purchase price $510,400
• Maximum income limit per county (click here for county limits)
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income must be included when determining qualified income
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment partially forgivable second note. Half of the DPA will be forgiven on a 36-month prorated basis and the remaining DPA will be forgiven at the end of the 360th month.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.

HFA Preferred Conventional Highlights

• Maximum purchase price $510,400
• Maximum income limit per county (click here for county limits)
• Non-purchasing spouse's income must be included when determining qualified income
• Cosigner's income must be included when determining qualified income
• Minimum credit score 640
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment prorated 3-year forgivable note.

This information is meant to show program highlights. For underwriting criteria please see the Home Is Possible Administrative Guidelines.