Today’s Home Is Possible program mortgage interest rates & updates

Homebuyers:
A HIP-qualified lender is the best place to start your mortgage journey. They have the most-up-to-date rates, as well as program information that could stretch your homebuying budget.

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Lenders:
The Home Is Possible program is designed to help qualified Nevadans make the dream of home ownership a reality. See how these programs can help grow your referrals today! Please mouse over the “HIP Programs” column for program highlights.

Rates as of October 3, 2022*
HIP Programs	On hover Content	FICO Credit Score	Mortgage Rate	Down Payment Assistance	Second Mortgage
HIP for First-Time Homebuyers (see income limits)
FHA, VA & USDA	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) (see link under rate sheet for Targeted Areas) Household income must be used in determining income Cosigner's income does not count towards income limits Minimum credit score 660 (680 for manufactured homes) Maximum debt ratio 45% 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.	660	6.125%	w/2%	3-yr prorated
FHA, VA & USDA	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) (see link under rate sheet for Targeted Areas) Household income must be used in determining income Cosigner's income does not count towards income limits Minimum credit score 660 (680 for manufactured homes) Maximum debt ratio 45% 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.	660	6.625%	w/4%	3-yr prorated
HIP Specialty Programs (single borrower income to $105,000, two or more borrowers income to $135,000)
Heroes - VA & USDA	HIP for Heroes Highlights Maximum purchase price $647,200 Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000 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 (680 for manufactured homes) 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.	640	N/A	w/0%	N/A
Teachers (FHA)	HIP for Teachers FHA Highlights Maximum purchase price - check Agency limits Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000 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 (680 for manufactured homes) 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.	660	N/A	$7,500	5-yr prorated
Teachers (VA & USDA)	HIP for Teachers VA and USDA Highlights Maximum purchase price $647,200 (remember to check Agency limits) Maximum income limit - single borrower income to $105,000, two or more borrowers income to $135,000 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 (680 for manufactured homes) 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.	640	N/A	$7,500	5-yr prorated
Conventional Loans – Fannie Mae & Freddie Mac 80% AMI or Less (see income limits)
Conventional (0% DPA)	Highlights Maximum purchase price $647,200 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.	640	7.375	w/0%	N/A