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

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 640 (680 for Manufactured Homes)
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
• DPA is in the form of a no interest, no payment 7-year forgivable note. 

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

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 640 (680 for Manufactured Homes)
  Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
• DPA is in the form of a no interest, no payment 7-year forgivable note.

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

Highlights

• Maximum purchase price - this link for purchase price only (click here for limits)
• Maximum 80% AMI or less - income limit per county (click here for county limits)
• Household income must be used in determining income
• 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 (maximum debt ratio for manufactured homes is 45%)
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment 7-year forgivable note.

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

Highlights

• Maximum purchase price - this link for purchase price only (click here for limits)
• Maximum 80% AMI or less - income limit per county (click here for county limits)
• Household income must be used in determining income
• 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 (maximum debt ratio for manufactured homes is 45%)
• Purchaser cannot own other property at the time of close
• DPA is in the form of a no interest, no payment 7-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 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 640 (680 for Manufactured Homes)
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 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 $726,200 (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: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 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 Conventional

• Maximum purchase price $726,200
• Maximum income limit <80% AMI 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 (680 for Manufactured Homes)
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 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 Heroes 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 640 (680 for manufactured homes)
• Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
• Purchaser cannot own other property at time of close.

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

Highlights

• Maximum purchase price $726,200
• 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 (maximum debt ratio for manufactured homes is 45%)
• 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.

Home First DPA Program

• You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
• Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
• Income Limits: 300% of Poverty Level ( click here for limits)
• Household income must be used in determining income
• Cosigner's income does not count towards income limits
• Minimum credit score 640 (680 for Manufactured Homes)
  Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
• At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
• DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

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

Home First DPA Program

• You must be a first-time homebuyer (could not have owned a primary residence in the last 3 years)
• Maximum purchase price: Follow Agency Guidelines with a maximum of $570,000
• Income Limits: 300% of poverty level or 80% of County AMI, whichever is less ( click here for limits)
• Household income must be used in determining income
• Cosigner's income does count towards program income limits (Fannie & Freddie requirement)
• Minimum credit score 640 (680 for Manufactured Homes)
  Maximum debt ratio: 50% if 680+ credit score; 45% if less than 680 credit score (maximum debt ratio for manufactured homes is 45%)
• At least one occupying borrower must be a resident of Nevada for a minimum of 6 months prior to reservation.
• DPA will be structured as a one-time up-front, forgivable loan in the amount of $15,000 (cannot be used for closing costs). DPA will be in the form of a no interest, no payment, 3-year forgivable second mortgage. Loan will be forgiven at the end of three (3) years or December 31, 2026, whichever occurs first.

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