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
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

*Please note the above rates are informational only and may change at any time. 

HUD-Approved Targeted Areas