Home Is Possible program mortgage interest rates & updates for today

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! Scroll down below this table for the latest updates.

Rates as of July 2, 2020
NHD HiP - Rate/Offerings 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)
  • 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.

660 5.250% w/4% 15-yr
Government Insured Loans (Income to $98,500)
FHA, VA & USDA

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.

640 2.875% w/2% 3-yr prorated
FHA, VA & USDA

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.

3.625% w/4% 3-yr/30-yr mix
HIP Specialty Programs (Income to $98,500)
Heroes - VA & USDA

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.

640 2.750% n/a 0% N/A
Teachers (FHA)

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.

660 2.750% $7,500 5-yr prorated
Teachers (VA & USDA)

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.

640 2.750% $7,500
Conventional Loans - Freddie Mac 80% AMI OR LESS (see income limits)
Conventional (4% DPA)

HFA Advantage Highlights

  • Maximum purchase price $510,400
  • Maximum income limit per county (click here for county limits - Freddie)
  • 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.

640 5.250% w/4% 3-yr/30-yr mix
Conventional (5% DPA)

HFA Advantage Highlights

  • Maximum purchase price $510,400
  • Maximum income limit per county (click here for county limits - Freddie)
  • 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.

5.625% w/5% 3-yr prorated
Conventional Loans - Fannie Mae 80% AMI OR LESS (see income limits)
Conventional (4% DPA)

HFA Preferred Conventional Highlights

  • Maximum purchase price $510,400
  • Maximum income limit per county (click here for county limits - Fannie)
  • 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.

640 5.250% w/4% 3-yr/30-yr mix
Conventional (5% DPA)

HFA Preferred Conventional Highlights

  • Maximum purchase price $510,400
  • Maximum income limit per county (click here for county limits - Fannie)
  • 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.

5.625% w/5% 3-yr prorated

 

Recent Program Changes and Updates

Freddie Bond!

August 23, 2019

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Our Other Programs

Home Is Possible™ offers thousands in bonus money to help with a down payment or closing costs.

Home Is Possible For Heroes™ helps veterans be at home with a below-market interest rate.

Home Is Possible For Teachers™ gives K-12 teachers in Nevada $7,500 in bonus money for a down payment or closing costs plus a below-market interest rate—for a limited time.

Whether you’re a homebuying newbie or a homeowner veteran, one thing’s for sure: you’ll be even smarter after completing our free homebuyer education course.