The Home is Possible program offers a wonderful opportunity to help Nevadans purchase their first home. As part of the program, citizens of Nevada – on low and middle incomes – are offered thousands of dollars toward a down payment or closing costs of their desired property.
This program has now been extended to teachers. Teachers play an invaluable role in our community, educating and edifying today’s youth. The Home is Possible program now affords teachers the opportunity to acquire their first home without financial difficulty.
As with any program, there are eligibility requirements – many of which we explore below. First, though, let’s review some of the main advantages of the Home is Possible program.
How the program can help you
There are many great advantages of the Home is Possible program. These include:
- Receive $10,000 in bonus cash
- Below-market fixed interest rate loan
- Statewide program for Nevada
- No first-time home buyer needs
Should the applicant prove successful, the $10,000 can be put toward either a down payment or closing costs of their desired property. In addition, the Home is Possible program can be combined with the Mortgage Credit Certificate (MCC) with program fees discounted.
This program has, then, helped many hundreds of buyers acquire their first home in Nevada. The Home is Possible program has already been available in various other formats, too, such as the Home is Possible for Heroes program (for veterans).
The program is available for those who meet its eligibility requirements (see below), and for those who pay a one-time fee of $675.
What are the eligibility requirements?
The eligibility requirements for teachers of the Home is Possible program include (but are not exclusive to):
- Having a total family income of less than $95,500
- The price of the home must be less than $400,000
- Applicants must have a minimum credit score of 660
- Applicants must be a licensed, full-time K-12 public school teacher in Nevada
- Only available for government-insured loans only
- Must pay the above one-time fee of $675
- Must be the primary residence home of the teacher
On meeting these – and several other requirements – applicants may be approved under the scheme.