Nevada Housing Division (NHD) – Home is Possible Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
HIP for TEACHERS starts 12/5 – see guidelines for details
|LOAN TIME LINE REQUIREMENTS||DO NOT RESERVE EARLY
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE & CREDIT REQUIREMENT||
|FORMS AND DOCUMENTATION||
Reservation/locks – AVAILABLE from 7:00am-6:00pm Pacific (10-9 EDT excluding weekends & holidays)
|HIP Rate/Offerings||Min FICO||Lock Rate||DPA||Effective Date||Origination Discount Points||SRP Paid at Loan Purchase|
|HEROES – (specific qualifications) – without DPA|
|VA, USDA-RD||640||3.50%||n/a||1/12||0.5%||2.25% (1.75% VA)|
|TEACHERS – (K-12, licensed, full-time, public school) – forgivable second mortgage NEW! 12/5|
|FHA, VA, USDA-RD||640-660||3.50%||$10,000||1/12||0.5%||2.25% (1.75% VA)|
|GOVERNMENT w/DPA as a grant|
|VA,USDA-RD||640||4.500%||w/3%||1/17||0.5%||2.25% (1.75% VA)|
|VA||640||5.00%||w/4%||1/18||0.5%||2.25% (1.75% VA)|
|FHA, VA, USDA-RD Manufactured Housing**||680||w/3%|
|CONVENTIONAL – FANNIE MAE|
|HFA Preferred loans||640||5.00%||w/3%||1/18||0.5%||2.25%|
- 30 Year, Fixed Rate, Amortized
- Manual UW permitted – see guidelines
Most current rate is available online after you login.
- Various levels of assistance, driven by interest rate, loan type, FICO, etc.
- Lender up-fronts the exact amount of DPA. US Bank will reimburse at purchase
DPA as a grant
- Assistance is system (automatically) calculated of the final loan amount
DPA as a second mortgage – (TEACHERS program only) NEW 12/5
- 0% Interest
- 5-year forgivable second mortgage
eHousingPlus is the Program Administrator, and provides some of the following services:
|Administrator Guidelines (12/5)
The Following Lenders have been approved to originate loans:
- Academy Mortgage
- All Western Mortgage
- American Financial Network, LLC
- American Pacific Mortgage
- Amerifirst Financial, Inc.
- Axia Financial, LLC dba Axia Home Loans
- Banc of California N.A. dba Banc Home Loans
- Bank of England
- Bay Equity
- Broker Solutions Inc dba New American Funding
- BNC National Bank
- Calcon Mutual Mortgage, LLC dba One Trust Home Loans
- Caliber Home Loans
- Castle & Cooke Mortgage
- Catalyst Lending
- City First Mortgage Services
- Citywide Home Loans
- CMG Mortgage, Inc. dba CMG Financial
- Cornerstone Home Lending
- Cross Country Mortgage
- DHI Mortgage Company
- Dignified Home Loans
- Envoy Mortgage
- Essex Mortgage
- Everett Financial DBA Supreme Lending
- Evergreen Home Loans
- Finance of America
- Fairway Independent Mortgage Corporation
- First California Mortgage
- First Mortgage Corporation
- First Option Mortgage
- Franklin American Mortgage Company
- Freedom Mortgage
- Goldwater Bank, N.A.
- Greater Nevada Mortgage Services
- Guaranteed Rate Inc.
- Guild Mortgage Company
- Home Community Mortgage
- Home Funding Corporation
- HomeBridge Financial
- Homeowners Financial Group
- iServe Residential Lending, LLC.
- Intercontinental Capital Group
- International City Mortgage, Inc.
- JFK Financial Inc.
- Land Home Financial Services
- LeaderOne Financial
- Lenox Financial Mortgage dba Weslend Financial Mortgage
- Loan Simple, Inc.
- LoanDepot.com, LLC dba iMortgage
- Mann MortgageMason-McDuffie Mortgage Corporation
- MidCountry Bank
- Mountain West Financial, Inc
- Movement Mortgage LLC
- Nationstar Mortgage
- New Penn Financial
- North American Financial Corp
- NOVA Financial & Investment Corp
- On Q Financial
- One Nevada Credit Union
- People’s Home Equity
- Peoples Mortgage Company
- People’s National Bank
- Platinum Home Mortgage Corporation
- Primary Residential Mortgage
- PrimeLending, A PlainsCapital Company
- Prospect Mortgage LLC
- Pulte Mortgage
- ReNew Lending, Inc.
- Residential Bancorp
- RMS & Associates
- Security National Mortgage Company
- Sierra Pacific Mortgage
- South Pacific Financial Corp.
- Southern Fidelity Mortgage
- Stearns Lending (William Lyon Mortgage, LCC (WLM), a Joint Venture)
- Stonegate Mortgage Corporation
- Summit Funding, Inc.
- Synergy One Lending, Inc.
- The Home Lending Group, LLC.
- Umpqua Bank
- Universal American Mortgage Company
- VanDyk Mortgage
- Venta Financial Group dba Alterra Home Loans
- Wells Fargo Bank N.A.
- Vitek Mortgage
- WJ Bradley Mortgage Capital LLC
Interested in becoming a participating lender? Contact us.
Reminder that the Administrator’s Guidelines provide details to this program. You should check the UPDATES page (right after the Table of Contents). For information related to the mortgage file (DU, Insurance, ratios, etc) contact US Bank.
- 12/5 – Pilot Program is launched for teachers. K-12 licensed full-time teachers (public schools).
- 11/1 Heroes extended to include Teachers.
- 8/18-The minimum credit score for all Conventional loans has been reduced to 640. All HFA Division approved lenders may begin originating and underwriting Conventional loans with a minimum 640 credit score with LTV’s up to 97%.
- 7/1- USDA at 4% dpa has been removed.
- 6/1- revised Lender compensation. see guidelines
- 2/1-Manufactured homes limited to FICO 680 and 95% LTV – see guidelines
- 2/1-HFA preferred (FNMA) with 0% DPA removed ( eff 2/1)
- 12/1- MANUFACTURED HOMES are eliminated (eff 12/1 reservations)
12/1- FHA – no manual underwriting (eff 12/1 reservations)
- 10/15- Program is updated with Additional Rates/Offerings (4% Assisted on all loan products & 0% Assistance on Fannie Mae HFA Preferred)
- 9/14 – Rate/Offering options are revised
- Deleted 1% origination fee under Lender Fees and revised lender compensation
- Timeline revised to 20 days from reservation to certification
- Removed the 1% HIP Heroes
- HFA Preferred LLPA reimbursement for manufactured homes
- 7/14- HFA Preferred does allow manufactured homes for loans at 95% LTV and below. The Housing Division will cover the .5% LLPA on the MH conventional loans for the time being.
- 5-26-203ks allowed product
- 5/1- Heroes will offer 1% assistance
- 12/1 – NHD will be offering a Heroes option. Home is Possible for Heroes (HiP-H) – is for Veterans who have been honorably discharged, those serving on Active Duty, or National Guard service personnel.
- Government loans only
- Home is Possible for Heroes can be combined with the Mortgage Tax Credit program
- available statewide
- product does not include down payment assistance
- 11/3 – Fannie Mae Conventional Products will be offered effective 11/3
- 9/22 program starts
- 9/16-Program kickoff training
- If you attend training on 9/16 and you currently have access with any of our other programs, you do NOT need to request credentials.
- If you are new to our system, you will need to request access as per instructions given on todays call.
|NHD Hip – Rate/Offerings||DPA||Lock Rate||Effective Date||Orig Pts||SRP Paid at loan Purchase|
|Heroes (FHA,VA only)||n/a – 0%||3.50%||11/13||0||2.25% (1.75% VA)|
|Government (FHA,VA,USDA)||w/3%||4.375%||11/30||0||2.25% (1.75% VA)|
|w/4%||4.625%||11/30||0||2.25% (1.75% VA)|
|HFA Preferred loans||n/a – 0%||4.25%||11/6||0||2.25%|
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact firstname.lastname@example.org
To read more about eHP Program Training, click here. * System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.