HIP

Nevada Housing Division (NHD) – Home is Possible HIP Program

NEW Jan 2 –  The DPA on all new reservations is in the form of a 3 Year Forgivable Second Mortgage

Note – for details, see the Administrator’s Guidelines under GUIDELINES Tab

PROGRAM FUNDS
  • Continuous Funding
  • Reservation/Locks – AVAILABLE from 8am-7pm Pacific
    • Other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY. BORROWERS SHOULD BE QUALIFIED BEOFRE RESERVING.

  • Reservation to UW Cert: 20 calendar days (cancelled if not certified)
  • Reservation to Close and Delivery: 45 calendar days
  • Reservation to Loan Purchase: 70 calendar days
ELIGIBLE AREAS
  • State-wide
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
ELIGIBLE LOAN TYPES
  • Government – FHA, VA, USDA-RD
  • Conventional – HFA Preferred
ASSISTANCE  

NEW 1/2 

  • Various levels of Assistance are available
  • Used for down payment or closing costs
  • Cash back is not allowed
  • NEW Jan 2 –  The DPA on all new reservations is a 3 Year Forgivable Second Mortgage
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • All Family sizes = $98,500
HOME ACQUISITION LIMITS
  • New or Existing construction = $400,000
HOME BUYER EDUCATION
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score – see guidelines
  • Max 45 debt-to-income (DTI) ratio
CO-SIGNERS
  • permitted to the extent permitted by applicable Agency (Fannie Mae, FHA, VA, USDA: RD).
  • cannot have any ownership interest in the property (they cannot be on the mortgage/Deed/Warranty Deed).
LENDER PARTICIPATION
  • Approval by Nevada & US Bank
FORMS AND DOCUMENTATION
  • Available online under Forms
THE AGENCY
  • Issues the programs, Creates the first mortgage and down payment assistance options
  • Sets the rate, term and points
  • Lender relationships, Markets the program
  • NHD’s Web
  • Need help
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or to contact the US Bank, Click here.
EXTENSION
  • To request a one-time 30-day extension, Click here.
  • Extensions are not granted to extend the days from Reservation to UW Certification
    MCC 
  • The MCC can be combined with HIP
  • The combination (COMBO) of the HIP w/MCC must meet the stricter of the guidelines
  • MCC Details
Reservation/locks – AVAILABLE from 8:00am-7:00pm Pacific (11-10 EDT excluding weekends & holidays)
HIP Rate/Offerings Min FICO Lock Rate DPA Effective Date
GOVERNMENT
VA, USDA-RD 640 5.125% w/3% 1/12
FHA 660
VA 640 5.750% w/4% 1/9
FHA 660 w/4%
FHA 640 640-659 w/3%
CONVENTIONAL – FANNIE MAE
HFA Preferred 640 5.125% w/3% 12/28
5.375% w/4% 1/9
5.750% w/5% 1/11
  • 30 Year, Fixed Rate, Amortized
  • SRP 2.25% FHA & USDA, 1.75% VA, 2.25 Fannie Mae
  • Origination Discount Points 0.5%
  • Manual UW permitted – see guidelines
  • Manufactured homes are an allowable property program wide – see guidelines

DPA

  • Grant thru 2017
  • NEW Jan 2 –  The DPA on all new reservations is a 3 Year Forgivable Second Mortgage
  • Assistance is system (automatically) calculated of the final loan amount
  • 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
eHousingPlus is the Program Administrator, and provides some of the following services:
Administrator Guidelines (1/2) Administrator's Guidelines 6/9 7/22

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here
Partial Exemption (in case needed up front)