More Than 15,000 Nevada Families Find Their Way Home Through Nevada Housing Division’s Home is Possible Program


Contact

Teri Williams
Public Information Officer
702-486-0407
Carson City, NV - January 19, 2018

The Nevada Housing Division (NHD) has helped more than 15,000 Nevadans into homes of their own through the Home Is Possible (HIP) program. Since the program launched in the fall of 2014, 15,162 clients have utilized the program including 892 veterans and active military personnel through the HIP For Heroes program; and 388 Nevada teachers in 21 Nevada communities through HIP For Teachers.

Matt and Melissa Fitzgerald, along with their one-year-old daughter, purchased their first house in Southern Nevada in 2017. “We bought our home because we were tired of paying rent for someone else’s house,” Matt said. “I’ve lived here almost my entire life, but I’m not sure we would have been able to buy a house without help from the Nevada Housing Division.”

The Home Is Possible program provides bonus money of up to five percent of the loan value for Nevada families with a household income of less than $98,500 and a minimum credit score of 640, purchasing a home for less than $400,000. The money, forgivable after three years, can be used for down payment and/or closing costs and comes with an attractive 30-year interest rate. The buyer must meet standard underwriting requirements, complete a homebuyer education course and live in the home as their primary residence.

The typical Nevadan benefitting from the program:

Average purchase price of home: $221,600

Average qualified income: $59,900

Average age of primary borrower: 38

We’re very happy that we have been able to serve so many first-time, boomerang and other buyers throughout Nevada,” said NHD Administrator Stephen Aichroth. “And we’re thrilled that our veteran and teacher programs are helping to make Nevada even friendlier for vets and teachers. With the ongoing support of our partners, we’re looking forward to helping even more Nevadans in the years to come.”

The program is made possible through the use of a private/public partnership model, which has funded $124 million toward down payment and closing costs, for a total of more than $3 billion in closed mortgages since the program was founded.

In addition to no longer paying someone else’s mortgage, Matt shares some of the other advantages of homeownership. “We repainted the entire house the first month we moved in. There’s so much we want to do and now we can.”

About the Nevada Housing Division

The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975 to solve a very real problem: a shortage of safe and decent housing for individuals and families of low and moderate income. For more information, visit www.homeispossiblenv.org and then contact a HIP-qualified lender, who will work with homebuyers to ascertain the best options alternatives for their specific situations and then walk them through the process.

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