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PROGRAMS FOR HOME LOAN AVAILABLE IN THE LAS VEGAS VALLEY
The state of Nevada has home loan programs that you might not be aware of – so I am writing to share the information with you.
On December 5, 2016 the state implemented a home loan program to help recruit and retain teachers in the public school system. In a year almost 400 have bought home through the program – a very impressive amount. The idea is when teachers become a homeowner that adds to the stability of them being in the school district and not leaving in a couple of years.
Teachers that have an income below $98,500 per year are eligible for a below market 30-year fixed income rate loan that is currently at 3.625 percent with $7,500 that can be used for down payments and closing costs. Plus if the teacher lives in the home for over 5 years, they do not have to repay the $7,500- if not they have to pay a prorated amount.
The teacher program is part of a public-private partnership that has no state or federal tax funds involved. The lender will make the loan and give assistance to the buyer at closing. Then the lender sells the loan to U.S. Bank, the master servicer of ... more
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