Are you sitting down? Good, because we’re about to introduce you to a brand spankin’ new and downright amazing program for homebuyers in Nevada. It’s called Home Is Possible Plus (or HIP Plus for short), and it’s designed to give homebuyers more, as you might have guessed from the name. More of what, you ask?
Money. Moolah. Dough. Benjamins. Greenbacks. Clams. Simoleons.
Home Is Possible Plus: The New Power Couple
Home Is Possible Plus is basically the marriage of Home Is Possible and Mortgage Credit Certificate, two of our very popular homebuyer programs, and what a pairing it is. Homebuyers who qualify for HIP Plus get thousands in downpayment money to use for a down payment or closing costs, plus up to a $2,000 federal tax credit every year for the life of the loan.
We know what you’re thinking:
1. It sounds too good to be true.
Well, it is that good, but it’s also very true. The program is the result of a public-private partnership with Raymond James, and it’s run by the state of Nevada, so you know it’s legit. (We have living proof.)
2.It sounds like a lot of money, but I’m no mathematician.
Leave the math to us. We have people for that. The average amount a homebuyer receives for a down payment or closing costs is $8,120. The $8,120 number is based on a loan amount of $203,000, so your downpayment money could be even higher. And did we mention that your downpayment money never needs to be paid back? Well, it doesn’t.
As for the federal tax credit, if you assume the average $203,000 loan amount and a fixed interest rate of 3.75%, you’ll save $27,089 over thirty years, or $125 savings per month. That’s a lot of groceries! There’s a handy, and dare we say fun, mortgage credit certificate calculator on our website that lets you plug in your exact loan amount and interest rate for an estimated tax savings over the life of your loan. Try it out!
Still in doubt? Read #1 again.
3.Do I qualify?
Good question. There are some basic program requirements you need to meet in order to take advantage of HIP Plus. Here’s the short list:
· Must be a first-time homebuyer (have not owned a home in the past 3 years) or qualified veteran
· Households within the maximum income and purchase price by county
· Must live in the home as the primary residence
· Must take an approved homebuyer education course
· Discounted one-time $495 program fee plus $300 lender application fee
4.Where do I sign up?
If you found yourself nodding your head up and down while reading the bullet points in #3, it’s time to get the ball rolling by finding a HIP-qualified lender. Why can’t you use just any lender to secure the no-strings-attached HIP Plus money? Because not all lenders are created equal. HIP-qualified lenders are well trained to make the process go smoothly. They’re the only ones who can complete the application process and get you the downpayment money and tax savings you crave. HIP-qualified real estate pros can also be very helpful throughout the homebuying process. They know stuff other real estate pros don’t.
Ready to take the plunge? Go for it! Got questions? We’re here to help. Happy house hunting!
