Nevada Teacher Home Loan Programs

Nevada Teacher Home Loan Programs

A home is more than four walls and a roof; it’s where life is lived, memories are created, and futures are shaped. It is a place to work on DIY projects and throw a football on the front lawn. It is backyard teeming with people for a BBQ. This is where people find sanctity and security, children take first steps, families and friends gather and accomplishments are celebrated. Often a home can be an indication of milestones reached or a specific stage of life. Teachers can find homeownership with a Nevada teacher home loan program. 

New teachers are typically just starting out in life with fresh teaching jobs and with ambitions of starting families, while more-established families may want to use hard-earned equity to grow into a larger home. Teacher retirees find themselves simplifying and have ambitions of achieving their forever, dream home. In this article, we will explore nine programs to place your feet firmly in a home in Nevada that you own.

‘Good Neighbor Next Door’ in Nevada 

Nevada Teachers (pre-Kindergarten through 12th grade) can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, an eligible buyer must commit to live in the property for 36 months as his/her principal residence. Eligible single-family homes located in revitalization areas are listed exclusively for sale through the Good Neighbor Next Door Sales program.  Properties are available for purchase through the program for seven days.

To participate in Nevada, follow the instructions to submit your interest in purchasing a specific home. If more than one person submits an offer on a single home, the selection will be made by random lottery.  The number of properties is limited, and the list of available properties changes weekly.

Teacher Next Door in Nevada 

Teacher Next Door is designed to streamline the homebuying process for teachers and match them with the program that best fits their needs. Unlike with Good Neighbor Next Door, pre-K through 12th grade teachers can purchase any home on the market through Teacher Next Door.

The program offers grants of up to $6,000 and down payment assistance of up to $10,681 for qualifying teachers. Additionally, Teacher Next Door helps buyers identify government and private programs (including grants and down payment assistance) they might qualify for, secure financing, and complete a home purchase.

“We are able to do their homework for them and put it all in one spot,” says Steve Parks, Teacher Next Door national director.

Benefits of the Teacher Next Door Program:

  • Purchase ANY home on the market
  • GRANTS up to $6,472.00 ($8,000.00 in some areas)
  • Down Payment Assistance up to $10,681.00
  • Home loans for teachers
  • Simple Docs Program™
  • NO application fees
  • NO up-front fees
  • NO Broker fees
  • Preferred interest rates
  • FREE appraisal (up to $545.00 credit at closing)
  • FREE home buyer representation
  • FREE access to (MLS) home listings
  • FREE nationwide access to foreclosures
  • Discount title fees
  • Fresh Start credit repair program
  • Simple Docs Refinance Program™

See our Teacher Next Door Review HERE.

Fresh Start Program

The Fresh Start Program™ is specifically designed for home buyers. They will discover exactly what credit challenges are preventing the mortgage loan from being approved and help the teacher overcome these issues as quickly and efficiently as possible. This service has proven to be extremely effective in helping Nevada teachers raise their credit scores and make home ownership a reality. The consultation is free to Nevada teachers.

Homes For Heroes

Homes for Heroes, Inc. is the largest nationwide network of affiliate real estate, mortgage, and local business specialists; committed to providing easy ways for heroes to save on a home. Shortly after 9/11, Homes for Heroes, Inc. was established to give back to firefighters, EMS, law enforcement, military (active, reserves & veterans), healthcare professionals and teachers for all they do.

Educator Mortgage Program

The Educator Mortgage Program gives up to $800 in reduced closing costs. Because you are an educator, you will receive a credit on your CD (Closing Disclosure) up to $800 from the Educator Mortgage Program through Supreme Lending. This can be used for any fees, prepaids, or new escrow account set up for your new loan. This discount applies to both purchase and refinance home loans.

United Federation of Teachers Mortgage Program

  • Reduced Interest Rates and PMI may be available through Government Programs to UFT members.
  • UFT / NYSUT members may be eligible for bank portfolio program offering competitive rates, terms and conditions.
  • Free Pre-Approval for UFT members.
  • Expedited Processing available to UFT members when your transaction requires a quick approval and/or closing.
  • Access to down payment assistance programs that may enable eligible buyers to save money on your purchase.

Down Payment Assistance 

Established by the state of Nevada in 2014, Home Is Possible helps homebuyers get up to 5% of the home loan value. That’s thousands of dollars for a one-time fee of just $755 (paid at closing). When you qualify, you can use that money for your down payment or closing costs.

Local Programs

There are local programs, grants, tax credits, and even discounts from real estate agents and lenders to look to for down payment assistance for teachers. Sometimes it can be hard to even know where to begin! But a good place to start is a home buyer class. These classes capitalize on things like personal finances, credit scores and reports, the home buying process, appraisals, inspections, and property taxes.

One of the best resources from these classes is that they generally discuss down payment programs available to you locally. Classes are typically free or have a very minimal cost and take anywhere from 4-8 hours. Some types of loans require, and sometimes even lenders strongly encourage, you to attend these classes. You can find classes at the city, county, and Nevada state level, depending on where you’re looking to buy.

A good place to look for these classes is on your city, county, or at Nevada’s department of housing website. If you’re moving to a new area, consider asking your principal, future colleague, or someone else at your new school where to look. They might even know of some rarely used down payment resources.

Standard Mortgage

Not all teachers will do better with a specialized teacher mortgage. Certain home loan programs are already so generous, they could exceed the benefits provided by a teacher home loan. The bottom line, like we tell our students, do your homework.

In closing, “I felt renting was a waste of money.  I didn’t care what it took, I was going to own a home,” says Tim Loraso. “When I read about the opportunities the Nevada Teacher Homeownership program provided, I was thrilled at the possibility to own.  There are programs are out there,” says Loraso, noting that they can give teachers opportunities to live close to where they teach and pay significantly less for a home. “It allows them to purchase their own homes with limited funds.”

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