Clark County School District teachers can get $10,000 for down payment
Berkshire Hathaway HomeServices will host a free informational seminar about the Home Is Possible for Teachers program available to Clark County School District teachers on Saturday. The program can provide teachers with $10,000 for down payment and closing costs, as well as below-market interest rates.
Alison Rachiell, real estate sales executive for Berkshire Hathaway HomeServices Nevada Properties, is hosting the seminar. It will be held 10 to 11:30 a.m. at 8311 W. Sunset Road, Suite 100.
“The seminar will cover the teacher program and the homebuying process,” Rachiell said. “We want attendees to leave feeling empowered and confident that they have the necessary tools to make the best decisions, whether they choose to buy a home in the near future or wait a
Home is Possible for Teachers is an initiative of the Nevada Housing Division. Funding for 300 teachers is available, with approximately 60 already approved. Dwight Pace, homebuyer program supervisor with the Nevada Housing Division, said the program was designed to help teachers become a part of Nevada’s communities.
“We want to help teachers stay in Nevada, and home ownership is a big part of that,” Pace said. “The $10,000 that is offered is intended for down payment and closing costs and is forgivable after five years if the teacher stays in the home. If they decide to move or sell their home before the five-year mark, that money is prorated so repayment of it will depend on how long you stayed in the home.”
Primary benefits of the program include:
■ $10,000 for down payment and closing costs (forgivable after five years)
■ Below-market fixed interest rate for a 30-year loan
■ No first-time homebuyer requirement
■ Can be combined with the Mortgage Credit Certificate program with program fees discounted
Only licensed, full-time K-12 public and public charter school classroom teachers in Nevada are eligible. They must have a qualifying income below $95,500, purchase a home priced below $400,000 and have a minimum credit score of 660. Teachers also must plan to be the primary residents in the home.
“There is a common misconception that the program is only available for first-time homebuyers, and that is not the case with Home is Possible for Teachers,” said Rachiell. She said she helped the first Las Vegas teacher use the Home is Possible for Teachers program.
“We are committed to helping our community whenever possible,” said Gordon Miles, president of Berkshire Hathaway HomeServices Nevada Properties. “This program is a great way to help teachers become homeowners. We all win when this critical part of our workforce has access to programs that help create stable and more affordable homes.”
According to Rachiell, Home is Possible for Teachers is a program that will provide monthly savings to help home ownership become more attainable for teachers.
“Almost any teacher in Southern Nevada can use $10,000 to help them become homeowners, but the added benefit of below-market interest rates is also quite valuable,” Rachiell said. “Most people save several hundred dollars a year with that benefit alone.”
