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State of Nevada


    NEVADA HOUSING DIVISION
"Serving Nevadans' Housing Needs for Over 25 Years"

Seal of Nevada
   

 

 

                                                          
FIRST TIME HOMEBUYER PROGRAM 

 

 Program Bulletins:

Maximum Debt Ratio Limit (Total fixed payment-to-income limit) (revised 12-28-12)
New Master Servicer Announcement
(10-02-12)
Interest Rate Changes and Down Payment Loan Amount Decreases
(effective 10-01-12)
FICO Score Requirement (640 -- effective 8-15-12)
NAHA Deferred Loan Program Will Be Discontinued (Effective August 7, 2012)
Older Bulletins

Lender Manual
Lender Forms
Lender Online Training PowerPoint
Participating Lenders for Borrowers
Borrower Information
Homebuyer Education Providers

Teachers' First Program Documents
Teachers' First Program Information Sheet

 

Snapshot of the Division's First-Time Homebuyer Program

The Nevada Housing Division First-Time Homebuyer Program offers to low- and moderate- income first time homebuyers fixed interest rates 30-year loans with additional assistance available for down payment and closing costs.

 Qualification Guidelines: 

  • A first-time homebuyer is someone who has not owned or co-owned their own residence within the past three years.  If purchasing in a Targeted Area there are no restrictions on former home ownership.
  • The purchase price of the residence you wish to buy may not exceed the Maximum Purchase Price Limits for the area in which it’s located.
  • Assets, including without limitation, may not exceed 50 percent of the purchase price of the residence being purchased, unless disabled or elderly and such assets are the primary source of income.
  • Income must support the repayment of the loan pursuant to the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
  • Credit must meet the underwriting criteria applied by FHA, VA, RHS, or Fannie Mae, as applicable.
     
  • Successfully completes a HUD approved in-person 6 to 8 hour Homebuyer Counseling Course.

  Steps to Obtain a First Time Homebuyer Loan        A Guide to Recapture
 

 

 

       

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Federal Rehabilitation Act (Section 508)
Last Updated: 06/13/13 01:00:40 PM