| |
|
|
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
|
