Maximum Assistance or Loan Amount
$4,500
Eligible Properties
Maximum Sales Price
$367,974
Geographic Coverage
Storey County, Washoe County
Eligible Borrowers
Maximum Annual Household Income by Household Size
1-2 = $84,600, 3 or more = $98,700
Limitations
Eligible property types are New Construction or Existing, Single-Family residences. Must attend a 6-8 hour HUD approved approved homebuyer education course. Must be used in conjunction with NHD’s First Time Homebuyer Program first mortgages (FHA or VA financing )
Min Buyers Contribution
N/A
Home Buyer Education
Required
Maximum Assets Test
Not to exceed $5000 excluding retirement or pension accounts.
Purpose/Use of Assistance
Down payment and closing costs
Home Buyer Obligations
- Borrower must occupy property as primary residence.
Loan Terms
Product type
Financed 2nd mortgage
Repayment Terms of the Loan or Assistance
20-year amortizing, fixed-rate
Interest Rate of the Loan or Assistance
7.00%
Approved 1st Mortgage Products
FHA and VA only (Conventional first mortgage not eligible for DPA and RHS has suspended loan registrations)
May be combined with the following programs (if they also appear in these search results).
Incentives for Occupation
N/A
Special Needs Assistance
N/A
Special Requirements
N/A
Other Details
Date last updated by agency rep
2012-04-02
As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . To checkout some of my property manager services goto http://chancegates.com/property-management-services/
If you are behind on your house payment and looking for a loan modification, go to making homes affordable
If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.
Nevada Housing Division (NHD) Down Payment & Closing Cost Loan
- Storey and Washoe County
Eligible Properties
Maximum Sales Price
$367,974
Geographic Coverage
Storey County, Washoe County
Eligible Borrowers
Maximum Annual Household Income by Household Size
1-2 = $84,600, 3 or more = $98,700
Limitations
Eligible property types are New Construction or Existing, Single-Family residences. Must attend a 6-8 hour HUD approved approved homebuyer education course. Must be used in conjunction with NHD’s First Time Homebuyer Program first mortgages (FHA or VA financing )
Min Buyers Contribution
N/A
Home Buyer Education
Required
Maximum Assets Test
Not to exceed $5000 excluding retirement or pension accounts.
Purpose/Use of Assistance
Down payment and closing costs
Home Buyer Obligations
- Borrower must occupy property as primary residence.
Loan Terms
Product type
Financed 2nd mortgage
Repayment Terms of the Loan or Assistance
20-year amortizing, fixed-rate
Interest Rate of the Loan or Assistance
7.00%
Approved 1st Mortgage Products
FHA and VA only (Conventional first mortgage not eligible for DPA and RHS has suspended loan registrations)
May be combined with the following programs (if they also appear in these search results).
Mark your favorite properties and get instant updates price changes, new pictures and status changes.
As a Reno/Sparks Nevada real estate professional and property manager, I encourage all questions and comments on the Reno/Sparks real estate market or any of the articles posted in this blog. Please feel free to use my back door to the MLS and search the houses available in the Reno/Sparks and most Northwest Nevada neighborhoods. I can be reached by email @ chance@ballard-company.com http://www.myspace.com/chancegates . You can also follow me at http://www.twitter.com/chancegates . To checkout some of my property manager services goto http://chancegates.com/property-management-services/
If you are behind on your house payment and looking for a loan modification, go to making homes affordable
If the modification fails, contact your local real estate professional to help short sale your home. To make sure there is no deficiency judgment a homeowner might find it necessary to hire an attorney.
ELIGIBILITY:
First time home Buyer:
A person who has not owned a house in the last 3 years is considered to be a first time home buyer.
Qualified Veteran:
Washoe County Income limits are:
Family of 2 or fewer: $83,400
Family of 3 or more: $97,300
Cities or towns less than 100,00 in population
BENEFECTS:
Mortgage Credit Certificate (MCC)
Is a tax credit that will reduce the federal income of qualified buyers.
Has the effect of reducing mortgage payments.
PROGRAM IMPACT:
Interest Rate 6% MCC Savings 1.8% Net Cost 4.2%
Monthly payments on $100,000 loan = $600.00 less monthly saving of $150 equals net cost of $450.00
This is just one of the benefits of this program. Lending rates will vary from buyer to buyer.
As a Reno – Sparks real estate consultant I encourage any questions or comments on the Reno – Sparks real estate market or about any of the articles I post. You can email me at chance@ballard-company.com
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