Nev. Admin. Code § 319.5675 - Qualifications of eligible applicant

Current through March 28, 2022

An eligible applicant must:

1. Have obtained or be in the process of obtaining a mortgage loan for the purchase of an eligible residence pursuant to a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive;
2. Submit a completed application for a mortgage loan pursuant to NAC 319.300 to 319.489, inclusive, to a participating lending institution indicating the desire to be considered for a deferred mortgage loan;
3. Have a household income of not more than the median family income;
4. After paying closing costs for the eligible residence, have not more than $5,000 in liquid assets in his or her possession;
5. Contribute a minimum cash investment of $500;
6. Meet the criteria for underwriting applied by the Federal Housing Administration or the Department of Veterans Affairs, depending on which entity insures or guarantees the mortgage loan; and
7. Have completed a training course on the purchase of a home approved by the:
(a) Entity that insures or guarantees the mortgage loan; or
(b) Division, if the entity described in paragraph (a) has not approved such a course.

Notes

Nev. Admin. Code § 319.5675
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003

NRS 319.140, 319.145, 319.210

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