Nev. Admin. Code § 319.568 - Requirements for deferred mortgage loans

Current through March 28, 2022

Each deferred mortgage loan financed by the Division must:

1. Be of an amount that:
(a) Does not reduce the ratio of mortgage payment to income of the eligible applicant, calculated as prescribed by the Federal Housing Administration, below 29 percent; or
(b) Does not reduce the ratio of total fixed payment to income of the eligible applicant, calculated as prescribed by the Department of Veterans Affairs, below 41 percent;
2. Not provide for money to be used for any purpose other than the down payment or the closing costs, or both;
3. Not provide to the eligible applicant at closing any cash refund that is $50 or more;
4. Not create a ratio of combined loan to value, including the mortgage loan and the deferred mortgage loan, exceeding 100 percent; and
5. Meet the applicable requirements of the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq.

Notes

Nev. Admin. Code § 319.568
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003

NRS 319.140, 319.145, 319.210

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