Nev. Admin. Code § 319.5675

Current through December 12, 2024

Section 319.5675 - Qualifications of eligible applicant

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.

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