Monday, January 28, 2008



Now is the time to take special advantage of The Nevada Housing Division First Time Homebuyer Program. There are first time homebuyer loan programs that Steve Harless can put you in access to that can move you as low as $500.00 assists you with the down payment and closing costs of a home.
The Nevada Housing Division First Time Homebuyer Program offers to low- and moderate- income first time homebuyers a below-market fixed interest rate 30- and 40-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.
Total gross household income must fall within the Maximum Income Limits set by NHD.
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. There is a lower asset test for down-payment loans -- maximum $5,000.
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.
Get Started TODAY!!!
Call Steve Harless at 702-217-1680

Steps to Obtain a First Time Homebuyer Loan
Prequalify for a Loan
Participating Lending Institutions process all NHD loans. First, select a Participating Lending Institution. Then, make an appointment with that lender to determine your eligibility and the purchase price of the home for which you can qualify for and which loan type best meets your need.
The Participating Lending Institution will also explain what fees are involved and how much down payment is necessary.
First Time Homebuyer Education Class
The Division cannot emphasize how important homebuyer education is for first-time homebuyers. It is required by the Division for ALL of our Down Payment Programs. The Division requires the attendance to an in-person class and recommend homebuyers look for a class 6-8 hours in length.
Locate an Affordable Residence
Begin looking for an eligible residence you can afford based on the information the lender provided. Although not required, using the services of a real estate professional is recommended.
Enter Into a Real Estate Purchase Contract
This agreement is the contract used to purchase a home. It specifies the legal obligations of the seller and the buyer, established a specific date of purchase and set the price of the home. This contract should allow enough time for a complete home inspection, (on an existing home), home appraisal and loan approval. In this agreement, it should state that if you are not satisfied with the home inspection, or you do not obtain a NHD loan, the contract is cancelled and your earnest money will be refunded.
Apply for a Loan
At this point you can formally apply for a NHD loan through a Participating Lending Institution. After you have applied the lender will request that NHD reserve funds for the loan. Only one application may be made per applicant and funds are reserved on a first-come, first-serve basis.



Anonymous rick marnon, novi said...

it is good to see that the mortgage industry is starting to help out some of the areas that are down because of the economy. hope this is a good thing for you.

6:40 PM  
Anonymous Anonymous said...

I found your blog on Las Vegas Real Estate interesting. Lots of good information here.

6:44 AM  

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