DOWN PAYMENT AND CLOSING COST LOAN PROGRAM

NEVADA HOUSING DIVISION

“Serving Nevadans’ Housing Needs for Over 25 Years”

 DOWN PAYMENT AND CLOSING COST LOAN PROGRAM

NHD offers the following program to provide homebuyers under its First Time Homebuyer Program with down payment and closing cost assistance.

The NHD Down Payment and Closing Cost Loan Program

 

**  Provides up to $4,500 in assistance (effective January 1, 2010)

**  Offers a fixed interest rate 20-year loan

**  Income limits mirror the Maximum Income Limits for Non-Targeted Areas and the Maximum Income Limits for Targeted Areas established for the First Time Homebuyer Program

**  Purchase price limits mirror the Maximum Purchase Price Limits for Non-  Targeted Areas and the Maximum Purchase Price Limits for Targeted Areas established for the First Time Homebuyer Program

**  Restricts assets, after closing, to $5,000 including, without limitation, cash, savings accounts, stocks, bonds and equity in real property

**  Requires a homebuyer to successfully complete a First Time Homebuyer Education Course

**  Application is made through Participating Lending Institution simultaneously with the application for the First Time Homebuyer Loan

**  NOTE:  Effective November 8, 2010, down payment assistance can only be provided with FHA/VA/RHS first mortgages.

 **  Down payment assistance cannot be used with conventional first mortgage financing.