Below is only a summary.  Please reference the Administrator’s Guidelines for details.

 ADMINISTRATOR GUIDELINES                                  MCC GUIDELINES  
 PARTICIPATING LENDERS   
PROGRAM FUNDS
  • Continuous Funding
    • Reservation/Locks – AVAILABLE from 11am- 10pm (Eastern)(8:15am-7pm Pacific)
    • Other system functions are available 24/7
LOAN TIMELINE REQUIREMENTS DO NOT RESERVE EARLY.  BORROWERS SHOULD BE QUALIFIED BEOFRE RESERVING.

  • Loan MUST be UW Certified prior to closing
  • 70 calendar days
ELIGIBLE AREAS State of Nevada

  • Except for:
    • the City of Reno in Washoe County
    • the following cities in Clark County: Henderson, Las Vegas, North Las Vegas, Paradise, Spring Valley, and Sunrise Manor.
  • Please go to www.HALmap.org and simply enter the property address to confirm eligibility. It is the lenders responsibility to verify property eligibility.
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program
ELIGIBLE LOAN TYPES
  • Government – FHA, VA, USDA-RD
  • Freddie Mac 80% AMI 
  • Fannie Mae 80% AMI and below
  • Fannie Mae OVER 80% AMI
ASSISTANCE 
  • Automatically Calculated on the final Loan amount (Note)
  • down payment or closing costs.
  • Cash back is not allowed.
  • Various levels of assistance, driven by rate & loan types
  • DPA Second Mortgage – except for 0% assistance options, is no interest, no payments, forgivable after 30 years
INCOME LIMIT CRITERIA
HOME ACQUISITION LIMITS
HOME BUYER EDUCATION, FICO SCORE , CREDIT REQUIREMENT
  • Household income = 1003 Credit Qualifying Income
  • Please reference Guidelines
CO-SIGNERS
  • Follow Agency guidelines (FHA, VA, Fannie, Freddie, etc)
  • Co-signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • Approval by NRHA & US Bank
FORMS AND DOCUMENTATION
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank, Click here.

 

 

PROGRAM FUNDS
  • $2.5 million for Home Means Nevada DPA
  • $400,000 for Buy in Nye DPA
ELIGIBLE AREAS
  • Home Means Nevada (HMN) – same eligible areas as HAL
  • Buy in Nye – Only Nye County
ELIGIBILITY CRITERIA
  • First-time homebuyer requirement in this program.
ASSISTANCE 
  • cannot be used for closing cost
  • 0% interest, no payment
  • 3-year forgivable second mortgage
  • Lender up-fronts the exact amount of DPA. US Bank will reimburse at purchase
  • Cashback is not allowed
FORMS AND DOCUMENTATION
  • Available online within the loan & under Forms

 

MCC
  • MCC Authority $7,794,175
  • 20% Credit
    • Offered as a COMBO to all HAL loans
    • Offered as a Standalone
LOAN TIMELINE REQUIREMENTS
  • Loan MUST be UW Certified prior to closing
  • 70 calendar days
ELIGIBLE AREAS State of Nevada

  • Except for:
    • the City of Reno in Washoe County
    • the following cities in Clark County: Henderson, Las Vegas, North Las Vegas, Paradise, Spring Valley, and Sunrise Manor.
  • Please go to www.HALmap.org and simply enter the property address to confirm eligibility. It is the lenders responsibility to verify property eligibility.
ELIGIBILITY CRITERIA
  • First-time homebuyer requirement in this program.
  • Past 3 years Tax Returns
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD, Fannie Mae, Freddie Mac
INCOME LIMIT CRITERIA
HOME ACQUISITION LIMITS
HOME BUYER EDUCATION
  • Household income = Borrower(s) Gross Income 
CO-SIGNERS
  • Follow Agency guidelines (FHA, VA, Fannie, Freddie, etc)
  • Co-signers cannot be named on the Warranty Deed.
LENDER PARTICIPATION
  • Approval by NRHA
FORMS AND DOCUMENTATION
  • Available online within the loan & under Forms

 

Current Rate/Offerings – Reservation/locks – AVAILABLE from 11:30am – 10pm (Eastern) (8:30am-7pm Pacific) Market Business days, excluding weekends & holidays

Please look carefully at the below options & make sure you make the correct selection when reserving.

 

Rate/Offerings – Home at Last Min Mid FICO DPA Lock Rate
 Government
FHA, VA, USDA-RD 640
 0% 6.500%
FHA, VA, USDA-RD 1% 6.625%
FHA, VA, USDA-RD 2% 6.750%
FHA, VA, USDA-RD 3% 7.125%
FHA, VA, USDA-RD 4% 7.250%
 Conventional – Fannie HFA Preferred or Freddie HFA Advantage
Fannie Mae 80% AMI / Freddie Mac 80% AMI 640 0% 6.375%
Fannie Mae 80% AMI / Freddie Mac 80% AMI 1% 6.500%
Fannie Mae 80% AMI / Freddie Mac 80% AMI 2% 6.625%
Fannie Mae 80% AMI / Freddie Mac 80% AMI 3% 6.750%
Fannie Mae 80% AMI / Freddie Mac 80% AMI 4% 6.875%
 Conventional – Fannie HFA Preferred
Fannie Mae OVER 80% AMI 640
 0% 6.625%
Fannie Mae OVER 80% AMI 1% 6.750%
Fannie Mae OVER 80% AMI 2% 6.875%
Rate/Offerings – Home Means Nevada Min Mid FICO  DPA  Lock Rate 
FHA, VA, USDA-RD 640 $15,000
 6.750%
Fannie Mae 80% AMI / Freddie Mac 80% AMI 6.625%
Fannie Mae OVER 80% AMI 6.875%
Rate/Offerings – Buy in Nye Min Mid FICO  DPA Lock Rate
FHA, VA, USDA-RD 640 $5,000 5.250%
FHA, VA, USDA-RD $16,000 6.750%
Fannie Mae 80% AMI / Freddie Mac 80% $5,000 5.375%
Fannie Mae 80% AMI / Freddie Mac 80% $16,000 6.625%
Fannie Mae OVER 80% AMI $5,000 5.500%
Fannie Mae OVER 80% AMI $16,000 6.875%

 

  • First mortgage is 30 Year, Fixed Rate, Amortized.
  • Please see the guidelines for details

* Most current rate is available online after you login.