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 ADMINISTRATOR GUIDELINES  for: 

ADMINISTRATOR GUIDELINES  for First-Time Homebuyer     
 PARTICIPATING LENDERS   
PROGRAMS
  • Reservation/Locks – AVAILABLE from 8am-7pm Pacific
    • Other system functions are available 24/7
LOAN TIMELINE REQUIREMENTS BORROWERS SHOULD BE QUALIFIED BEFORE RESERVING.

  • loans must be UW Certified prior to closing.
  • Reservation to Loan Purchase: 70 calendar days
ELIGIBLE CRITERIA
  • State-wide
  • Borrowers cannot own a property at time of closing
  • Fraud report required
ASSISTANCE  
  • Various levels of Assistance are available driven by interest rate, loan type, FICO
  • Used for down payment or closing costs
  • Cashback is not allowed
  • Assistance is system (automatically) calculated of the final loan amount
  • Lender up-fronts the DPA. US Bank will reimburse at purchase
INCOME LIMIT CRITERIA
  • Household income = Borrower(s) and Spouses (NPS) 
HOME ACQUISITION LIMITS
HOME BUYER EDUCATION
  • Homebuyer Education required for anyone on the Note/Warranty Deed
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score – see guidelines
  • Max 45 debt-to-income (DTI) ratio
CO-SIGNERS
  • permitted to the extent permitted by the applicable Agency
    • (Fannie Mae, Freddie Mac, FHA, VA, USDA: RD).
  • cannot have any ownership interest in the property
    • they cannot be on the mortgage/Deed/Warranty Deed
LENDER PARTICIPATION
  • Approval by Nevada Housing & US Bank
FORMS AND DOCUMENTATION
  • Available online under Forms
THE AGENCY
  • Issues the programs, Creates the first mortgage and down payment assistance options
  • Sets the rate, term, and points
  • Lender relationships, Markets the program
  • NHD’s Web
  • Need help
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.

 

STATE OF NEVADA

HOME FIRST DPA PROGRAM

Specific Requirements

ELIGIBILITY CRITERIA
  • At least one occupying borrower must be a 6-month resident at time of reservation.
  • first-time homebuyer requirement in this program.
    • Fraud report required
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • HFA Preferred  – Fannie Mae 80% AMI
  • HFA Advantage  – Freddie Mac 80% AMI
DPA 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
INCOME LIMITS  
  • Max limit is 300% of Poverty Level OR 80% County AMI whichever is less. 
  • Household income must be used for calculation.
PURCHASE PRICE LIMITS  
  • $570,000

 

HIP

Specific Requirements

ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program
  • Borrowers cannot own a property at time of closing
    • Fraud report required
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • HFA Preferred  – Fannie Mae 80% AMI
    • Fannie Mae OVER 80% AMI
  • HFA Advantage  – Freddie Mac 80% AMI
ASSISTANCE  
  • Various levels – see Rates/Offerings tab
  • Calculated on the final Loan Amount
  • 0% Interest
  • 3-year forgivable second mortgage
  • Fees on the forgivable second mortgage are limited to recording fees and no more than 1% of the DPA
  • Lender up-fronts the exact amount of DPA. US Bank will reimburse at purchase
  • Cashback is not allowed
HIP TEACHER

Specific Requirements – Program is extended to 3/31/23

ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program
  • Borrowers cannot own a property at time of closing
    • Fraud report required
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE
  • down payment as a second mortgage
  • 0% Interest
  • 5-year forgivable second mortgage
  • $7,500
  • Lender up-fronts the exact amount of DPA. US Bank will reimburse at purchase
  • Cashback is not allowed
HIP MRB/First Time Homebuyer

Specific Requirements

ELIGIBILITY CRITERIA
  • first-time homebuyer requirement 
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
ASSISTANCE  
  • 2% , 4% of the final Loan Amount
    • 0% Interest
    • 3-year forgivable second mortgage
    • Fees on the forgivable second mortgage are limited to recording fees and no more than 1% of the DPA
    • Lender up-fronts the exact amount of DPA. US Bank will reimburse at purchase
    • Cashback is not allowed
Reservation/locks – AVAILABLE from 8:00am-7:00pm Pacific (11-10 EDT excluding weekends & holidays)

Click to view Today’s Rates

 

First Mtg:

  • 30 Year, Fixed Rate, Amortized
  • SRP 2.25% 

DPA – please reference the Guidelines Tab for details:

  • Teachers = 5 year forgivable
  • HIP = 3 year forgivable
  • HOME FIRST = 3 year forgivable


Please see the Summary Tab for Guidelines

Please see the Summary Tab for approved lenders