ADMINISTRATOR GUIDELINES  for: 

• HIP
• Heroes
• Teachers
• Home First DPA 
  • Home First DPA Requirements to NHD prior to closing             

• Reservation/Locks – AVAILABLE from 8am-7pm Pacific
  • Other system functions are available 24/7

• loans must be UW Certified prior to closing.
• Reservation to Loan Purchase: 70 calendar days

• State-wide
• Borrowers cannot own a property at time of closing
• Fraud report required

• 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

• Household income = Borrower(s) and Spouses (NPS) 

• Homebuyer Education required for anyone on the Note/Warranty Deed

• Mid FICO score – see guidelines
• Max 45 debt-to-income (DTI) ratio

• 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

• Approval by Nevada Housing & US Bank

• Available online under Forms

• 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

• 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.

HOME FIRST DPA PROGRAM

Specific Requirements

• 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

• FHA, VA, USDA-RD
• HFA Preferred  – Fannie Mae 80% AMI
• HFA Advantage  – Freddie Mac 80% AMI

• 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
  

• Max limit is 300% of Poverty Level OR 80% County AMI whichever is less. 
• Household income must be used for calculation.

• $570,000

Specific Requirements

• There is no first-time homebuyer requirement in this program
• Borrowers cannot own a property at time of closing
  • Fraud report required

• FHA, VA, USDA-RD
• HFA Preferred  – Fannie Mae 80% AMI
  • Fannie Mae OVER 80% AMI
• HFA Advantage  – Freddie Mac 80% AMI

• 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
  

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

• There is no first-time homebuyer requirement in this program
• Borrowers cannot own a property at time of closing
  • Fraud report required

• FHA, VA, USDA-RD

• 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

Specific Requirements

• first-time homebuyer requirement 

• FHA, VA, USDA-RD

• 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