Nevada Rural Housing Authority

McWeb Previous Program

2009A Single Family Program

PROGRAM FUNDS
ELIGIBLE AREAS	State of Nevada - Except for the City of Reno, and the following cities in Clark County: Enterprise, Henderson, Las Vegas, North Las Vegas, Paradise, Spring Valley, and Sunrise Manor
ELIGIBILITY CRITERIA	- First-time Homebuyers- Applies to All Borrower(s) & spouse(s) - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – All borrower(s) & spouses(s)
ELIGIBLE LOAN TYPES	FHA, VA, RD
AVAILABLE DOWN PAYMENT ASSISTANCE	Assistance 4% of the final loan amount - down payment or closing costs. Cash back is not allowed.
INCOME LIMIT CRITERIA	Household income is considered for ALL Borrower(s) & spouses. View Income Limit Criteria.
HOME ACQUISITION LIMITS	View Acquisition Limits.
HOME BUYER EDUCATION	Homebuyer Education required.
FICO SCORE REQUIREMENT	Mid score must be 620 or higher
CO-SIGNERS	Cosigners are permitted for FHA loans under very specific conditions. Co-signers cannot be named on the Warranty Deed.
LOAN TIMELINE REQUIREMENTS(Processing, Delivery, Purchase)	Once a loan is reserved, the loan must be underwriter certified within 15 days of loan reservation closed and delivered to the Servicer within 45 days of loan reservation and purchased within 70 days of loan reservation.
LENDER PARTICIPATION	see Blackboard
FORMS AND DOCUMENTATION	View Forms and Documentation.

Current Rates

4.25% Assisted Rate Loan - Effective 3/1/2012

DPA

4.00% Grant

Program Updates

5/2- If you participated in the NRHA previous program & you can deliver your closed files by June 1, click here.

Program Start Date 3/1/2012

To assure that loans are purchased, please follow the Processing, Delivery and Purchase Timetable. Please DO NOT reserve loans that cannot meet the timetable. This is particularly important with respect to new construction and short sales. Please wait to reserve funds. Loans not purchased within the timeframe below, cannot be purchased.

Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be

(1) underwriter certified within 15 days of loan reservation
(2) closed and delivered to the Servicer within 45 days of loan reservation and
(3) purchased within 70 days of loan reservation.

Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. The cost of the extension is $375. The $375 extension fee is due whether or not loans are ultimately delivered and/or purchased. The $375 will be netted by the Servicer when loans are purchased. If an extension is permitted, but the loan is not purchased, the originating lender will be billed by the Nevada Rural Housing Authority for the extension fee of $375. Any outstanding fees owed by the Lender may result in that Lender becoming ineligible to participate in the program.
Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.

Training – Today 2/22/12 – Please contact sue@ehousing.cc for more information.

The following is a list of Approved Lenders: