WWHHATTTT?? Everyone said the Down Payment Assistance was going away, you're right, it did. This is different. It's the NV Bond Program and this is the basics of how it works:
ü 100% Financing for 1st Time Home Buyers
o You'll need to have 3 years of Tax Returns and 2 months of Bank Statements
ü The interest rate
o 6.35% on the 1st mortgage (97% of the loan)
o 8.35% on the 2nd mortgage (3% of the loan)
§ $10,000 max loan amount for the 2nd
§ 20 year fixed loan (roughly about $30 - $70 payment)
o Mortgage insurance required
o 1 point origination
o No rate buy-downs
ü Sales price restrictions
o $360,000 Maximum
o $440,000 Max in Target areas
ü Income Restrictions
o $76,000 for a 2 person family
o $89,000 for a 3 or more person family
ü 600 minimum credit score
o Exceptions may be granted with compensating factors
o Must be 3 years after Bankruptcy discharge
ü You can only have a maximum of $5000 liquid assets
ü You must complete a 1sttime Homebuyer Class (which I've been through and it's not terribly annoying - there's a ton of great information on budgeting, etc)
**As of 9/8/08...Program rate & requirements subject to change.
Your agent needs to know how to write your offer correctly so that you can take advantage of this...so make sure they know what they're doing. Oh, your lender needs to know too - that would be important. Not to be blantantly plugging my company (but c'mon you knew it was coming), but if you call or email me, I'll get you in touch with one of my agents and a lender that can help you with this.
Should you wait? NO! Remember what I said, once the papers get to reporting that it may be a good time to buy that house you're already a little behind - so you've got to move now!!
danya@buyvegashouses.com
www.buyvegashouses.com
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