Down Payment Assistance
Amount of the Down Payment Assistance provided, will be based on the following determination:
Applicants “gross” annual income
At or Below 50% AMI (Very Low)
Between 51-80% AMI (Low)
Eligible Closing Costs
In addition to the above listed amounts, closing costs are also eligible for assistance and may include loan origination fees, appraisal, credit report, title search, escrow fees, document preparation, reserves, and inspection costs. Prepaid items such as insurance premiums and yearly taxes are not eligible.
- The maximum deferred loan amount will be determined by applicant’s gross annual income, plus eligible closing costs.
- The loan is secured by an interest free loan agreement and a Deed of Trust to the benefit of the State of Nevada Housing Division.
- The deferred loan bears no interest.
- The deferred loan is not forgiven.
- Eligible applicants must carry hazard insurance and flood insurance where applicable to adequately cover all existing loans or mortgages on the property, including the deferred loan for the duration of the loan. RNDC must be listed on the policy as an additional loss payee.
- Applicants acknowledge the approval of the DPA program is contingent upon the applicant applying and receiving pre-approval from a financial lending institution mortgage loan.
- The home must meet HUD Housing Quality Standards (HQS).
- Homes that have been rented within 6 months prior to purchase and cause displacement, are not eligible.
- Maximum purchase price must not exceed HUD’s FHA mortgage limit for that area.
- Transaction must go through a Title Company.
- Homes built prior to 1978 must be inspected for lead based paint.
- Rural Clark
- White Pine
Funds are deferred loans, there is no payment required and no interest accrual provided the home remains their primary residence. Upon sale / transfer of title, the full amount is due and payable.
DPA Application (pdf)