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Homeownership

Get In the Game

Too many renters sideline themselves before they’re even in the homebuying game – put me in, coach! 

With the help of Nevada Rural Housing homeownership programs, 10,000+ Nevada families have found the right-fit financing tools they need to get home at last. Whether you're a homebuyer, lender or real estate pro, we've got the details for you right here. Or, if you want to skip right to the FAQs, we've got you covered!

Take me to the FAQs!

For Homebuyers

Let's spark an idea together ... that homeownership is indeed within your reach. That there are tools at your fingertips and people at the ready to make this really happen. Ready? We are.

Too good can be true.

When you're guided by a mission to deliver affordable homeownership opportunities to folks, it's fun to turn hopes and dreams into pre-qualifications and closing days.

Let's start with some basics. You can do a deep dive of our programs here:

Or, you can check out our Rates, Options & Requirements page, which gives a snapshot of the assistance programs and their options, the mortgage interest rates set for that day, and the corresponding requirements for each.

View Program Rates, Options & Requirements

We work for you.

When we say 'we,' we mean the all-star team to help you on your journey. NRH is just one member – our lenders, real estate partners and home-building community are ready to help you find the affordable homeownership solution you need. Now, it's time for you to seize the moment by contacting one of our lender partners who have specialized training, know our programs like the backs of their hands and are ready to talk about bringing your dreams to life.

Get An Expert Lender on Your Team

Homebuyer Tools

Education

Our Homebuyer 101 course is a requirement to receive assistance. It provides a whole bunch of valuable information you’ll need to know as you go through the steps of buying a home (everything from credit to applying for a loan to shopping and closing). 

There are a few options when it comes to completing homebuyer education. But if you're ready to rock, you can get started with our course right away. Or, explore the additional options here.

Credit

Our programs require borrowers to have a minimum FICO of 640 (680 for manufactured homes). You can get a head start by knowing what's in your credit report. Did you know federal law allows you to get a free copy of your credit report every 12 months from each credit reporting company? You can start here.

Rural Eligibility Map

Did you know that Nevada Rural Housing Homeownership Programs are available in all Nevada counties? For properties located in either Clark or Washoe Counties, where the populations may exceed 150,000, please enter the property address in our property address tool to see if it is eligible.

FAQs

Review all of our homebuyer FAQs here.

Refinancing

Did you know you can use the Home At Last™ program to refinance your mortgage–even if you didn't use a program loan for the original mortgage? Home At Last's™ low-rate, unassisted options could help you save hundreds every month! With no loan level pricing adjustments, generous credit requirements and the potential to significantly lower or even eliminate your mortgage insurance, refinancing with Home At Last™ can help maintain affordability. 

Sounds pretty awesome, right? Read on to learn more!

  • There is no specific refi product – you and your lender choose the product that's best for you from Home At Last's™ many options. Visit HALRates.org for current options and rates. 
  • If you currently have a loan with a second mortgage through Nevada Rural Housing (that is, if you received down payment assistance through one of NRH's homeownership programs), you may need to repay the unforgiven balance on the second mortgage (depending on the terms associated with the second). This amount can often be rolled into the new loan, and with a lower interest rate and lower (or eliminated) mortgage insurance, you could still save a significant amount on your monthly mortgage. Plus, if you're using Home At Last's™ unassisted option, there will be no second mortgage since the assistance has been repaid.
    • The unforgiven balance on the second, if any, is included in the payoff statement from US Bank as the "recoverable corporate advance balance".

    • To request a payoff statement, please fax a written request to US Bank at 877-903-6972. The request will need to include written authorization signed by the borrower, the borrower’s US Bank account number and/or the borrower’s first and last name, last four of their social, and complete property address. You may also request a payoff statement by calling US Bank Customer Service at 800-365-7772.

  • If you have a mortgage credit certificate through Nevada Rural Housing, we will reissue the MCC so that you can continue to benefit from the tremendous tax savings that program provides. For more information, visit HALMCC.org and click on "Reissuance Application".
  • If you'd like more information, reach out directly to your loan officer. If you need to find a loan officer, please visit our referral page at FindANevadaLender.org. You can also reach out to the team here at Nevada Rural Housing to learn more about our refinancing options by sending an email to HAL@NVRural.org.

For Lenders

Nevada Rural Housing homeownership solutions help lenders make dreams (and deals) a reality. We help you fill the financial gaps, illuminating you as a lending superstar. Access to program decision makers, new borrower referrals and marketing tools make Nevada Rural Housing homeownership solutions sharp arrows in your quiver.

Below you'll find our handy-dandy resources for lenders, created especially for you ... dig in, bookmark it and consider us your guide as we help more Nevadans get home at last!

Lender Resources

1. Home At Last™ Resources
2. Launchpad Homeownership Program Resources
3. Mortgage Credit Certificate (MCC) Program Resources
4. Program Rates and Guideline Snapshots

For today's rates and guidelines snapshots, which includes all income and purchase price limits, among other information, visit HALRates.org.

5. eHousingPlus Lender Tools & Support
6. Eligible Areas
7. MI Underwriting Guides for HFA Loans

Other Important Lender Tools

DPA Programs Matrix

Click here for a convenient program matrix that provides a snapshot of all Nevada Rural Housing DPA programs, including Home At Last and Home Means Nevada.

Permanent Rate Reductions

Did you know that Nevada Rural Housing offers permanent rate reductions with the Home At Last™ program?

Here is how it works:

  • Prepare to set up a wire transfer to Nevada Rural Housing with your internal department that handles such matters. For Nevada Rural Housing’s W-9 and wire instructions, please email Kevin@nvrural.org. 
  • On the day that you plan to lock the new loan, BEFORE 11:00 a.m. PT, email Kevin@nvrural.org to get the rate options and pricing. You can get a few different pricing/rate options to determine what works best for your borrower. The rate reduction can be priced based on a desired interest rate, or if your borrower has a specific dollar amount to contribute to a PRR, we can use that to price a new rate. After 11:00 a.m. you may not be able to get pricing the same day in time to complete the loan reservation with eHousing, which is required.
  • Once a rate/price is agreed upon a “Lender Acknowledgement for Rate Reduction” agreement will be emailed to you to be signed and returned to Kevin@nvrural.org the same day you reserve the loan with eHousing. If you request a rate reduction on an existing loan reservation, then the agreement must be signed the same day the rate change is completed with eHousing. A draft of the agreement is attached for you to review in advance.
  • Please note a few important items:
    • Wire must be received within 48 hours of reserving the loan in eHousing or the loan is subject to cancellation and/or repricing at a higher cost. If you are reserving on a Friday, you will have through Tuesday of the following week for our finance department to receive the wire. There are no exceptions to this policy, so be sure you have the wire procedure set up with your company in advance.
    • If the loan cancels for any reason, the funds will be refunded minus a $500 administrative fee to Nevada Rural Housing.
    • If the final loan amount increases, the cost for reducing the rate may be subject to repricing. If this occurs, you will be notified of the amount that must be paid prior to closing and disclosed on the CD. If the final loan amount decreases, the pricing is not recalculated.
  • Lender must disclose the cost of the rate reduction paid to NRH as a POC in Section L of the CD.

Nevada Rural Housing reserves the right to suspend or terminate the PRR program at any time.

Refinancing

Did you know you can use the Home At Last™ program to refinance both program and non-program loans? Home At Last's™ low-rate, unassisted options could help your borrower save hundreds every month! With no loan level pricing adjustments, generous credit requirements and the potential to significantly lower or even eliminate your borrower's mortgage insurance, refinancing with Home At Last™ can help maintain affordability. 

Here are some key points to remember:

  • There is no specific refi product – you choose the product that's best for your borrower from Home At Last's™ many options. Visit HALRates.org for current options and rates. 
  • If your borrower currently has a loan with a second mortgage through Nevada Rural Housing, they may need to repay the unforgiven balance on their second mortgage (depending on the terms associated with the second). The second cannot be subordinated.
    • Your borrower's unforgiven balance on the second is included in the payoff statement from US Bank as the "recoverable corporate advance balance".

    • To request a payoff statement, please fax a written request to US Bank at 877-903-6972. The request will need to include written authorization signed by the borrower, the borrower’s US Bank account number and/or the borrower’s first and last name, last four of their social, and complete property address. If a signed authorization is not available, the borrower can provide verbal authorization to US Bank by calling US Bank Customer Service at 800-365-7772.

  • If your borrower has a mortgage credit certificate through Nevada Rural Housing, they can have the MCC reissued to continue benefiting from the tremendous tax savings that program provides. For more information, visit HALMCC.org and click on "Reissuance Application".
  • For more information, visit the Home At Last™ resources tab above.
Training

Getting you the information you need out the gate and into the future is our tippy-top priority. That's why we're not a one-and-done training resource to our lending partners. In addition to the online training module available here, our team is ready to provide group trainings, refreshers and one-on-one briefings to ensure you know what's up with all Nevada Rural programs. 

  • If you’re looking to become a Nevada Rural Housing approved lender, go here.
  • If you're a current lender partner looking for program resources, go here.
  • If you're ready to begin our programs training, dive on in here!

Our Homeownership Programs brand is highly marketed and also serves as an initial point of contact for many homebuyers. In addition to providing the required homebuyer education, we want to make sure homebuyers have access to a team of experts. To accomplish this, we give direct referrals only to actively engaged lenders with the program.

Active lender partners and teams are featured on our website where more buyers can find you – and they’ll feel confident knowing that you are expertly trained in our programs.

Have more questions about how it all works? We're happy to answer them!

Program Updates

Click here for Homeownership Program Updates

Marketing Materials

Help us spread the word! You're welcome to download and use these materials – please just be sure to retain all content as is and let our team know if you have questions, or require anything more custom or tailored!

US Bank All Regs

DPA US Bank Guidelines (AllRegs)

Become An Approved Lender

When a borrower asks your loan officers if they know anything about that "rural program," what will the answer be? We can work together to make sure your company name is on this list, and your team is ready to serve all rural Nevada homebuyers! Start here.

FAQs

For Real Estate Agents

You're about to become rural real estate royalty, you know. We're here to serve you information about our programs so that you can serve your buyers (and grow your business, too!). Let's get you up to speed and armed with the program deets you need to become your buyers' knight in shining real estate armor.

Real Estate Agent Toolkit

Eligible Areas & Maps

Knowing where your buyer can use the program is number one, right? That's why we've put together these lists of eligible new home communities throughout the rural areas we serve.

We also have this useful piece to show the eligible areas in the Las Vegas Valley.

Still have questions? Let us know!

Programs Overview for Agents

We have overviews available for all of our programs:

However, one of the best ways to get knowledgable about our programs (to be able to tout your expertise to your buyers!) is to complete our Real Estate Agent training.

Become A Programs Certified Agent

Our real estate agent training gives you the program details you need to be the hero, hook up your buyer with some too-good-to-be-true (but they're really true!) options, and save the day.

Snag some Certified Programs Agent cred now by completing our training online. Or, we can come to your shop and train entire teams. Just give us a shout!

Our Homeownership Programs brand is highly marketed and also serves as an initial point of contact for many homebuyers. In addition to providing the required homebuyer education, we want to make sure homebuyers have access to a team of experts. To accomplish this, we give direct referrals only to Certified Programs Agents actively engaged with the program.

Active program real estate pros are featured on our website where more buyers can find you – and they’ll feel confident knowing that you are expertly trained in our programs.

Have more questions about how it all works? We're happy to answer them!

Marketing Materials

Help us spread the word! You're welcome to download and use these materials – please just be sure to retain all content as is and let our team know if you have questions, or require anything more custom or tailored!

FAQs

Connect with the Homeownership Crew

We love what we do and who we do it for – you, our partners, and the people of rural Nevada. We have a heckuva lot of fun doing it, too.

If you have a question, need some training, want to partner or just have something awesome to say (we'll adore those kinds of messages, too!), let us know.

Reach out to us!

FAQs for Homebuyers

How do I apply for NRH Homeownership Programs?

Simply meet with one of our approved lenders to apply for a mortgage loan and tell the lender you want to use one of our programs. Your lender determines eligibility for all NRH homeownership programs. There are no separate applications to fill out or submit to the Nevada Rural Housing. You can find an approved lender in your area here.

Is the interest rate higher when financing the purchase of a home through the program?

Our programs offer many options for home financing, including “no assistance” options with a below-market interest rate. For Home At Last loans with down payment assistance, the rate for the 30-year first mortgage varies depending on the amount of assistance provided and the loan type. Consult with an approved lender to compare loan options and determine the most affordable long-term option for your situation. Click here to view the loan options and corresponding rates published each business morning.

How much assistance will I qualify for?

Our approved lenders determine eligibility and will discuss the loan and assistance options. 

Is down payment assistance funding limited?

The Home At Last™ DPA program is not government funded – so there is unlimited, revolving funding. The program is provided through a public-private partnership with revenue generated through the sale of mortgage-backed securities. At closing, the Home At Last™ approved lender will advance the down payment assistance, then receive reimbursement after closing.

Some of our other programs are limited in funding. Please contact an approved lender to discuss your options.

Is Mortgage Credit Certificate (MCC) funding limited?

The MCC program funding is derived from Private Activity Bonds; therefore funding for MCCs is limited. We anticipate sufficient funding to issue MCCs through December 2025, or beyond.

Can I apply with any lender to use the programs?

You must select an approved Nevada Rural Housing lender to provide the mortgage financing for the purchase of your home. Go to our referral page here to search for lenders in your area.

Can I work with my own real estate professional when using the programs?

There is no requirement to work with a Certified Programs real estate professional – but we highly encourage it! Agents across Nevada have received our comprehensive programs training and stand ready to assist you on your journey to homeownership. You can connect with one of them here.

Can I own another home and use Nevada Rural Housing down payment assistance?

For down payment assistance through Home At Last™, Nevada Rural housing does not have a restriction on owning other property, as long as the home being purchased will be your primary residence and occupied within 60 days of closing. However, there may be restrictions on owning other property depending on the loan type, so please consult with an approved lender to determine eligibility.

Launchpad is limited to first-time homebuyers who have not owned a home within the previous three years. Qualified veterans*, and eligible buyers purchasing a home in a designated Targeted Area, are exempt from the first-time homebuyer requirement.

*Title 38 of the Code of Federal Regulations defines a veteran as “a person who served in the active military, naval, or air service and who was discharged or released under conditions other than dishonorable.” 

Can I own another home and obtain a Mortgage Credit Certificate (MCC)?

No, the MCC program does not permit ownership of another home. Generally, the MCC program is limited to first-time homebuyers who have not owned a home within the previous three years. Qualified veterans*, and eligible buyers purchasing a home in a designated Targeted Area, are exempt from the first-time homebuyer requirement.

*Title 38 of the Code of Federal Regulations defines a veteran as “a person who served in the active military, naval, or air service and who was discharged or released under conditions other than dishonorable.” 

Is there a minimum amount of income required to qualify for down payment assistance?

There is no minimum amount of income required, but all homebuyers must have sufficient qualifying income to repay a mortgage. Other factors, including current market values of homes in the area you wish to live, will determine if your income is sufficient to repay a mortgage. Connect with an approved lender who will determine eligibility.

How much subsidy is provided when obtaining a mortgage through the program?

There is no subsidy provided when obtaining a mortgage through Nevada Rural Housing Homeownership Programs. For lower income households that may benefit from a subsidized mortgage payment, consider contacting the USDA Rural Development office at (775) 887-1222 to inquire about the Section 502 Direct loan program or go here.

Don’t need down payment assistance? Or, wondering if our programs will benefit you?

To further the mission of Nevada Rural Housing, our programs promote responsible and affordable homeownership. There are many ways we accomplish this, including providing a below market interest rate on mortgages for borrowers who don’t need down payment assistance. The 0% option with Home At Last™ is ideal for homebuyers who want access to a very low interest rate without being penalized for risk factors, such as lower FICO scores. We encourage homebuyers to maintain a healthy savings account and a separate emergency fund to experience years of enjoyable and stress-free homeownership. Many homebuyers choose to use down payment assistance to avoid draining their savings account when purchasing a home. This allows them to set aside funds for other expenses such as moving, buying a lawnmower or new furniture, or even giving the home a facelift with a fresh coat of paint. By using the down payment assistance program, you can free up your cash to help make your new house a home. 

Can Home At Last™ be paired with an FHA 203k or Energy Efficient Mortgage (EEM)?

Yes, our approved lenders can provide additional information about these loan options and the specific qualifications.

Does using these programs slow down my loan closing?

No! Your approved lender handles everything from A to Z. Nevada Rural Housing does not underwrite loans or review mortgage applications – this is all handled by your lender.

Is there a waiting list?

No! Plain and simple.

Home At Last™ FAQs for Lender & Agent Partners

Are Non-Occupying Co-Borrowers permitted?

Yes.

Do I include non-occupying co-borrower income when qualifying a borrower for down payment assistance?

No, and yes. Fannie Mae loans require non-occupying co-borrower income be included to qualify a borrower for the program. The Nevada Rural Housing program does not require income from non-occupying co-borrowers be included to qualify for the program. Lenders must follow loan agency guidelines (FHA, VA, USDA, Conventional). Refer to the guidelines for loan-to-value and other requirements when a loan has a non-occupying co-borrower.

Can a borrower qualify if their income is derived from an employer who operates a marijuana-related business?

Yes, a borrower should qualify as a W-2 employee. Per U.S. Bank’s BSA/AML policy, owners of businesses that derive their income from the manufacture, distribution, or dispensing of marijuana cannot have that income considered for loan qualification purposes. Employees of marijuana-related businesses that receive regular and periodic payments may have their income considered for a mortgage so long as it is appropriately documented and verifiable in accordance with the Ability to Repay (ATR) requirements.

Is a Rapid Rescore permitted?

U.S. Bank allows additional credit reports or a Rapid Rescore to be pulled ONLY in those cases of documented erroneous, disputed or inaccurate information or if the credit report obtained at application has expired. Rapid Rescore are not allowed for purposes of trying to obtain higher credit scores.

Can Home At Last™ be paired with an FHA 203k or Energy Efficient Mortgage (EEM)?

Yes, most definitely (203k streamline only)! You must be approved by US Bank to offer these loans through the Home At Last™ program.

For Home Means Nevada, is non-occupying co-borrower income included when determining program eligibility?

For FHA, VA, and USDA loans, do not include non-occupying co-borrower income to determine program eligibility.

For Conventional loans, Fannie Mae and Freddie will require all income, including income from non-occupying co-borrowers, be included. 

Is funding for the Home Means Nevada and/or Buy in Nye Programs limited?
  • American Rescue Plan Act funding is the source of down payment assistance funding for both programs.
  • For the Home Means Nevada Rural DPA Program, all funds must be obligated by December 31, 2024.
  • For the Buy in Nye program, all funds have been allocated and the program is now closed.

MCC FAQs for Lender & Agent Partners

Is Basic Allowance for Housing (BAH) and Basic Allowance for Subsistence (BAS) taken into consideration?

Both should be taken into consideration for income purposes.

Who receives the MCC after closing?

The homebuyer who receives the IRS Form 1098 (Mortgage Interest Statement) at the end of the year receives the MCC.

Do borrowers need to be a first-time homebuyer to qualify for the MCC program?

Yes, in most cases. The MCC is available to first-time homebuyers (those who have not owned a home within the last 3 years). The first-time homebuyer requirement is waived for qualified Veterans who will live in the home as their primary residence, and for borrowers purchasing homes located in designated targeted areas.

Can a homebuyer apply for an MCC after they have closed on their mortgage?

No, unfortunately this must occur prior to closing on their mortgage.

Can a homebuyer refinance the loan and continue using the MCC?

Yes, the MCC must be re-issued to the original borrower(s) each time the mortgage is refinanced. Please refer to our program details for additional information.

For the MCC, what if the borrower isn’t required to file tax returns?

Here is the Tax Return Affidavit form to be completed if the borrower is not required to file tax returns and cannot produce the previous three years tax returns.

Can the MCC be used with a construction loan?

No, the loan must be the permanent financing for the home.

Can the MCC be used with a loan to finance a manufactured home that is considered personal property?

No, but manufactured homes converted to real property are eligible.

If a borrower owns a manufactured home that is considered personal property (not converted to real property), will they meet the first-time homebuyer requirement?

It depends. If the borrower claimed any federal tax benefit during the previous three years – including mortgage interest and/or personal property deductions, they would not qualify as a first-time homebuyer. 

However, if no  deductions were claimed, and the borrower doesn't own the land the personal property sits on, we would not consider this a primary residence, and therefore the borrower would be considered a first-time homebuyer provided they otherwise meet the three-year rule.

Is a home located in a planned unit development (PUD) eligible for an MCC?

Yes, the home can be an attached or detached unit in a PUD.

What is Anticipated Annual Income?

Anticipated Annual Income is defined as the gross income (with no adjustments or deductions) the household anticipates it will receive in the 12-month period following the MCC commitment date.

Should the calculated MCC tax benefit be included in the Anticipated Annual Income?

No, the extra income resulting from the MCC is treated as a tax credit and should not be included when calculating the Anticipated Annual Income.

Are co-signers permitted?

Yes, cosigners are permitted as long as the co-signer does not have any ownership interest in the property, does not reside in the property as their primary residence, and only signs the promissory note for the new loan. The MCC program guidelines published on the eHousing website states the following:  Cosigners are allowable in an FHA transaction when meeting the following conditions:  (1) a cosigner cannot have any ownership interest in the property (they cannot be on the Deed) and (2) the cosigner cannot reside in the property being purchased.  A cosigner will sign only the Note in the transaction.  A cosigner’s income is not considered for program purposes, tax returns are not required and cosigner’s do not sign any program forms.  For credit purposes, follow FHA guidelines.

Are non-occupying co-borrowers permitted?

No. A non-occupant co-borrower is not permitted when using the MCC program because all owners of the property, and persons who may be liable for repayment of the loan, must occupy the home as their primary residence. A non-occupant co-borrower would not be able to receive a tax credit benefit

What if the seller won’t sign the Seller Affidavit?

No problem. It is not mandatory for the seller to sign the affidavit. Make a note on the form that the seller refused to sign and submit with the MCC forms to eHousing.

Do lenders have reporting requirements to the IRS?

Yes, every year lenders are required to file IRS Form 8329 to the IRS, postmarked by January 31st. Nevada Rural Housing will provide lenders with a completed IRS Form 8329 listing the MCCs issued for the year – the lender just needs to sign and file with the IRS. 

Is adjusted income permissible for the MCC program?

No. You cannot use adjusted income to qualify a borrower for the MCC program.

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