Nevada Administrative Code
Chapter 319 - Assistance to Finance Housing
DEFERRED MORTGAGE LOANS FOR DOWN PAYMENTS AND CLOSING COSTS
Section 319.568 - Requirements for deferred mortgage loans

Universal Citation: NV Admin Code 319.568

Current through September 16, 2024

Each deferred mortgage loan financed by the Division must:

1. Be of an amount that:

(a) Does not reduce the ratio of mortgage payment to income of the eligible applicant, calculated as prescribed by the Federal Housing Administration, below 29 percent; or

(b) Does not reduce the ratio of total fixed payment to income of the eligible applicant, calculated as prescribed by the Department of Veterans Affairs, below 41 percent;

2. Not provide for money to be used for any purpose other than the down payment or the closing costs, or both;

3. Not provide to the eligible applicant at closing any cash refund that is $50 or more;

4. Not create a ratio of combined loan to value, including the mortgage loan and the deferred mortgage loan, exceeding 100 percent; and

5. Meet the applicable requirements of the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq.

Added to NAC by Housing Div. by R136-03, eff. 11-26-2003

NRS 319.140, 319.145, 319.210

Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.