MORTGAGE ELIGIBILITY REQUIREMENTS

Who is Eligible?

Any eligible borrower must:

(a) have income that does not exceed the maximum income limits;
(b) meet the underwriting criteria of FHA, VA, PMI, or in the absence of mortgage insurance, FannieMae;
(c) have assets that do not exceed 50% of the sales price of the residence being purchased:
(d) have had no ownership interest in a principal residence during the previous three years, and
(e) have not previously had a loan through the Division's Program.

The Maximum Income Limit for Mortgage Loan Applicants purchasing a home in a Non-Targeted Area, as established by the Division in accordance with Federal guidelines, are as follows:

The Maximum Purchase Price for Single Family Residences purchased in Non-Targeted Areas, as established by the Division in accordance with Federal guidelines, are as follows:

Participating Lenders

MORTGAGE ELIGIBILITY REQUIREMENTS - TARGETED AREA

The Code requires that a portion of the moneys available for the purchase of Mortgage Loans be made available for Mortgage Loans in Targeted Areas. Targeted Areas are census tracts 3.02, 4.00, 5.04, 6.00, 7.00, 8.00, 9.00, 11.00, 36.02, 38.00, 39.98 and 43.00 in Clark County, census tract 33.01 in Washoe County, census tract 9501.98 in Churchill County and census tracts 9505.00 and 9506.00 in Elko County. Targeted Area Mortgage Loans must satisfy the same requirements as Non-Targeted Area Mortgage Loans except (1) Mortgage Loan Applicants may have had a present ownership interest in a principal residence within three (3) years prior to the date the Mortgage Loan is executed and (2) the Maximum Income Limit for the Mortgage Loan Applicants in Targeted Areas and the Maximum Purchase Price for Single Family Residences located in Targeted Areas are higher than those limits established for Non-Targeted Areas.

The Maximum Income Limit for Mortgage Loan Applicants purchasing a home in a Targeted Area, as established by the Division in accordance with Federal guidelines, are as follows:

The Maximum Purchase Price for Single Family Residences purchased in Targeted Areas, as established by the Division in accordance with Federal guidelines, are as follows:

Participating Lenders