NAC319.466. Qualifications of eligible borrowers.

An eligible borrower must:

     1. Meet the criteria for underwriting applied by the Federal Housing Administration, the Department of Veterans Affairs, the Rural Development Administration of the United States Department of Agriculture or the private mortgage insurance company, as appropriate, depending on which entity insures or guarantees the mortgage loan.

     2. Have assets, including, without limitation, savings accounts, stocks, bonds and equity in real property, that do not exceed 50 percent of the acquisition cost of the qualified residence, unless the borrower is disabled or elderly and the Division determines that such assets are the primary source of income for the borrower.

     (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000; A by R192-08, 12-17-2008)