NAC319.553. Criteria for qualified applicant.

A qualified applicant must:

     1. Have obtained or be in the process of obtaining a mortgage loan for the purchase of a qualified residence pursuant to a program administered by the Division pursuant to NAC 319.300 to 319.489, inclusive;

     2. Have a household income of not more than 80 percent of the median income for this State unless the mortgage loan is not funded with money from the Federal Government, in which case the Administrator may authorize, in his or her sole discretion, a household income in excess of 80 percent of the median income for this State;

     3. After paying closing costs for the qualified residence, have no more than $5,000 in liquid assets in his or her possession;

     4. Meet the criteria for underwriting applied by the Federal Housing Administration, the Department of Veterans Affairs, the private mortgage insurance company or the Federal National Mortgage Association, as the case may be; and

     5. Have completed a training course on the purchase of a home approved by the:

     (a) Entity that insures or guarantees the mortgage loan; or

     (b) Division, if the entity described in paragraph (a) has not approved such a course.

     (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000; A by R124-04, 10-4-2004)