NAC319.564. “Deferred mortgage loan” defined.

Latest version.

“Deferred mortgage loan” means a loan, the repayment of which is deferred, that is:

     1. Made to an eligible applicant for the payment of the down payment or the closing costs, or both, for an eligible residence;

     2. Evidenced by a deferred loan agreement; and

     3. Secured by a second deed of trust.

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

                    
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