NAC319.5675. Qualifications of eligible applicant.

An eligible applicant must:

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

     2. Submit a completed application for a mortgage loan pursuant to NAC 319.300 to 319.489, inclusive, to a participating lending institution indicating the desire to be considered for a deferred mortgage loan;

     3. Have a household income of not more than the median family income;

     4. After paying closing costs for the eligible residence, have not more than $5,000 in liquid assets in his or her possession;

     5. Contribute a minimum cash investment of $500;

     6. Meet the criteria for underwriting applied by the Federal Housing Administration or the Department of Veterans Affairs, depending on which entity insures or guarantees the mortgage loan; and

     7. 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 R136-03, eff. 11-26-2003)