Homebuyer Education/Down Payment Assistance
The Homebuyer Education onsite on online course is an eight-hour class that covers the basics of how to purchase a home. You will meet the players involved such as Realtors and partnering lenders. You will discuss pitfalls, inspections, insurance, etc. After the class, each attendee receives a Completion Certificate that is valid for one year and is a requirement for those individuals wishing to apply for and receive Down Payment Assistance (in any form) or other city / government programs.
If you are unable to attend the eight-hour course in person, you may take it on-line at www.eHomeAmerica.org/NHSSN. The on-line class is offered in both English and Spanish; however, it does require a $99 fee. Once you have successfully passed the online class you will need to contact NHSSN to complete an intake application to release your certificate.
Once you have attended a Home Buyer Education class, the attendee schedules a one:one appointment with one of our Homeownership Consultants. During this session, they go over credit issues, mortgage options, barriers to purchasing and answer any questions in order to prepare you for becoming a home owner. The Homeownership Consultant prepares a written action plan and assist the future homeowner in budgeting strategies. The Homeownership Consultant will list our all necessary requirements needed to prepare the client for a home purchase. Follow-up is done with the client until all barriers are removed, and he/she is able to quality for a mortgage.
This workshop or one:one counseling is intended for those that have already purchased a home. NHSSN Homeownership Consultants will follows up with first-time homebuyers on a regular basis to ensure they are making their payments on time and maintaining a family budget. The Consultant assist in making referrals to other organizations, if needed, and provides information on home repairs and other housing-related topics. The purpose of these updates is to provide support during the first 5 years of homeownership to maintain positive home values and to prevent possible foreclosures. Post-purchase counseling includes educational workshops in which guest lecturers speak on various housing-related subjects. This can include DIY demonstrations and/or incentives (gift cards or discounts), Estate Planning and other guest speakers that will help in maintaining and being responsible homeowners . Example: Energy efficiencies, i.e., replacing single pane windows with thermal pane windows to reduce energy costs in summer/winter.
Down Payment Assistance
Neighborhood Housing Services is dedicated to serving the community in multiple facets when it comes to homeownership. We currently offer three types of down payment assistance. All two programs require future homeowner to attend a HUD certified 8 hour Homebuyer Education class. Once that is complete buyer will be required to meet with Homeownership Consultant to determine mortgage readiness.
Currently we have WISH Funds, REACH Funds through East West Bank and you will need to contact our office as we may have remaining LIFT Funds. Each down payment has different requirements. Our advise would be to email DZaharia@nwsn.org or feel free to call the office at (702) 649-0998
FAQ’s WISH Funds:
Buyer must be 1st time homebuyer. (someone that hasn’t owned a home in the last 3 years)
WISH Funds from Federal Home Loan Bank of San Francisco offers a 4 to 1 match up to $20k. There is no maximum amount you can contribute, but the maximum matching contribution is $20k regardless of your contribution. The income limitation is up to 80% area median income. This program is not demographic specific and is a (5) year forgivable. Funds are on a first come first serve.