homeownership (1)

Homebuyer Education/Down Payment Assistance

An eight-hour course that covers the basics of how to purchase a home, the players involved, 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.

One-on-One Counseling
After attending a HBE class, the attendee schedules a one:one appointment with an NHS Homeownership Consultant. At this session, they go over credit issues, mortgage options, barriers to purchasing and answer any questions. 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.

Post-Purchase Counseling
NHSSN Homeownership Consultant 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 five 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 two 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.

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 3 to 1 match up to $15k. There is no maximum amount you can contribute, but the maximum matching contribution is $15k 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.

FAQ’s CNLV Funds:

  • Buyer must be 1st time homebuyer. (someone that hasn’t owned a home in the last 3 years)
  • House must be purchased in City limits of North Las Vegas (NLV).
  • Home must pass a Code and Environmental Review to ensure proper health and safety standards are met.
  • Interest is 0%, no monthly payment. The grant is a silent second tied to the Title for the 5 year affordability period.
  • Buyer can receive up to $14,999 in CNLV with all allowable down payment and reasonable/customary closing cost paid.
  • Deferred loan and due upon sale of property or per program guidelines.
  • Buyer of NLV properties must have $2,500 in reserves; however, $1,500 of these funds will be required for the program up and above any out of pocket expenses.
  • Must be approved through one of our participating lenders and work with one of our partnering realtors.
  • Purchase price for CNLV existing homes cannot exceed $159,900 and for new construction, purchase price cannot exceed $198,00.

NHSSN offers the Back to Work Program

The “Back to Work Program” will allow a consumer who sold his or her home in a short sale or lost it in a foreclosure whom would normally have to wait 36 months to purchase a primary residence again with an FHA fixed-rate mortgage. FHA Back to Work Program allows a buyer to purchase a primary home just 12 months after  experiencing an economic event which caused a foreclosure, short sale or a deed in lieu of foreclosure.

The program — which was announced in 2013, and extended through Sept. 30, 2016.  In order to qualify for the FHA Back to Work Program, you need to show that the loss of your previous home was truly due to circumstances beyond your control.  In order to take advantage of this program borrowers are required to receive Pre-Purchase education from a HUD housing counseling agency a minimum of 60 days prior to making an application with a Lender. Please contact our office in order to receive instructions to take advantage of this program.

 

Outreach Events
This includes a wide variety of activities from small collaborative workshops to major community events with many sponsors. The purpose is to reach out to individuals/families struggling with foreclosure issues and refer them to appropriate resources.

Foreclosure Intervention/Prevention
Communicating with individuals/families at the very beginning of financial difficulties to help them avoid foreclosure. Foreclosure Counseling and Loss Mitigation is focused on helping families stay in their homes and avoid foreclosure. This is a very time consuming, complex but rewarding activity requiring patience and diligence.

Foreclosure Counseling and Mitigation Negotiation
One-on-one counseling with individuals and families struggling with foreclosure issues. Negotiating and advocating on behalf of the client with their lender to come up with a workable solution for them to stay in their home. This includes many options: forbearance agreements, refinancing existing loans, reducing interest rates or principle balances, and other options.

Educational Workshops
This would include informational seminars on topics relating to foreclosure such as financial repercussions, tax implications, credit issues, finding alternative housing and other issues. Collaborations with other organizations and guest speakers are invited to share information and guidance.

Please call (702) 649-0998 to schedule your counseling session at no charge.

NHSSN now offers the Homebuyer Education class 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.

Home Again Nevada

Home Matters America