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FAQ

Frequently Asked Questions

Please take a look below for a list of common questions about our program. Click on the question to reveal the answer.

    • What are your agency hours?

      Nevada Partners is open Monday through Thursday from 8:00 a.m. to 6:00 p.m.

    • How does a buyer get the process started?

      Clients can call (702) 844-8000 ext 230 to enroll in the First Time Homebuyer Education Class. Anyone answering the phone can help the client register for the class.

    • Does the client have to be preapproved by a participating Lender before they can schedule an appointment?

      Clients are required to bring a pre-approval letter to their pre-purchase (one -on-one) counseling intake session. The loan officer must be a Nevada Partners Housing Programs approved professional.

    • Once the client has attended the orientation and the homebuyer education seminar, what happens?

      After the Housing Programs Specialist has received the lenders package, the Housing Specialist will schedule a one-on-one with the potential borrower. Once it has been determined the household income qualifies for a down payment assistance program(s), the Housing Specialist will send a down payment assistance reservation letter to the client and the lender.

    • Do both realtors and loan officers need to be approved by Nevada Partners Housing Programs to participate in the down payment assistance programs?

      Yes, both realtors and loan officers must be approved by NPI Housing Programs to participate in any NPI Housing Programs down payment assistance program, although each has slightly different requirements in addition to both realtors and loan officers passing an exam. Brokers are required to complete the Statement of Qualifications and submit a copy of their license. Lenders must complete and submit a Request for Participation (Lender Application).

    • Can a client that has enrolled in the Individual Development Account (IDA) program switch to the WISH program?

      Yes, but the client will lose their IDA approved status and will be required to submit all required documentation, such as household income information, the past two years’ tax returns and transcripts, three months of bank statements, and all other requested documentation.  Clients must then be income-approved for the WISH program by NPI Housing Programs and approved for WISH by Bank of Nevada, the only lender for these two programs.

    • Can an IDA account be opened by the client directly with Bank of Nevada?

      Yes, IDA accounts are opened directly by the client at Bank of Nevada.  NPI Housing Programs will provide the client with the IDA Saving Account Authorization letter to present to Bank of Nevada.

    • How is the earnest money deposit treated by the WISH and/or IDA program? Do those funds count toward the client’s contribution of funds for the match?

      Yes, the earnest money deposit is considered part of the buyer’s contribution, as is the appraisal and the home inspection that is paid outside of closing.  A copy of paid invoices will be requested.  Other funds that may be matched are any “per diem” charges (up to $50 per day).

    • Can a conventional loan be used with WISH or IDA?

      Yes, all the down payment assistance programs can be combined with either an FHA or conventional 30- year fixed rate loan product.

    • Can a 203K loan be used with any of the down payment assistance programs?

      Yes.

    • Does a buyer need to use a realtor if they are purchasing a property that is being sold by the owner (FSBO)?

      Yes.  All NPI Housing Programs down payment assistance programs require that the buyer have realtor representation.

    • Can a buyer be in more than one program at a time?

      No, a potential buyer may enroll in only one program at a time.

    • How long is the Industry Partner’s Training Certificate valid?

      The Certificate expires twelve-months after the day it is issued.

    • Does NPI Housing Programs take walk-in clients for counseling?

      No, clients must make an appointment.  When scheduling an appointment, the client will also receive the NPI Housing Programs intake packet and a list of required documents.  The client must bring copies of all required documents to their appointment.

    • How long must a buyer be a resident of the State of Nevada to meet assistance program guidelines?

      The minimum length of required state residency varies from program to program.  Please view the program presentations to identify these requirements.

    • How is an adult living in the household evaluated if they have no income?

      Individuals over the age of 18 that do not earn and contribute to the household income will be required to submit a signed Zero Income Affidavit.

    • Are children counted as a household member?

      Yes, a household is anyone and everyone that will be living with the buyer at least nine (9) months of the year.

    • If a custodial parent does not claim a child/children on a tax return, what documentation can be provided to document the child/children are part of the household at least nine (9) months of the year?

      The NPI Housing Programs Housing Specialist will request documentation that demonstrates the child/children do reside with the parent participating in the down payment assistance program.  These documents could include school or medical records, rental lease, child custody documents, or other clarifying documents.

    • What is the timeline for approval for an applicant by the NPI Housing Programs Housing?

      The NPI Housing Programs Housing Specialist will not issue “a green light” (approval for down payment assistance) unless and until all required documentation is received.  Once the client has completed their intake packet and has turned in copies of all required documents, the Housing Specialist will review and issue “the green light”.  The timing of this process depends on the client.  Once all required documentation is received and income is computed, a reservation (approval) letter or a denial letter will be issued to the buyer(s) and the loan officer.

    • Can individuals that are not legal residents of the United States purchase a home accessing NPI Housing Programs down payment assistance programs?

      No.

    • Will a potential buyer with a household member who is not a legal resident and will not be on the mortgage loan be eligible for assistance?

      No.  All household members must be legal residents of the United States in order to receive Federal housing down payment assistance.  HUD considers permanent housing to be a “Federal means-tested public benefit”.  In order to qualify for this benefit, all household members receiving HUD-funded homebuyer assistance must be a United States citizen or a “Qualified Alien” as defined in Section 431(b) of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORAL). Public Law 104-193.

    • Must my company be approved in order for me to become an approved loan officer?

      No, your company is not required to be a participating partner in order for you to join as an approved loan officer or approved real estate agent.  However, with your company’s participation, your name will appear on the Professional Partners List located on the Nevada Partners website and you will be invited to speak at our home buyer education seminars.

    • Can I attend the lender/realtor training in person at Nevada Partners?

      No. Lender and realtor training is an on-line only, effective November 1, 2016.

    • Can my client’s home buyer education certificate from another non-profit be accepted for the Nevada Partners Housing Program?

      Nevada Partners will accept home buyer education certificates from HUD Approved Housing Counseling agencies only.

    • Can my client be in contract prior to applying for financial assistance through Nevada Partners?

      No, your client must first complete all required steps prior to entering into a purchase contract.

    • Does the Housing Partnership Program (Culinary) required addendums to the purchase contract?

      No, the Housing Partnership Program doesn’t require addendums to the purchase contract.

    • Does Nevada Partners offer the HUD approved Home Buyer Education course?

      Nevada Partners is a HUD Approved Housing Counseling Agency. We offer a home buyer education course four times a month; twice in English and twice in Spanish.

    • Can down payment assistance programs be layered?

      Down payment assistance programs can be layered as long as both programs are not government assistance.

    • What fees does Nevada Partners charge to the client for down payment assistance?

      Nevada Partners does not charge for counseling or education.  Nevada Partners does not have an origination or delivery fee for the Housing Partnership Program. WISH and IDA clients make a homebuyer contribution of $1,500 to Nevada Partners which is paid through their closing.

    • What steps must my client take in order to qualify for down payment assistance?

      Each client is required to attend the two- hour Housing Orientation, the eight- hour Homebuyer Education course and the pre-purchase one on one counseling.

    • Can I register my client for your services?

      No, each client should call to register for each service, as clients are asked a series of eligibility questions prior to registration.

    • Must both the realtor and lender be approved with Nevada Partners prior to the client shopping for a home?

      Yes, Both the realtor and loan officer must be approved with Nevada Partners prior to the client beginning their home search.

    • Are there restrictions on where a client can purchase when utilizing down payment assistance?

      Borrowers are allowed to purchase properties in Clark County or Nye County.

    • What steps must my client take in order to qualify for down payment assistance?

      Each client is required to attend the two- hour Housing Orientation, the eight- hour Homebuyer Education course and the pre-purchase one on one counseling.

    • Can I register my client for your services?

      No, each client should call to register for each service, as clients are asked a series of eligibility questions prior to registration.

    • Must both the realtor and lender be approved with Nevada Partners prior to the client shopping for a home?

      Yes, Both the realtor and loan officer must be approved with Nevada Partners prior to the client beginning their home search.

    • Are there restrictions on where a client can purchase when utilizing down payment assistance?

      Borrowers are allowed to purchase properties in Clark County or Nye County.

    • Can down payment assistance programs from other agencies be layered with Nevada Partners’ down payment assistance programs?

      Yes, Nevada Partners may layer down payment assistance programs as long as the client qualifies for each program. In addition, both the programs can’t be government assistance.

    • Are Nevada Partners Housing Programs clients allowed to receive cash back at escrow?

      No home buyer assistance loan proceeds may be refunded to the buyer.

    • What steps must my client take in order to qualify for down payment assistance?

      Each client is required to attend the two- hour Housing Orientation, the eight- hour Homebuyer Education course and the pre-purchase one on one counseling.

    • Can I register my client for your services?

      No, each client should call to register for each service, as clients are asked a series of eligibility questions prior to registration.

    • Must both the realtor and lender be approved with Nevada Partners prior to the client shopping for a home?

      Yes, Both the realtor and loan officer must be approved with Nevada Partners prior to the client beginning their home search.

    • Are there restrictions on where a client can purchase when utilizing down payment assistance?

      Borrowers are allowed to purchase properties in Clark County or Nye County.

    • Allowable use of housing partnership (culinary) down payment assistance funds?

      3.5% of required (FHA) down payment:Sourced by Home Buyer
      1% of required (Conventional) down payment:Sourced by Home Buyer

      Closing Costs limited to:

      • Loan origination fee (up to 1% of loan amount) OR
      • Loan discount fee (up to 1% of loan amount)***Please note if Housing Partnership assistance is covering either of the above fees, the Program limits all other lender fees to not exceed $1295, i.e. underwriting, processing, flood cert, credit report, doc fee, admin, etc***
      • Total Lender Fees (if not charging origination or discount) may not exceed $1895
      • Recording fee
      • Title insurance
      • Home warranty ($475/1yr maximum)
      • Escrow fee
      • Flood insurance premium
      • Flood insurance reserves (3 months maximum)
      • Hazard insurance premium
      • Hazard insurance reserves (6 months maximum)
      • Property tax reserves (9 months maximum)
      • Property tax – prorated
      • Prepaid interest (not to exceed 30 days)
      • Transfer tax fee
      • Real Estate Broker fee (up to $400.00)
      • Notary fee (Housing Partnership) legal doc’s = $100.00

      Fees not specifically identified above, or more than the maximum allowed, will not be paid with Housing Partnership (Culinary) funds.

      “Padding” is prohibited and clients receiving down payment assistance are not permitted to receive cash back at close of escrow.

      Principal reduction is allowed, taking into consideration Program requirements.