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Nevada FHA Loans

Everyone dreams of having his or her own homes. For first-time home buyers and low-income to moderate-income individuals and families, the state of Nevada might just be their wonderland.

What do Nevada FHA mortgage loans have to offer?

Due to a very active and effective Housing Division, a lot of HUD-approved (Housing and Urban Development) housing programs are made possible to provide more affordable housing options for individuals and families especially those abovementioned. Nevada's Housing Division not only assists in Down Payment financing for single-family, multi-family, and other housing options through down payment assistance loans which are backed by the Down Payment and Closing Cost Loan Program, but also guarantees many tax advantages on Nevada mortgage loans. Through this feature of the Nevada Housing Division, taxes on countless interest payments on home loans have been deducted. This has been made possible for home improvements for medical conditions and factors related thereof.

In 2006, special revenue bonds produced under Nevada's Housing Division's Guaranteed Mortgage-backed Securities Program further boosted the performance of Single-Family Mortgage Programs. Furthermore, several other programs ensure the security of Nevada FHA mortgage loans such as the HOME Investment Partnership Program and the Low-Income Housing Trust Funds Program.

More information on the Guaranteed Mortgage-backed Securities Program

Bonds come in two forms: fixed-rate bonds and variable-rate bonds. All fixed-rate bonds come in $5,000 denominations while variable-rate bonds are dependent on mode periods. A denomination of $100,000 is set for variable rate bonds in regular interval mode periods. Within an auction-mode period, variable rate bonds come in $25,000 denominations and for a semi-annual mode period, a denomination of $5,000 is set for the bonds. In excess of the specified denominations, bonds come in multiples of $5,000. The bonds are mostly used for financing and refinancing single-family residences. Bonds are secured because they are backed-up by a network of mortgage loan lenders in Nevada and are set within the guidelines of the Program Administration and Servicing Agreement of October 2005.

More information on the HOME Investment Partnership Program

The program aids in financing gaps in several of Nevada's FHA loans. It also contributed to the increase in available housing supply. Housing units available in Nevada is projected to go over the estimated 352,198. Interested customers are advised to inquire whether the area where their desired residence or residences to purchase is/are within the PJs or the so-called Participating Jurisdictions where the HOME Investment Partnership Program's concentration lies.

Nevada's Single-Family FHA Loans

The single-family FHA loan experience, having been in existence for over two decades, implies that getting single-family FHA loans in Nevada have never been easier and more worth it. With an increasing supply of affordable housing, several of which are priced below usual market prices, many have availed of Nevada's FHA loans. In fact, an estimated 55% of total housing units (pegged at 352,198) are currently owner-occupied. Backed by an aggregate amount of $22,500,000 single-family mortgage revenue bonds from the Guarantees Mortgage-backed Securities Program, each borrower or home buyer may apply for bond redemptions providing they are in touch with their loan company or lender. The process for bond redemption eligibility is easy. Nevada's Housing Division only requires lenders to reserve bonds by registering their customer's name and the residence he or she has agreed to purchase. Then the loan company is obliged to submit compliance files to the agency. Certain limitations are set by the Housing Division for the best possible allocation of these revenue bonds but it need not imply that limitations are stringent. Many are still qualified provided that:

  • Borrower's income is less than or equal to the maximum income stipulated in the Mortgage Origination Agreement.
  • Borrower has liquefiable assets such as stocks and equity in real property which is less than or equal to 50% of the residence value

Since January 31, 2003, Nevada's Housing Division has awarded a total amount of $22,901,522.25 as Low-income Housing Trust Funds used to finance down payment assistance loans, rehabilitation of single-family units, emergency assistance, even financing multi-family housing programs. From the aggregate amount rendered by the division, a portion of $1,239,396.58, which funds 408 projects, has been allocated to the rehabilitation of single-family units. On the other hand, the HOME program has allocated a sum of $2,930,571.35 for 279 projects for single-family residences.

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