MCC

Nevada Housing Division (NHD) – MCC Program 

Note – for details, see the Administrator’s Guidelines under GUIDELINES Tab

PROGRAM FUNDS
  •  24.7 million
LOAN TIME LINE REQUIREMENTS
  • Reservation to UW Cert: 20 calendar days (cancelled if not certified)
  • Reservation to Close and Delivery: 45 calendar days
  • Reservation to Loan Purchase: 70 calendar days
ELIGIBLE AREAS
  • State-wide
ELIGIBILITY CRITERIA
  • first-time homebuyer requirement
ELIGIBLE LOAN TYPES
  • Government – FHA, VA, USDA-RD
  • Conventional
AVAILABLE DPA
  • when combined with HIP first mortgage
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income (not co-signor’s)
  • see Administrator Guidelines
HOME ACQUISITION LIMITS
  • see Administrator Guidelines
HOME BUYER EDUCATION
CO-SIGNERS
  • permitted to the extent permitted by applicable Agency (Fannie Mae, FHA, VA, USDA: RD).
  • cannot have any ownership interest in the property (they cannot be on the mortgage/Deed/Warranty Deed).
LENDER PARTICIPATION
  • Approval by Nevada & US Bank
FORMS AND DOCUMENTATION
  • Available online under Forms
THE AGENCY
  • Issues the programs, Creates the first mortgage and down payment assistance options
  • Sets the rate, term and points
  • Lender relationships, Markets the program
  • NHD’s Web
  • Need help
Reservation/locks – AVAILABLE from 8:00am-7:00pm Pacific (11-10 EDT excluding weekends & holidays)
Loan Amount MCC Rate
Category 1  $225,000 and above  20%
Category 2  Less than $225,000  30%
eHousingPlus is the Program Administrator, and provides some of the following services:
Administrator Guidelines (11/1) Administrator's Guidelines 6/9 7/22

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency on Program Goals.
  • Need help, Click here

Notice of Potential Recapture if needed to disclose upfront.