Downpayment Assistance Programs that Work with USDA
In last month’s Nevada Home News we introduced some of our partner agencies that have down payment assistance programs that work with the USDA Rural Home Loan programs. This month we offer a little more detail. Here are the organizations offering services that can be used in conjunction with our Single Family Housing Direct 502, Single Family 504 Home Repair Program and the Single Family Housing Guaranteed 502 Home Loan Program.
Check them out, your homebuyers will thank you for it!
Mortgage Credit Certificate (MCC ) sometimes referred to as Mortgage Tax Credit (MTC) The MCC enhances the applicant’s repayment ability as it enables the applicant to take an income tax credit which can be used toward repayment of the mortgage loan.
Down Payment Assistance Program that works with Direct or Guaranteed Home loans and is available statewide except in Washoe County and Metropolitan Clark County.
RNDC’s Weatherization Assistance Program can combine with USDA’s 504 Home Repair Loan or Grant Program to pool resources and stretch our funding or make a project possible that could not be accomplished with our funding alone. It is only available in Elko, Esmeralda, Eureka, Humboldt, Lander, Lincoln, Mineral, Nye, Pershing and White Pine Counties.
Ticia’s Tips for Underwriting Loans, Or “HOW TO AVOID DELAYS”
Our new monthly column to help you speed through processing loans and avoid delays!
• Check your findings for randomly flagged Full Document Reviews and/or any additional required documents such as MCC documentation, explanation for multiple applications, etc.
• If using a TPO insure the tax ID is accurate in GUS
• Double check that the income on the 3555-21 income calculation sheet is consistent with the income in GUS.
• Be sure to put the correct construction type and date in the property section of GUS.
• When GUS makes a recommendation of REFER or REFER with Caution, we need the underwriter’s contact information; please be sure to put the underwriter’s phone number and e-mail address on the 1008
• Nevada Housing Division has a great guidance form for submitting an MCC and how the applicant should file their W-4 http://housing.nv.gov/uploadedFiles/housingnvgov/content/programs/FTH/MCCProgramW4Calc.6.3.16.pdf
USDA is an equal opportunity provider and employer.