[pwk]

Is there a minimum price of the property to qualify for this gift? Does it have to be a loan with the bank? What about owner financing?

[delgadobb]

Originally Posted by topaz420

Wells Fargo in association with the federal government have given $6 million for down payment assistance in Las Vegas.

Important Info:
- First come, first serve -- when the money's gone, it's gone. As of June 15, 2012 (1 month after program's announcement) there were still 399 out of 400 gifts available.

What's the catch?
- It's meant for people really trying to find a home to live in, not investors, so to prevent "hit and runs" it is structured as a "silent second" lien on the property. It is in essence a 5-year "loan" with zero interest, and for each year you stay in the house, 20% of the loan is forgiven.

Originally Posted by eventusstultorummagister

WOW! This program started in June with 400 grants and today they still have 399 up for grabs. Nobody below the income threshold can qualify for a loan? This debt crisis may be worse then I imagined!

[mod cut-- rude] OP said as of June 15, 2012 there were still 399 out of 400 gifts available. Their followup post on August 12th mentioned the program still has funds available; they said nothing about how many of the 400 grants/gifts are still available.

Originally Posted by eventusstultorummagister

To clarify, it's an interest free loan, not a gift. It will require repayment... eventually

[mod cut--rude] I feel like this is a response to someone selectively twisting information. Let's not confuse members trying to make sense of the thread. First post in the thread clarified that 20% of the loan is forgiven for each year you stay in the house. After five years of residence in the house, it *does* become a gift.

[topaz420]

Originally Posted by pwk

Is there a minimum price of the property to qualify for this gift? Does it have to be a loan with the bank? What about owner financing?

No minimum property price.

Not sure about the second question, but it seems like it does have to be financed in some way because it goes on as a silent second lien after your first mortgage

[topaz420]

Originally Posted by Tek_Freek

Some of us pay taxes, too.

The cost of this entire program ($6 million) is what the U.S. spends on war in approximately 20 minutes.

Let's get this thread back on track, to helping City Data members that are interested in exploring this opportunity.

[eventusstultorummagister]

Originally Posted by delgadobb

[mod cut-- rude] OP said as of June 15, 2012 there were still 399 out of 400 gifts available. Their followup post on August 12th mentioned the program still has funds available; they said nothing about how many of the 400 grants/gifts are still available.



[mod cut--rude] I feel like this is a response to someone selectively twisting information. Let's not confuse members trying to make sense of the thread. First post in the thread clarified that 20% of the loan is forgiven for each year you stay in the house. After five years of residence in the house, it *does* become a gift.

I contacted the office who in turn provided that info.

As stated it was a "clarification" which was meant to prevent (not create) confusion.

In most (if not all) of your posts directed at me there is an underlying anger or hatred and I'm not sure why. At any rate I still love you as we are all connected.
Peace.
ESM

[lasvegasmomma]

Originally Posted by topaz420

20% of the balance is forgiven (permanently) each year. When you reach your 5 year anniversary you're free and clear. So if you're intending on living there long-term then it becomes a gift

how would they determine that? Couldn't you just say you live there even if you don't? I know of some lady who moved out of the property to live with her BF and now her parents live there.

[topaz420]

Originally Posted by lasvegasmomma

how would they determine that? Couldn't you just say you live there even if you don't? I know of some lady who moved out of the property to live with her BF and now her parents live there.

No idea how they would enforce that -- I just know that if you leave before the 5 years are up, you have to pay back whatever percentage hasn't been forgiven

We're one year in, and other than the fact that we can't wait to get out of this city, everything with the mortgage/down payment program is going great!

[vegasbaby3]

If you are a Buyer and you attend the 8 hour class and the follow up meeting, if NHSSN intends to help you with following thru on the down payment assistance: will they give some documentation, in writing, that states/guarantees it?