[clutchcargo777]

Originally Posted by topaz420

Liquid, so just cash and stocks. Personal property, cars, etc, dont count.

The underwriters asked for 6 months of reserves, so i was able to keep that in my bank account without it counting towards the 7500 either.

I guess their reasoning if after all of that you still have 7,500 in cash, then you probably dont need help with your down payment

What did they use to calculate the 6 months reserves?

[topaz420]

Originally Posted by clutchcargo777

What did they use to calculate the 6 months reserves?

I think they did it as an (unspoken) favor to me so i could keep more in my bank account. It was calculated using *all* recurring costs: principal + interest, HOA, insurance, and property taxes

[Hatetheheat01]

Originally Posted by topaz420

This came up in another thread but I thought it deserved its own space, because it was life-changing for me and my wife.

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

Important Info:

- Each gift is $15,000 and must be used for either initial down payment or additional down payment.
- The home must be in the Las Vegas City limits (no Henderson, North Las Vegas, or unincorporated areas)
- Can be HUD or conventional financing
- Does not have to be financed through Wells Fargo, though it is a lot easier if you do because their loan agents are experts on the program
- Buyer must fall within (very reasonable) income guidelines - (roughly 50k for 1 person household, 55k for 2, etc)
- Buyer cannot be left with more than $7,500 in liquid assets after all home buying costs (closing costs, down payment, and any required reserves)
- Buyer must attend free 8-hour homebuyer education course at NHSSN office in NLV (actually a very hel pful and informative class)
- Can be used for new construction
- 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.

If I left anything out, feel free to ask and I'll do my best to answer.

For more info:
Neighborhood Housing Services of Southern Nevada - Building better neighborhoods block by block

Or ask your neighborhood Wells Fargo loan agent (all Las Vegas area ones have been trained on this program)

What zip codes for homes would qualify? Would it be possible to be in a good area?

[topaz420]

Originally Posted by Autumn07

What zip codes for homes would qualify? Would it be possible to be in a good area?

There are many nice areas in LV city limits, especially in the west (summerlin) and far northwest (centennial hills)

here is an interactive map that shows the exact boundaries

Las Vegas City Limits Interactive Map

[Hatetheheat01]

Originally Posted by topaz420

There are many nice areas in LV city limits, especially in the west (summerlin) and far northwest (centennial hills)

here is an interactive map that shows the exact boundaries

Las Vegas City Limits Interactive Map

Thank you so much for the map link.
Do you have to of been a Vegas resident for 6 months or more first?
I'm in AZ. I would love to move to Vegas but I unfortunately can't at this time- unless a miracle were to happen!

[topaz420]

Originally Posted by Autumn07

Thank you so much for the map link.
Do you have to of been a Vegas resident for 6 months or more first?
I'm in AZ. I would love to move to Vegas but I unfortunately can't at this time- unless a miracle were to happen!

I don't know of any residency requirement -- I was in Australia before I headed down to find a house

[Bps401]

Where do i sign up! Would love to put a down payment on a house instead of renting for years and struggling to save 20k

[topaz420]

Originally Posted by Bps401

Where do i sign up! Would love to put a down payment on a house instead of renting for years and struggling to save 20k

First step is to just contact NHSSN (link on first post) and schedule a date for the free class (and to confirm that funds are still available - as of posting date, there were)

[ElleTea]

Originally Posted by nfapps

There is also a thread somewhere on this forum about a military guy who did participate, had to move due to duties and rented out the place so he wouldn't default. During his next tax return the government wanted full reimbursement for the tax credit because he was not living in the residence, but he had already used the money on the house.

Yep, that is one of the key factors in the $8K tax credit. The house needs to be your primary residence for three years. Honestly, I am suprised a military guy would even apply for the credit as they dont always stay in one place for very long.

That requirement was put in place to keep someone from buying a house as an income property just to get the money.

[duttygal86]

I qualify 100%, except for the fact that you probably still have to have a 700 plus credit score. I would love the opportunity to take advantage of this.