This
program is designed to assist income restricted
homeowner candidates who want to preserve home
ownership.
Qualified homeowners can receive a principal
reduction of up to $100,000. In order to receive the
full benefit, the participating Servicer must
provide a dollar for dollar match of the Nevada
Hardest Hit Fund®
maximum contribution of $50,000.
Eligibility
Criteria
•
Legal US Resident
• Loan originated
1/1/2009 or earlier
• Home is
currently owner occupied
• Must have only
one mortgage
• Borrower does
not own any other real property
• Current income
does not exceed 150% of AMI as published by HUD
• Hardship
Affidavit
• Pre-assistance
principal balance must exceed 115% loan-to-value
based upon valuation obtained
by Nevada Hardest Hit Fund®
or Servicer
• Post-assistance
mortgage payment (principal, interest, taxes and
insurance) must be reduced to
43% or less of the homeowner’s gross income
• Mortgage
balance must not exceed:
- Clark
County: $427,184
-
Reno/Sparks SMSA: $431,189
- Rural
Nevada Areas: $347,087
Homeowners that receive benefit assistance are
required to own and occupy the subject property for
5 years following the date assistance was initiated.
Homeowner will be required to sign a promissory note
which will be recorded for the amount of assistance
received. This note bears zero percent interest and
is forgiven over a five year period which commences
when assistance is provided.
Bank, Servicers, Counselors,
Nevada Hardest Hit Fund®,
and Information Sources... All Available for a
One-Stop Help Center for those Homeowners
Facing the Possibility of
Losing their Homes.
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