The Washoe County HOME Consortium (WCHC) is providing 2 new programs to assist families become homeowners. The Neighborhood Stabilization Program (NSP) will assist homebuyers to acquire foreclosed homes in targeted communities within Washoe County. While the HOME program can be used to assist in acquiring any for-sale home throughout Washoe County. These homes must be either for sell by an owner-occupant or vacant; assistance is not available to acquire a renter-occupied home.
Under both programs the applicant must be a first-time homebuyer that can be income qualified. NSP clients must have an annual household income between 50 and 120 percent of the area median income (AMI), and for HOME the maximum household annual income is 80 percent of AMI.
2009 Income Limits
Family Size
1
2
3
4
5
6
7
8
50% AMI
24,650
28,150
31,700
35,200
38,000
40,850
43,650
46,450
80% AMI
39,440
45,040
50,720
56,320
60,800
65,360
69,840
74,320
120% AMI
59,160
67,560
76,080
84,480
91,200
98,040
104,760
111,480
PROCESS/TIMELINE FOR RECEIVING ASSISTANCE:
1. Potential homebuyer submits an application for assistance, including all attachments and supporting documentation. Staff will determine eligibility based upon third party verifications; this will likely take no less than 30 days and may take up to 90.
2. Applicant will be notified of eligibility and be provided further direction, including securing a mortgage and selecting a property. Draft documents are provided for appropriate program.
3. Client qualified for a mortgage.
4. Client selects a property and notifies WCHC staff:
a. an environmental review is completed (24 hours during work week)
b. purchase agreement executed, submits to WCHC
c. buyer/lender have appraisal completed by HUD certified appraiser, submits to WCHC
5. Property in compliance with funding and program regulations:
a. WCHC home inspection scheduled and completed (1 week minimum)
b. Any repairs required following inspection are completed
c. Documents and funds disbursed to title for closing
More information on the specific program can be found at the following links:
HOME Down Payment Assistance Qualifications
Neighborhood Stabilization Program Qualification : Maps of target areas --
Stead in Reno, Sun Valley and the Sparks core.
Application and Other Required Documents
or by calling Jodi Royal-Goodwin, Community Reinvestment Manager, 775-334-2305/2578 or email.
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