What kind of loan are you interested in?
Single Family Housing Programs provide homeownership opportunities to low- and moderate-income rural Americans through several loan, grant, and loan guarantee programs. USDA Rural Development offers two home loan programs in Nevada; the Guaranteed Home Loan and the Direct Home Loan.
Here is a table to clearly define the differences between the two programs:
| |
|
Guaranteed |
|
Direct |
| Term |
|
30 year |
|
33 / 38 year |
| USDA Fee |
|
Yes –2% |
|
No |
| Payment Subsidy |
|
No |
|
Yes if eligible |
| Subject to Subsidy Recapture |
|
No |
|
Yes |
Example Max Income- Clark County 4 Household Members |
|
$75,900 |
|
$52,800 |
| Example Max Loan Limit-Clark County |
|
No |
|
$179,400 |
 |
Prepare yourself for the next step with a free on-line homebuyers education course.
|
Where would you like to go next?
Refinancing Information
Much interest has been generated in the recent refinance programs that have been announced and the recent settlement that states have made with the five major banks. We recommend you check with your lender first to identify whether your loan was guaranteed by USDA Rural Development, and what your refinancing options may be. If you have a USDA loan, you may be interested in the recently announced Rural Refinance Pilot.
The Rural Refinance Pilot is available to eligible borrowers who qualify to refinance their current USDA mortgage loans. Under the Rural Refinance Pilot program, a lender does not need to submit a new credit report, new appraisal, any HUD Handbook minimum property determinations, or any additional property inspections. This means that refinancing at today’s low interest rates may be available to you, even if you are “underwater” on your loan.
In order to qualify for the streamlined Rural Refinance Pilot, current Section 502 Direct or Guaranteed Loan borrowers must:
- Meet current income eligibility requirements;
- Reside in an eligible rural area or an area that was eligible at the time of the original loan closing; and
- Have made timely mortgage payments for the 12-month period prior to the refinance.
The websites below offer general information about President Obama’s Housing Refinance Program, and list information from other sites that may be of use to you, even if you are not a USDA borrower.
Other websites for you to visit.....
Nevada Foreclosure Help!
http://www.foreclosurehelp.org/Nevada
775-824-3700 (Northern Nevada) 702-366-2100 (Southern Nevada)
Nevada’s Hardest Hit Funds
http://www.nahac.org/
(855) 428-HELP (855) 428-4357
Home Again - Nevada Homeowner Relief Program
(Office of the Nevada Attorney General)
http://www.homeagainnevada.gov
For Information About the Bank Foreclosure Fraud Settlement
Ally Financial / GMAC Mortgage
https://www.gmacmortgage.com/finform/hhstart.htm
-OR-
https://ocwen.mortgagebanksite.com
| 
