Homeownership
Services summary
Nevada Partners’ Housing Program aims not only to promote home ownership, but also to create informed home buyers who can support homeownership over the long term. Studies show that with education, first-time home buyers have a much higher rate of success in keeping their homes or seeking help when needed. By enabling local families to overcome the barriers to purchasing a home of their own, this program encourages wealth creation, a stable workforce, and a stronger community.
NPI Homebuyer Education Workshops
NPI Homebuyer Education Workshops are offered multiple times per month via in-person classes and webinar presentations. The class is designed to educate homebuyers of the requirements and steps toward qualifying for a mortgage and buying a home. It focuses on the importance of successful credit and money management. The class also highlights several of the homebuyer assistance programs that are available in the community. The workshop is a requirement for all clients using DPA programs and participants receive a certificate of completion that is good for 12 months.
The Culinary & Bartenders Housing Partnership Down Payment Assistance program
The Culinary & Bartenders Housing Partnership Down Payment Assistance program is designed to assist Culinary and Bartender Union members with up to $20,000 in assistance for down payment, closing costs and principle buy-down. To qualify, the member must be a first-time homebuyer, must work at a participating property, and must have worked over 2000 hours within the past three years. The assistance is available for a home purchase in Clark County or Nye County. Affordability guidelines apply based on household income and size. The funds borrowed are due and payable when the home is sold, vacated, leased, or refinanced for cash-out.
The WISH Down Payment Assistance program
The WISH Down Payment Assistance program provides first-time homebuyers, at or below 80% of HUD Area Median Income (AMI), assistance to purchase a home. This program offers up to $29,000 for down payment, closing costs and principal reduction. The program provides a 4-to-1 matching grant based on the buyer’s contribution. There are no payments or interest for five (5) years. The funds borrowed will be forgiven yearly on a pro-rata basis as long as the home remains the primary residence, is not sold, leased, nor refinanced for cash-out.
Pre-Purchase Counseling
Pre-Purchase Counseling is delivered through a one-on-one format and is used to determine the client’s mortgage readiness and eligibility toward DPA programs. The process helps clients identify the necessary steps to homeownership as well as the obstacles they may need to overcome. The client and housing counselor work together to create a plan of action that addresses any barriers to homeownership, such as debt, credit, savings, or work experience.
Post-Purchase Counseling
Post-Purchase Counseling services are geared toward educating clients that are homeowners. Housing Counselors meet with homeowners who are interested in refinancing their mortgage, increasing their savings, raising their credit scores, or to address other issues related to their housing situation, such as mortgage default, foreclosure, and more.
Financial Management and Credit Counseling
Financial Management and Credit Counseling is incorporated into our homebuyer education workshops and our pre-purchase one-on-one counseling sessions. We describe the mortgage process, the importance of budgeting and good credit management, and the need to plan for the maintenance and repairs that are a part of homeownership. NPI also provides financial literacy workshop covering such topics as using credit, managing your money, and understanding your credit history, identity theft, and advanced banking services.
The Homeowner Assistance Fund (HAF)
The Homeowner Assistance Fund (HAF) is a free service for homeowners battling financial hardship. Qualified homeowners can receive up to $62,000 for assistance with past due mortgage payments, non-escrowed taxes, homeowner’s insurance, and HOA fees. After receiving assistance, a lien is placed on the home which is forgiven after 3 years. Eligible homeowners must have experienced a hardship related to the coronavirus COVID-19 pandemic.
Mortgage Default and Foreclosure Prevention
Mortgage Default and Foreclosure Prevention services are provided free-of-charge to homeowners at risk of foreclosure. Housing counselors provide a review of the homeowner’s situation to reveal the available options. Some available options may include refinance, forbearance, repayment plans, modification, or emergency mortgage assistance.
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