Headquarters
1320 East Aultman
Ely, Nevada 89301
rndcnv@sbcglobal.net
Office:     (775) 289-8519
Fax:         (775) 289-8214
Toll Free:  866-404-5204

Housing Dept. Fax:   
(775) 289-3690

Western Region Office
704 W. Nye Lane, Ste. 201
Carson City, Nevada 89703
audrey@rndcnv.org
Office:     (775) 883-4413
Fax:         (775) 883-0494


Pahrump Office
1301 S. Highway 160
NSB Building, Second Floor
Pahrump, Nevada  89041
alparker@rndcnv.org
Office:     (775) 751-1947
Fax:         (775) 751-1933
NEIGHBORHOOD STABILIZATION PROGRAM
HOMEBUYER ASSISTANCE
Rural Nevada Development Corporation
As part of the Housing and Economic Recovery Act (HERA), passed by Congress in July 2008, $3.92 billion was
provided to communities hardest hit by residential foreclosures and mortgage delinquencies.

The Town of Pahrump has received $862,223 to assist low, moderate, and middle income households purchase
foreclosed properties in the areas located in neighborhoods west of Highway 160.  This area has the highest
concentration of foreclosures.

Douglas County has received $355,041 to assist low, moderate, and middle income households purchase
foreclosed properties in the Minden/Gardnerville area, more specifically the area known as the Gardnerville
Ranchos.  This area has the highest concentration of foreclosures.

25% of each allocation has been set aside to assist households whose gross annual income does not exceed 50%
of the area median income, per HUD guidelines.

These deferred loan funds are interest free and do not require any monthly payment.  The loan must be repaid when
the property is sold, if the home is no longer the client's primary residence, or if there is a transfer of title.

Funds will be used for down payment assistance, principal buydowns, and to fund eligible closing costs.



ELIGIBILITY REQUIREMENTS

  • Applicant must be pre-qualified for a mortgage through an approved lender.  Sub-prime mortgages are not
    eligible.

  • Applicant must complete a HUD approved eight hour homebuyer education class before disbursement of
    funds.

  • Gross annual income for all persons in the household cannot exceed 120% area median income (AMI), per
    HUD guidelines.  Income limits are as follows:


















PROPERTY REQUIREMENTS

  • Home must be vacant at time of purchase and cannot have been rented at any time during the previous six
    months.

  • Purchase price cannot exceed 95% of area FHA Mortgage limits.

  • Property must be bank owned.

  • Property must pass HUD HQS (Housing Quality Standards) Inspection.

  • Property must be purchased in targeted area.

  • Property must be purchased at a 1% discount of the current market value.




AVAILABLE ASSISTANCE

NSP funds will be used for principal buydowns, eligible closing costs, and lender required down payments.

  • A minimum of $20,000 is available for principle buydowns.

  • Assistance cannot exceed 40% of purchase price

  • Eligible closing costs may include loan origination fees, appraisal, credit report, title search, escrow fees,
    document preparation, reserves, and inspection costs.  Prepaid items such as insurance premiums and
    yearly taxes are not eligible.

  • NSP will fund 50% of lender required down payment.  Applicants at or below 80% AMI that are first time
    homebuyers may be eligible for additional assistance to fund the remaining 50% of lender required down
    payment.  Additional assistance is not eligible for households whose incomes are 80-120% AMI.

  • NSP funds are also available to assist with needed repairs on foreclosed homes.  RNDC encourages the
    installation of energy efficient measures and these items will be recommended at the time of inspection.
Household Size
1 Person
2 Persons
3 Persons
4 Persons
5 Persons
6 Persons
$53,600
$61,240
$68,900
$76,550
$82,700
$88,800
Household Size
1 Person
2 Persons
3 Persons
4 Persons
5 Persons
6 Persons
$62,000
$70,850
$79,700
$88,550
$95,650
$102,750
Pahrump Area
Douglas County
Gross Annual Income
Gross Annual Income