Our most frequently asked questions are posted here. Please take a moment to review. And if you have additional questions please contact us.
Down Payment Assistance FAQ
Do I have to pay back the funds that were used towards my down payment and/or closing costs?
As long as the home you purchase remains your primary residence for a minimum of 5 years, the funds will not be required to be paid back. If the home is sold or if the ownership is transferred before the 5 year minimum, the amount provided through Down Payment Assistance will be due back in full to Nevada Housing Division.
How long does the lien stay on my home?
The lien will remain on the home for a minimum of 5 years before it is forgiven.
Are mobile homes eligible for assistance?
Mobile homes are eligible as long as they are on a permanent foundation and have been converted to real property. Apartments and multifamily residences are not eligible.
Can DPA be applied to “rent to own” situations?
No, the purchase must be financed through a lending institution and recorded by a title company to secure the lien at closing.
Is there a minimum credit score to be eligible for the program?
There is no minimum credit score required to participate in the program. Applicants must be approved for a mortgage loan and provide a copy of the Certificate of Eligibility in order to be approved with our program.
Are “fixer-upper” homes eligible for assistance?
No, any and all repairs involving health and safety will be determined once a home inspection has been completed, and repairs are required to be completed prior to closing. Proof of repair is required before funding can be sent to the title company for closing.
Can required repairs be completed after closing?
No, any and all required health and safety repairs must be completed along with providing proof of repairs prior to closing.
Can DPA funds be used towards repairs prior to closing?
No, funding for DPA can only be used towards the down payment and/or eligible closing costs.
What is the maximum sales price limit for my county?
The maximum sales price limits vary from county to county, please contact our Housing Staff for more information.
What is the maximum income limit for my county and household size?
Please contact our Housing Staff to find out the income limit for your county and household size.
Which closing costs are eligible to be covered with DPA?
- Loan Origination Fees
- Appraisal Fee
- Daily Interest
- Flood Certificate
- Credit Report
- Tax Service Fee
- Title Charges
- Recording Fees
- Transfer Taxes
- Inspection Fees
- Lead Based Paint Inspection (only required for homes built in 1978 or prior)
- HUD Approved Home Buyer’s Education Course Fee
Are there any fees associated with using the program
We require applicants to complete an online, HUD Approved, Home Buyer’s Education Course. The fee for completing the course may vary depending on which website is used, however, we can include the cost at closing and reimburse for the amount paid as long as a completion certificate and receipt of payment is provided prior to closing. Please note that if the course does not have a fee, it is most likely not HUD Approved, and we will require you to complete a course that is approved.
Where can I find an online homebuyers education course?
The below websites offer online homebuyer’s education courses:
What if I want to apply for Down Payment Assistance but I don’t currently have an offer in on a home?
You may apply for DPA even if you do not have an accepted offer in on a home at the time of application. We will keep your application on file for 6 months, however we will request updated documentation every 90 days unless you notify us that you are no longer in need of Down Payment Assistance.
Can windows and doors be replaced?
Eligible measures will be determined after a home energy audit has been completed.
Can you fix my roof?
Major roof repairs are usually outside the scope of Weatherization. Mobile home roof coating and minor repairs may be eligible and will be determined after a home energy audit has been completed.
Do I have to pay for the work being done to the home?
No, the Weatherization Program is paid for by grant funding.
I’m a renter, can I apply for Weatherization?
Yes, please be sure to complete the “LANDLORD” line on the first page of the application with the name, address, and phone number of your landlord. We will send them a form outlining the purpose of the program and their obligations, they are required to sign and return the form before we can schedule and initial home energy audit. Currently, mobile homes and single family site built homes are eligible, and neither the tenant or the landlord is responsible for payment of any work done.
I’ve been approved for the program, when will I receive an inspection?
Once you have been approved for the program, you are added to a statewide waiting list organized by county. Once we are starting work in your area, we will contact you to set up a time and date for your inspection. We are also required by the State of Nevada Housing Division to use a points system for priority rating, which is determined at the time of application. To find out your priority rating please call our office and speak with the Housing Programs Clerk.
How do I know what work will be done?
An initial “Scope of Work” will be signed by the applicant at the time of their home energy audit. This scope will list energy saving measures the inspector has suggested for the home. The scope of work is subject to change. Once we receive an approved work order/estimate from the contractor, the contractor will notify the applicant of what measures will be installed, along with a time and date for the work to begin.
I’ve already sent a complete application with all required supporting documents, why are you asking me to send it again?
We are required to keep applications and supporting documents current and up to date. Items such as power/propane/natural gas cost and usage, income, and contact information may change. We will request updated information/documents if it is older than 6 months.
How long will the lien stay on my home?
Depending on the amount of funding used to complete work on the home, the lien may stay on the home for up to 10 years. This is considered the period of affordability and is subject to change depending on the amount of funding put into the home to complete the work.
Do I have to pay back the funds that were used to complete work on my home?
If the home has been sold, the ownership is transferred, or if the home is no longer your primary residence prior to the period of affordability, the total amount will be due in full to Nevada Housing Division.
Are cosmetic repairs eligible?
Cosmetic repairs are not eligible under this program. Health and safety, handicap accessibility, and energy conservation measures are eligible.
Is landscaping/yard work eligible?
Yard work and landscaping are not eligible under this program.
Are there lending grants available?
Our program here at RNDC is a loan program. We do not have grants to offer.
Is there a minimum credit score required to be eligible for the program?
No. While we do look at credit characteristics, we do not have a minimum score requirement. We do require that all accounts are currently on time and that there are no open collections or judgements.
What are typical interest rates?
Between 6-12%, depending on the strength of the project.
What can be used as collateral?
We can use business or personal assets. Real estate, vehicles, equipment, etc.
What are typical terms for loans?
Depending on the collateral being offered, we can extend the term of the loan out as long as 20 years.
What kind of business do you finance?
We finance many kinds of businesses. Agriculture, motels, restaurants, mini-storage, construction companies, etc.
Is there a waiting list?
Yes. Please call (775) 289-8519 for an application or download the application by clicking here.
Do you accept pets?
Yes pets are welcome. There is no fee for service animals. There is a $100 pet fee for non-service animals.
Do you have Senior/Disabled Housing?
How big are the apartments?
One bedroom apartments with living room, dining room, kitchen with microwave, washer/dryer are 748 square feet.