1: North Las Vegas first time home buyers must attend a class.
All Nevada first time home buyers who need assistance must attend a first time home buyer class which is sponsored by an approved non-profit organization such as Neighborhood Housing Services of Southern Nevada or Consumer Credit Counseling Service.
This is the class that teaches you how to prepare to become a first time home buyer. They talk about credit scores and how to improve them, how to analyze your financial situation and take steps to improve it and more. We have taken the classes to see how effective they are and they are excellent. This class is 8 hours and usually there is a waiting list, so register for it as soon as you can. At the conclusion of the class, first time home buyer prospects will be given a certificate of completion. No class, no down payment or mortgage assistance.
2: First time home buyers have to do a one on one counseling with a Certified Housing Counselor. I canâ€™t over emphasize the importance of the class and counseling sessions and their educational value for the first time home buyers.
3: After the counseling session, the consoler will categorize you in three categories.
A: Mortgage ready first time home buyer.
The applicant has to provide the following and meet the criteria below:
This applicant has been pre-approved by a participating lender and is working with a certified Realtor (we are certified).
No bills in collections and meets the 31%-43% criteria.
Has no insufficient funds on the bank statements for the last 4 months and can prove $1000 in the bank account for the last two months plus two months mortgage payments. Four months of pay stubs have to be provided by the applicant.
Can show two years of tax returns and W2 forms and has to have worked in the last two years with consistent income.
Provide the most recent credit report with a credit score of at least 620. Their publication states 580 credit score, but it has been updated.
Has to have completed the first time home buyer class and have the certificate.
Has a fully executed purchase contract for a home or condo in the City of North Las Vegas that is not in the flight path which appraises for the purchase price.
All conditions have been met by the certified real estate agent or Realtor, mortgage lender and the applicant
David Cooper Investor 702-499-7037