The Home Means Nevada Home Retention Program is designed to assist individuals and families at risk of losing their homes. The program will purchase a pool of underwater, delinquent Nevada mortgages at a discount using funds from federal sources and the national mortgage settlement agreement. Working with the homeowner, the program will aim to refinance the loan at current market value, eliminating the underwater portion and giving the homeowner an opportunity to start building equity. If a homeowner is unable or unwilling to participate in the refinance, transition assistance will be provided. The home will be resold to eligible owner-occupants. This program is not open to applications. Homeowners will be notified if their loan has been purchased by the program.
Nevada was selected to be one of the first states' to receive fund from the U.S. Treasury's "Hardest Hit Fund." The State of Nevada was awarded more than $150 million in funds available to assist qualified homeowners.
Home Again is a new program that makes it easier for homeowners in
Nevada to determine what state or federal assistance may be available to
them with a single “one-stop” free resource. Initiated by Nevada Attorney General (AG) Catherine Cortez Masto, the
“Home Again Nevada Homeowner Relief Program” is designed for:
- Homeowners seeking loan modification
- Borrowers who are current, but “underwater”
- Those who have lost their homes to foreclosure
- Households working toward homeownership
The no-fee service is available to all Nevadans simply by calling
toll free 1-855-HLP-4-NEV (1-855-457-4638) with both English and
Spanish-speaking assistance available. The call center is open 7:00
a.m. – 7:00 p.m. Monday through Friday.
Under Nevada law, the State of Nevada Foreclosure Mediation Program (FMP) is open to homeowners of owner-occupied houses who receive a foreclosure notice, formally titled Notice of Default (or Breach) and Election to Sell. Homeowners of owner-occupied houses have 30 days after being served with a foreclosure notice to elect to participate in mediation.
More than a million homeowners have been helped by MHA programs.
Homeowners in MHA modifications (HAMP) are typically saving more than
$500 each month. And now, there are new opportunities for help.
First-time Homebuyer Programs
The Nevada Housing Division First-Time Homebuyer Program offers to low- and moderate- income first time homebuyers fixed interest rates 30-year loans with additional assistance available
for down payment and closing costs.
NHD is partnering with Nevada
Rural Housing Authority to offer qualified first time buyers throughout the
state participation in the Mortgage Credit Certificate program. The
program gives a federal income tax credit equal to 40% of the interest paid on
a mortgage loan each year.
Through A Home of My Own, a program of the Financial Guidance Center, low-to-moderate income households may qualify for down-payment and closing cost assistance for the purchase of their first home. All programs are on a first-come first-served basis and there is no guarantee of funds availability.
For many households, the Home At Last™ programs have offered them the only realistic home financing option. Nevada Rural Housing Authority (NRHA) provides qualified rural Nevadans with a secure, competitive mortgage along with considerable down payment assistance. Currently, NRHA administers three Home At Last™ home financing programs–Access, Mortgage Credit Certificate (MCC) and WISH.