Section 319.568 - Requirements for deferred mortgage loansEach deferred mortgage loan financed by the Division must:
1. Be of an amount that:(a) Does not reduce the ratio of mortgage payment to income of the eligible applicant, calculated as prescribed by the Federal Housing Administration, below 29 percent; or(b) Does not reduce the ratio of total fixed payment to income of the eligible applicant, calculated as prescribed by the Department of Veterans Affairs, below 41 percent;2. Not provide for money to be used for any purpose other than the down payment or the closing costs, or both;3. Not provide to the eligible applicant at closing any cash refund that is $50 or more;4. Not create a ratio of combined loan to value, including the mortgage loan and the deferred mortgage loan, exceeding 100 percent; and5. Meet the applicable requirements of the HOME Investment Partnerships Act, 42 U.S.C. §§ 12701 et seq.Nev. Admin. Code § 319.568
Added to NAC by Housing Div. by R136-03, eff. 11-26-2003NRS 319.140, 319.145, 319.210