Nevada Administrative Code

NAC 319.325 “Deed of trust note” defined. (NRS 319.140, 319.210) “Deed of trust note” means a promissory note that: 1. Evidences a mortgage loan issued by a participating lending institution to an eligible borrower; and 2. Is secured by a deed of trust. (Added to NAC by Housing D…

NAC 319.330 “Eligible borrower” defined. (NRS 319.140, 319.210) “Eligible borrower” means a person who: 1. Desires to obtain financing for the acquisition cost of a qualified residence; 2. Qualifies as an eligible family pursuant to NRS 319.060; and 3. Has a household income that…

NAC 319.345 “Eligible lending institution” defined. (NRS 319.140, 319.210) “Eligible lending institution” means a bank, savings bank, mortgage banker or other financial institution that meets the requirements set forth in chapter 319 of NRS and NAC 319.463 for participating in a …

NAC 319.365 “Household income” defined. (NRS 319.140, 319.210) “Household income” means the income of the mortgagor and of any other person who will be living in the qualified residence and who is at least 18 years of age. (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000;…

NAC 319.390 “Mortgage loan” defined. (NRS 319.140, 319.210) “Mortgage loan” means a loan that is: 1. Made to an eligible borrower to finance the acquisition cost of a qualified residence; 2. Evidenced by a deed of trust note; and 3. Secured by a deed of trust. (Added to NAC by Ho…

NAC 319.395 “Mortgage purchase agreement” defined. (NRS 319.140, 319.210) “Mortgage purchase agreement” includes, without limitation, any documents incorporated by reference in or supplemental to that agreement. (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000)

NAC 319.415 “Participating lending institution” defined. (NRS 319.140, 319.210) “Participating lending institution” means an eligible lending institution to which the Division has issued a notice of acceptance pursuant to NAC 319.463. (Added to NAC by Housing Div. by R166-99, eff…

NAC 319.420 “Program” defined. (NRS 319.140, 319.210) “Program” means each program administered by the Division pursuant to which the Division finances the purchase of mortgage loans from participating lending institutions. [Housing Division, Loans for Single-Family Homes Reg. § …

NAC 319.425 “Qualified residence” defined. (NRS 319.140, 319.210) “Qualified residence” means a residence that: 1. Is a single-family residence; and 2. Meets the criteria for a principal residence set forth in 26 C.F.R. § 6a.103A-2(d)(3). (Added to NAC by Housing Div. by R166-99,…

NAC 319.460 Invitations and application for lending institutions to originate, sell and service mortgage loans. (NRS 319.140, 319.210) 1. For each program, the Division will mail to eligible lending institutions invitations to apply to originate and sell mortgage loans to the Div…

NAC 319.463 Criteria for eligibility to participate in program; notice of acceptance. (NRS 319.140, 319.210) 1. To be eligible to participate in a program, a lending institution must: (a) Have a net worth of at least $500,000; (b) Maintain at least one office within this State th…

NAC 319.466 Qualifications of eligible borrowers. (NRS 319.140, 319.210) An eligible borrower must: 1. Meet the criteria for underwriting applied by the Federal Housing Administration, the Department of Veterans Affairs, the Rural Development Administration of the United States D…

NAC 319.469 Mobile homes. (NRS 319.140, 319.210) 1. The Division will purchase mortgage loans for the financing of mobile homes. 2. To be financed by the Division, a mobile home must: (a) Meet the requirements applied by the Federal Housing Administration, the Department of Veter…

NAC 319.473 Ground for not purchasing or reconsidering purchase of mortgage loan. (NRS 319.140, 319.210) In addition to any other remedies available to it, the Division will not: 1. Purchase a mortgage loan which was obtained by the use of intentionally false or misleading inform…

NAC 319.476 Purchase of mortgage loans: Mortgage purchase agreement; notice to applicant. (NRS 319.140, 319.210) 1. For each mortgage loan which is purchased pursuant to a program, the Division will enter into a mortgage purchase agreement with a participating lending institution…

NAC 319.479 Service of mortgage loans purchased by Division. (NRS 319.140, 319.210) All mortgage loans purchased by the Division must be serviced by the Division or a servicer approved by the Division. [Housing Division, Loans for Single-Family Homes Reg. § 10, eff. 5-8-78; A 7-2…

NAC 319.483 Persons prohibited from purchasing obligations of Division. (NRS 319.140, 319.210) A lending institution, including any related person as defined in 26 U.S.C. § 147, shall not purchase the bonds or other obligations of the Division in an amount related to the aggregat…

NAC 319.486 Examination of books and records. (NRS 319.140, 319.210, 319.240) The Division may conduct such an examination of the books and records of each participating lending institution which has sold mortgage loans to the Division as the Division deems necessary or appropria…

NAC 319.489 Consent to jurisdiction of First Judicial District Court. (NRS 319.140, 319.210) Each mortgage purchase agreement must require the participating lending institution to consent to the jurisdiction of the First Judicial District Court of this State in any proceeding to …

NAC 319.491 Definitions. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) As used in NAC 319.491 to 319.501, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.492 to 319.497, inclusive, have the meanings …

NAC 319.492 “Eligible borrower” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Eligible borrower” means a person who: 1. Is a member of a participating employee group; 2. Is a member of an eligible family as defined in NRS 319.060;…

NAC 319.493 “Employer-assisted housing program” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Employer-assisted housing program” means a program to provide down-payment and closing-cost assistance to employees who are members of a…

NAC 319.494 “Grant” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Grant” means a grant of money awarded by the Division pursuant to NAC 319.491 to 319.501, inclusive, to a qualified organization to establish an employer-assisted h…

NAC 319.495 “Participating employee group” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Participating employee group” means a recognized group of employees of a participating employer, including, without limitation, a group of em…

NAC 319.496 “Participating employer” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Participating employer” means an employer that has agreed to participate in an employer-assisted housing program. (Added to NAC by Housing Div. by …

NAC 319.497 “Qualified organization” defined. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) “Qualified organization” means an organization which: 1. Is a nonprofit organization that is exempt from taxation pursuant to 26 U.S.C. § 501(c)(3);…

NAC 319.498 Grants to qualified organizations. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. The Division may award grants of money to qualified organizations to establish employer-assisted housing programs. 2. If a qualified organizatio…

NAC 319.499 Requirements for loans to eligible borrowers; terms and conditions; limitation on fees. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. A qualified organization that receives a grant may make a secured loan of not more than $20…

NAC 319.501 Length of employment not a condition of eligibility for loan; multiple loans on same property prohibited. (NRS 319.140, § 3 of ch. 348, Stats. 2007, as amended by § 2 of ch. 167, Stats. 2009) 1. The length of a borrower’s employment is not a condition of eligibility f…

NAC 319.505 Definitions. (NRS 319.140, 319.210) As used in NAC 319.505 to 319.559, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.509 to 319.539, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by Housing Di…

NAC 319.509 “Household income” defined. (NRS 319.140, 319.210) “Household income” has the meaning ascribed to it in NAC 319.365. (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000)

NAC 319.513 “Median income for this State” defined. (NRS 319.140, 319.210) “Median income for this State” means the median income that is established for this State by the United States Department of Housing and Urban Development. (Added to NAC by Housing Div. by R166-99, eff. 6-…

NAC 319.516 “Participating lending institution” defined. (NRS 319.140, 319.210) “Participating lending institution” has the meaning ascribed to it in NAC 319.415. (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000)

NAC 319.519 “Program to purchase second mortgage loans for down payments or closing costs” defined. (NRS 319.140, 319.210) “Program to purchase second mortgage loans for down payments or closing costs” means each program administered by the Division pursuant to which the Division…

NAC 319.523 “Qualified applicant” defined. (NRS 319.140, 319.210) “Qualified applicant” means a person who: 1. Desires to obtain financing for the down payment or the closing costs, or both, for a qualified residence; and 2. Meets the criteria set forth in NAC 319.553. (Added to …

NAC 319.526 “Qualified participating lending institution” defined. (NRS 319.140, 319.210) “Qualified participating lending institution” means a participating lending institution to which the Division has issued a notice of acceptance pursuant to NAC 319.545. (Added to NAC by Hous…

NAC 319.529 “Qualified residence” defined. (NRS 319.140, 319.210) “Qualified residence” has the meaning ascribed to it in NAC 319.425. (Added to NAC by Housing Div. by R166-99, eff. 6-15-2000)

NAC 319.533 “Second deed of trust” defined. (NRS 319.140, 319.210) “Second deed of trust” means an instrument, including, without limitation, a deed of trust, mortgage deed or other mortgage, that secures a second mortgage loan and second deed of trust note and creates a second l…

NAC 319.536 “Second deed of trust note” defined. (NRS 319.140, 319.210) “Second deed of trust note” means a promissory note that: 1. Evidences a second mortgage loan issued by a qualified participating lending institution to a qualified applicant; and 2. Is secured by a second de…

NAC 319.539 “Second mortgage loan” defined. (NRS 319.140, 319.210) “Second mortgage loan” means a loan that is: 1. Made to a qualified applicant for the payment of the down payment or closing costs, or both, for a qualified residence; 2. Evidenced by a second deed of trust note; …

NAC 319.545 Determination of money available; selection of participating lending institutions; notice of acceptance. (NRS 319.140, 319.210) 1. The Division will determine annually the amount of money that is available for each program to purchase second mortgage loans for down pa…

NAC 319.549 Agreements for purchase and sale of second mortgage loans. (NRS 319.140, 319.210) 1. The Division will enter into an agreement for the purchase and sale of second mortgage loans with a qualified participating lending institution selected pursuant to NAC 319.545 that d…

NAC 319.553 Criteria for qualified applicant. (NRS 319.140, 319.210) A qualified applicant must: 1. Have obtained or be in the process of obtaining a mortgage loan for the purchase of a qualified residence pursuant to a program administered by the Division pursuant to NAC 319.300…

NAC 319.556 Service of second mortgage loans by Division. (NRS 319.140, 319.210) The Division will service the second mortgage loans originated pursuant to a program to purchase second mortgage loans for down payments or closing costs. (Added to NAC by Housing Div. by R166-99, ef…

NAC 319.559 Requirements for second mortgage loans. (NRS 319.140, 319.210) Each second mortgage loan purchased by the Division must: 1. Be of an amount that: (a) Does not exceed $3,500 for a qualified applicant with a household income of more than 60 percent but not more than 80 …

NAC 319.562 Definitions. (NRS 319.140, 319.145, 319.210) As used in NAC 319.562 to 319.568, inclusive, unless the context otherwise requires, the words and terms defined in NAC 319.5625 to 319.567, inclusive, have the meanings ascribed to them in those sections. (Added to NAC by …

NAC 319.5625 “Area median purchase price” defined. (NRS 319.140, 319.145, 319.210) “Area median purchase price” means 95 percent of the median purchase price for a single-family residence in the area in which the residence is located, as established by the United States Departmen…