This program will provide reinstatement assistance to eligible Nevada homeowners in default who suffered a significant reduction or loss of income OR a significant increase in expenses, due to the coronavirus COVID-19 pandemic.
- Mortgage reinstatement assistance of up to $65,000 per household.
- Experienced an eligible financial hardship that occurred on or after January 21, 2020 due to COVID-19.
- Available to employed or unemployed homeowners that are in need of mortgage assistance.
- Mortgage and/or housing related expenses, such as property taxes, homeowner’s insurance and/or homeowner association dues, must be at least 30 days past due at the time of application.
- Assistance for delinquent household related expenses, such as property taxes, homeowner’s insurance and/or homeowner association dues, including lot rent, is available on properties wherein the mortgage loan is current, paid off or has a Home Equity Conversion Mortgage (HECM) (Reverse Mortgage).
- Household income must be equal to or less than 150% of the area median income or 100% of the median income for the United States, whichever is greater.
- Homeowner must own and occupy a single family Nevada home (1-4 unit), condominium or manufactured/mobile home and it must be their primary residence.
- A 3-year forgivable lien may be required. No lien is required for mobile/manufactured homes that are not converted to real property.
- Eligible financial hardship must have occurred after the purchase of the home and within the timeframe specified above.
- Properties with a 1st priority mortgage secured by a Home Equity Line of Credit (HELOC) must be past the drawdown period.
- Loan balance on the date the loan was originated must not exceed the conforming loan limit amount set by the federal government on the year the loan was originated.