This program will provide reinstatement assistance to income qualified eligible Nevada homeowners in default who have experienced a financial hardship due to the coronavirus COVID-19 pandemic.
- Mortgage reinstatement assistance of up to $50,000 per household.
- Experienced an eligible financial hardship that occurred on or after January 21, 2020 due to COVID-19.
- Mortgage and/or housing related expenses, such as property taxes, homeowner’s insurance and/or homeowner association dues, must be two or more payments past due at the time of the application.
- Assistance for delinquent household related expenses, such as property taxes, homeowner’s insurance and/or homeowner association dues, is available on properties wherein the mortgage loan is current, paid off or has a Home Equity Conversion Mortgage (HECM) (Reverse Mortgage).
- Must be able to sustain monthly mortgage payments after reinstatement.
- Up to additional $50,000 in Principal Reduction on eligible mortgage loans to achieve an affordable payment.
- 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), and it must be their primary residence.
- A 3-year or 5-year lien will be required. The Principal Reduction component requires a 5-year lien.
- Eligible financial hardship must have occurred after the purchase of the home and within the timeframe specified above.
- Homeowner cannot be in an active bankruptcy.
- Properties with 1st priority mortgage secured by a Home Equity Line of Credit (HELOC) are not eligible.