Nev. Admin. Code § 319.559 - Requirements for second mortgage loans

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 percent of the median income for this State; or

(b) Does not exceed $5,000 for a qualified applicant with a household income equal to or less than 60 percent of the median income for this State; and

2. Meet the applicable terms and conditions of the agreement for the purchase and sale of second mortgage loans entered into by the Division and the qualified participating lending institution.

Notes

Nev. Admin. Code § 319.559

Added to NAC by Housing Div. by R166-99, eff. 6-15-2000

NRS 319.140, 319.210