We can’t overemphasize the usefulness of the Nevada first-time home buyer class and counseling
All first-time home buyers who use a government program must attend a Nevada first-time home buyer class and counseling. Classes are sponsored by a non-profit organization that have been approved by Nevada Housing division. To see the list and contact information please see below. Read More
| Agency's name | Telephone number | Address |
|---|---|---|
| Navicore Solutions-Henderson, NV | 732-409-6281 | 2298 W Horizon Ridge Pkwy Ste 109 Henderson, Nevada 89052-2697 |
| Chicanos Por La Causa Inc | 702-207-1614 | 3660 N Rancho Drive Suite 101 LAS VEGAS, Nevada 89130-3188 |
| Money Management International- Las Vegas | 866-232-9080 | 2650 S Jones Blvd Las Vegas, Nevada 89146-5341 |
| NACA ( Neighborhood Assistance Corporation of America, Las Vegas, NV) | 702-362-6199 | 3030 S Jones Blvd Ste 103 Las Vegas, Nevada 89146-6793 |
| Southern Nevada Regional Housing Authority (SNRHA) | 702-477-3534 | 340 N 11th St Las Vegas, Nevada 89101-3125 |
| Woman's Development Center | 702-796-7770 | 7530 West Sahara Ste 105 LAS VEGAS, Nevada 89117-2744 |
| Community Services of Nevada | 702-307-1710 | 570 W Cheyenne Ave Ste 200 N LAS VEGAS, Nevada 89030-3983 |
| Neighborhood Housing Services of Southern Nevada | 702-649-0998 | 1849 Civic Center Dr North Las Vegas, Nevada 89030-7131 |
| Nevada Partners Inc | 702-924-2173 | 710 W Lake Mead Blvd North Las Vegas, Nevada 89030-4067 |
The object is to teach how to prepare to become a Las Vegas first-time homeowner. How to analyze your financial situation, cut costs and improve the credit score.
Early registration is recommended as these fill up and there is usually a waiting list. At the conclusion of the class participants will be given a certificate of completion which is good for one year.
What happens after the Nevada first-time homeowner class?
Applicants have to do one on one counseling with a Certified Housing Counselor.
Different categories of Las Vegas first-time home buyer
After the counseling session, the consultant will categorize you as:
Mortgage Ready:
The Las Vegas first-time home buyer has to provide the following and meet the criteria below: Read More
- This applicant has been pre-approved by a participating lender and is working with a certified Realtor (we are certified).
- No bills in collections and meets the 31%-43% front end and back end criteria.
- Doesn’t have any insufficient funds on the bank statements for the last 4 months. And can prove $1000 in the bank account for the last two months in addition to two months mortgage payments. Four months of pay stubs have to be provided by the applicant.
- The applicant must have worked and earned a consistent income for the past 2 years and be able to prove it with W-2 form.
- Provide the most recent credit report with a credit score (FICO score) of at least 620.
- Has a fully executed purchase contract for a home or condo in which appraises for the purchase price.
- All conditions have been met by the certified real estate agent or Realtor, the mortgage lender and the applicant.
- Obviously has completed the Nevada first-time home buyer class, have the certificate and attended at least one counseling session.
B: Near mortgage ready:
The prospective first-time homeowner has attended the class and has the certificate in addition to attending at least one counseling session and has prepared a plan of action. However, The applicant has NOT satisfied one or more of the following and is working to fix it: Read More
- Paying all accounts that are in the collection, except for medical bills in some cases.
- Has failed to get pre-approved through a participating lender.
- FICO credit score is below 620.
- Has insufficient funds charges on the bank statements in the past 4 months.
- Has not seasoned $1000 for down payment for at least 60 days or has failed to save for 2 months of mortgage reserve.
- The applicant has not worked in the same line of work for two years but can show stable income and employment.
Not mortgage ready:
After meeting with the certified housing counselor and reviewing documents it becomes clear that the applicant can’t satisfy one or more of above conditions.
For example, the applicant may have bad credit or can’t meet the reserves. In that case the housing counselor will help to prepare an action plan or road map to becoming mortgage ready and then, a first-time homeowner.
We think that all buyers should attend a Nevada first-time homeowner class because they are useful for all, even those who do not need any assistance.