Nevada first-time home buyer class and counseling

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 nameTelephone numberAddress
Navicore Solutions-Henderson, NV 732-409-62812298 W Horizon Ridge Pkwy Ste 109
Henderson, Nevada 89052-2697
Chicanos Por La Causa Inc702-207-16143660 N Rancho Drive Suite 101
LAS VEGAS, Nevada 89130-3188
Money Management International- Las Vegas866-232-90802650 S Jones Blvd
Las Vegas, Nevada 89146-5341
Neighborhood Assistance Corporation of America, Las Vegas, NV)
702-362-61993030 S Jones Blvd Ste 103
Las Vegas, Nevada 89146-6793
Southern Nevada Regional Housing Authority (SNRHA)702-477-3534340 N 11th St
Las Vegas, Nevada 89101-3125
Woman's Development Center702-796-77707530 West Sahara Ste 105
LAS VEGAS, Nevada 89117-2744
Community Services of Nevada702-307-1710570 W Cheyenne Ave Ste 200
N LAS VEGAS, Nevada 89030-3983
Neighborhood Housing Services of Southern Nevada702-649-09981849 Civic Center Dr
North Las Vegas, Nevada 89030-7131
Nevada Partners Inc702-924-2173710 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.

Nevada first-time home buyer class and counseling was last modified: June 21st, 2019 by masouds