SB 193
Establishes a pilot program to reduce interest rates on mortgage loans to certain eligible borrowers. (BDR 25-42)
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill establishes a pilot program in Nevada to help first-time homebuyers reduce the interest rates on their 30-year fixed-rate mortgages. The Housing Division will offer to ‘buy down’ the interest rate for eligible borrowers who meet specific criteria, including being a first-time buyer, having a household income below 160% of the county’s median income, and qualifying through standard underwriting. The program will also allow for waivers of the income requirement under certain circumstances, and the bill includes an appropriation of $10 million to fund the pilot program.
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