CAHI-Citizens for Affordable Homes,Inc. Down Payment Assistance

CITIZENS FOR AFFORDABLE HOMES, INC.

"Nevada's Leading Builder of Self-Help Homes"

Down Payment Assistance

Annual income of not more than 80% of median income as determined by HUD.

Amount of mortgage cannot exceed HUD's posted maximum limits (see guideline to right).

Buyer must not have owned a home in the past three years.

Buyer must provide at least 1.5% of the purchase price of the home.

Buyer must complete a homebuyer education course before close of escrow.

Buyer must qualify for a first mortgage through a regulated lender.

Income verification is required.

CAHI will provide up to $45,000 for down payment assistance (DPA). The DPA will not replace the amount of down payment required by the lender.

Down Payment Assistance

Citizens for Affordable Homes, Inc. is proud to administer a down payment assistance program with funding provided by Western Nevada Home Consortium.

Down payment assistance is available for credit worthy, qualified, first-time homebuyers in the following locations: Carson City, Lovelock, Fernley, Fallon, Yerington, Douglas County, Lyon County, Churchill County, Pershing County, Mineral County, and Storey County.

Qualified homebuyers may use down payment assistance funds as down payment and/or closing costs. Lenders and financial institutions, NOT the borrower, should contact Citizens for Affordable Homes, Inc. at 775-883-7101.

Note: Mortgage and income limits are as of 07/14/2005. Since these amounts can change periodically, please verify that these are the most current when processing an application.
Area	Mortgage Limit	1 Person	2 Persons	3 Persons	4 Persons	5 Persons	6 Persons
Carson City	$266,000	$33,600	$38,400	$43,200	$48,000	$51,850	$55,700
Churchill County	$172,632	$33,100	$37,800	$42,550	$47,300	$51,050	$54,850
Douglas County	$312,895	$37,500	$42,900	$48,250	$53,600	$57,900	$62,200
Lyon County	$203,750	$33,100	$37,800	$42,550	$47,300	$51,050	$54,850
Mineral County	$172,632	$33,100	$37,800	$42,550	$47,300	$51,050	$54,850
Persing County	$172,632	$33,100	$37,800	$42,550	$47,300	$51,050	$54,850
Storey County	$312,550	$37,750	$43,150	$48,550	$53,900	$58,250	$62,550

Other Information

A regulated lender pre-qualifies the loan. The lender submits a completed DPA application for review. CAHI advises the lender within ten business days whether the homebuyer is qualified or disqualified.

The terms and conditions for the loan will be set forth in a loan agreement and secured by no more than a second deed of trust. The not will beat no interest and no payments. The loan will be due upon sale, refiancing or if the property is no longer the applicant's primary residence.

Please allow 45 days between the scheduled escrow closing and the date the completed application is submitted to CAHI for DPA funding.

For more information, please call 775-883-7101.