Program areas at NAHAC
Principal reduction program (prp)- provides Assistance to reduce the principal balance of primary mortgages for borrowers with an eligible financial hardship and/or negative equity by: (a) principal reduction and a permanent modification or reamortization to achieve an Affordable monthly payment; or (b) principal reduction of a "non-delinquent" borrower's primary mortgage in a significant negative equity position to an amount as close to and not less than 100% loan-to-value ratio as the amount of per- household Assistance will permit to reduce the risk of potential default by such borrowers. This Assistance is provided as a one-time payment to lenders/servicers up to a maximum of 100,000 per household. Second mortgage reductionplan (smrp)- provides Assistance to borrowers with an eligible financial hardship who have a second mortgage lien and who: (a) could achieve Affordable monthly mortgage payments and an appropriate level of debt if their second mortgage (second lien) were eliminated; or (b) could achieve Affordable monthly mortgage payments and an appropriate level of debt with a principal reduction and reamortization or modification of their second mortgage. This Assistance is provided as a one-time payment to lenders/servicers up to a maximum of 50,000 per household. Mortgage Assistance program (map and u-map)- provides temporary financial Assistance to eligible Nevada borrowers who wish to remain in their homes, but have suffered a loss of income due to unemployment or underemployment. Map provides mortgage payment Assistance equal to the lesser of 3,000 per month or 100% of the principal, interest, tax, and insurance, as applicable (piti) and any escrowed or non-escrowed homeowner's association dues or assessments, for up to eighteen (18) months, with the purpose of preventing avoidable foreclosures until such time that the borrower retains employment sufficient to meet the demands of satisfying their regular mortgage payment. Mortgage reinstatement Assistance program (mrap)- provides temporary financial Assistance to eligible borrowers who wish to remain in their homes, but are in imminent danger of losing their home to foreclosure. Mrap provides funds to help income-qualified borrowers cure their delinquent first mortgage loan arrearages, which may also include payments needed to reinstate their loans from foreclosure. Assistance with curing delinquent, non-escrowed property taxes and homeowners' association dues is only available in conjunction with other Assistance on the homeowner's mortgage loans. Down payment Assistance program (dpa) - the down payment Assistance program provides an incentive to qualified homebuyers to purchase a primary residence in targeted areas in Nevada by assisting with 10% of the purchase price up to 20,000 for down payment and/or closing costs towards their allowable first mortgage loan with a 30-year, fixed rate loan term.