Dear homebuyers: Our programs are all fully operational. The following letter was sent out to our lending partners to inform them of this.
The Nevada Housing Division is taking this opportunity to thank you, our lender partners, for helping the Division fulfill one of it’s missions of improving lives and strengthening Nevada communities by expanding housing opportunities.
This is a very difficult time for everyone as our day-to-day lives have been interrupted and many things are not as they have been. However, I’m proud to say our Home is Possible family of programs can be viewed mostly as business as usual. While we may have our teams working remotely and the interest rates have been quite a roller-coaster ride we can affirm that if your loans are correctly reserved, timely submitted and compliant with all guidelines (agency, US Bank and program) the loans will continue to be purchased by our program. We have worked with our Master Servicer and other critical program partners to verify that nothing from the program side has been changed at this time. The last couple of days have also shown encouraging signs that the markets we use for our programs funding mechanism are improving through the efforts of Congress, the Federal Reserve and Administration.
We do understand there are new challenges you face when it comes to ascertaining the risk associated with quickly changing employment environment for potential homebuyers. We also understand you may need to take steps internally to mitigate these risks when it comes to originating loans for our programs. The Division will continue to provide as much notice as possible when there will be changes to the program. All of our communication is to forward our mutual goal of helping low and moderate income Nevadan’s achieve homeownership with an affordable and sustainable mortgage.
Thank you again for your continued partnership and we hope you are all staying safe and healthy!
Chief Financial Officer