Real Estate Briefs

Housing for Nevada offers homebuyer class

Housing for Nevada will offer a homebuyer orientation class Sept. 19 at the University of Nevada, Las Vegas, in the Hendrix Auditorium, beginning at 9 a.m. The class will cover homeownership education, homebuying counseling and information about down payment assistance.

This is an certified Housing and Urban Development Homebuyer Education Class for down payment assistance through the federal government.

Registration is required. For information, call 270-0300 or visit housingfornevada.org.

Realtor to present investor seminar

Berkshire Realty Inc. will present a real estate investor seminar today from 10 to 11:30 a.m. at 4240 W. Flamingo Road, Suite 200. The seminar will explain real estate investments, preparing and analyzing a flow chart, buying and selling real estate.

For more information, call 682-4614 or e-mail chetbushnell@cox.net.

TAX CREDIT

Parent can co-sign on loan to help child

According to the Internal Revenue Service, a child who is a first-time homebuyer is entitled to the tax credit even if the parent co-signs the loan.

There are still several loan programs that allow a “nonoccupant” co-borrower (parent). The rules vary depending on the program. The breakdown on the guidelines are:

Federal Housing Authority will allow a nonoccupant co-borrower (on the loan and on title) or co-signer (on the loan but not on title).

The minimum down payment is 3.5 percent of the sales price.

Qualification is based on the combined income and debts of the borrower and co-borrower.

The co-borrower/co-signer may not be a party that has an interest in the transaction (e.g., the seller, builder or real estate agent). Exceptions may be granted if the seller and co-borrower/co-signer are related to the owner by blood, marriage or law.

First-time buyers must purchase the property from a source unrelated to them. For example, they cannot purchase a home from a spouse, parent, grandparent or child.

For more information, visit irs.gov.

MORTGAGE ASSISTANCE

Program available to help with mortgage

Borrowers with an Federal Housing Authority mortgage who are experiencing difficulty making their mortgage payments can contact their loan servicer or call the Housing and Urban Development National Servicing Center toll-free at 888-297-8685 to determine if they qualify for the FHA-Home Affordable Modification Program. The mortgagee letter, with detailed information about the program, is available online at hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm.

The Helping Families Save Their Homes Act of 2009, signed into law May 20, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their monthly mortgage payment by modifying the mortgage through FHA-HAMP.

Borrowers can also find information about the Making Home Affordable program at makinghomeaffordable.gov.