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Nevada Real Estate in the News
More Nevadans now eligible for down payment assistance
The State of Nevada Housing Division (NHD) has raised the household income limit for its Home Is Possible programs, making even more Nevadans eligible for down payment assistance. Since the programs started in 2014, the income limit has been $95,500. In keeping with Nevada’s rising incomes, the limit has been raised three percent to $98,500.
“Over the past few years, wage growth has averaged 2.3 percent in Nevada according to the Nevada Department of Employment, Training and Rehabilitation,” explained NHD Administrator CJ Manthe. “This statistic is a good indicator of how incomes are rising for working families and it shows that our state is recovering from the recession. Part of that recovery is getting even more families into homes of their own, which is where we come in.”
For home buyers securing conventional loans through Home Is Possible programs, NHD has even more good news to share: the debt-to-income (DTI) ratio was raised to 50 percent (from 45). Read more here.
Nevada eclipses national average for REALTOR® designations earned
There is growing sentiment that becoming a REALTOR® should require tougher standards, specifically more robust training and education. Given that groundswell from inside and outside the REALTOR® community, continuing education classes and earned designations will be seen more as necessities than luxuries.
NAR’s state education directors released a breakdown, listing the number of designations earned by REALTORS® in every state. Nevada’s 15,000-plus REALTORS® have earned 4,509 designations, just less than one designation for every three REALTORS®, but well above the 1-in-4 national average. Designations come in all shapes and sizes, distinguishing REALTORS® for everything from expertise in social media and emerging technology (e-PRO) to a heightened proficiency in handling transactions for military personnel (MRP). Read more here.
NRHA wins National Excellence Award
The Nevada Rural Housing Authority (NRHA) was recognized last Thursday by the National Association of Local Housing Finance Agencies (NALHFA) during its 2017 Annual Conference in San Francisco. NRHA received an award for excellence in the Multifamily category in recognition of the Richards Crossing Supportive Housing project located in Carson City, Nev.
“Now a two-time winner in the Multifamily category, NRHA continues to share thoughtful approaches to address the unique housing needs of their communities.” said Jim Shaw, immediate past president of NALHFA and executive director of Capital Area Housing Finance Corporation (CAHFC) in Austin, Texas. “The Richards Crossing project in particular offers extraordinary benefits to both residents and the local economy. It’s something they should be real proud of.”
The complete story can be read here.