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					      Western Nevada HOME Consortium -Lyon County, Lead Agency
Carson City, Churchill County, City of Fallon, Douglas County, Lyon County, City of Fernley, City of
         Yerington, Mineral County, Pershing County, City of Lovelock, Storey County

                DOWN PAYMENT ASSISTANCE FUNDS NOW AVAILABLE
                             IN ALL WNHC CITIES and COUNTIES
 The Western Nevada HOME Consortium (WNHC) is pleased to announce that Down Payment Assistance
is now available to qualified homebuyers in all the cities and counties listed above. The WNHC will
provide up to $15,000 to qualified first-time homebuyers, at 0% interest, in the form of a deferred loan.
The WNHC loan is due only upon sale, transfer of title (i.e., refinancing), or if the property is no longer the
applicant’s primary residence. Homebuyers may use DPA funds as down payment and/or closing costs.

IN ORDER TO QUALIFY HOMEBUYERS MUST:
1. have an annual income of not more than 80% of median income as determined by HUD (see attached);
2. not have owned real estate for the three (3) preceding years;
3. provide 1 ½% of the purchase price of the home for low income and 0% down for very low income with
first mortgage required to fund through USDA.
4. complete a homebuyer course before close of escrow; and,
5. qualify for a first mortgage through a regulated lender or USDA.
6. loan max is based on PITI being at or above the income ratio of 33% of household income for low
income or 29% of household income for very low income.



OTHER PROGRAM REOUIREMENTS:
7. The amount of the mortgage cannot exceed HUD’s posted maximum mortgage limits (see attached)
8. The property cannot have been a rental property for the 90 preceding days;
9. The property cannot be located in a flood plain; and,
10. The property must pass a HUD Housing Quality Standards inspection.

APPLICATION PROCESS
11. Applications have been distributed to area mortgage lenders. After the lender pre-qualifies the loan, the
lender submits the completed application to WNHC for review. (Items in Step 1 on the enclosed Lenders
Checklist must be submitted for the application to be considered “complete”.)
12. If approved, the WNHC will notify the applicant, lender, and realtor stating the program requirements
that must be met before closing.

CLOSING PROCESS
13. Please allow 45 days between the scheduled escrow closing and the date the completed WNHC
application was submitted to WNHC.
14. Applicable loan documents will be provided to the named title company.

                                        Western Nevada Home Consortium
                                         C/O Lyon County Comptroller
                                               27 S. Main Street
                                              Yerington, NV 89447
             Western Nevada HOME Consortium -Lyon County, Lead Agency
Carson City, Churchill County, City of Fallon, Douglas County, Lyon County, City of Fernley, City of Yerington,
                   Mineral County, Pershing County, City of Lovelock, Storey County

   The enclosed information describes the DPA program, i.e., income requirements, maximum mortgage limits, and
   “Instructions and -Acknowledgment for Realtors”.


   1. The WNHC Down Payment Assistance Program is available for creditworthy, qualified, first-time
   homebuyers.

   2. WNHC will award DPA funds on a first-come, first-served basis.

   3. A complete application must be submitted and approved before the WNHC can reserve DPA funds for the
   homebuyer. (The “Lenders Checklist” is provided as information only. Items in Step1 constitute a “complete
   application”. Full application packages have been distributed to area lenders.)

   Step 1:

   A regulated lender first pre-qualifies the loan.

   Step 2:

   The lender submits the WNHC application for review.

   Step 3:

   WNHC advises the applicant, lender and realtor 1) if the homebuyer is approved and DPA funds reserved, or 2) if
   and why the homebuyer was denied, or 3) if the application was incomplete.

   Thank you for your interest in the WNHC Down Payment Assistance Program (DPA).




                                        Western Nevada Home Consortium
                                              C/O Lyon County Comptroller
                                                      27 S. Main Street
                                                 Yerington, NV 89447
            Western Nevada HOME Consortium-Lyon County, Lead Agency
   Carson City, Churchill County, City of Fallon, Douglas County, Lyon County, City of Fernley, City of
              Yerington, Mineral County, Pershing County, City of Lovelock, Storey County


                                          IMPORTANT NOTICE

                                               October 2002


HUD requires that properties constructed prior to 1978 be inspected by certified Inspectors before HUD funds
can be used to either purchase or rehabilitate the property. The regulations also cite specific and costly
abatement procedures requiring the services of certified abatement personnel. Certified Inspectors and
Abatement Contractors are now available.

             The WNHC now requires that in order to provide funding for either Down Payment
 Assistance or rehabilitation, all properties constructed prior to 1978 must have a lead- based paint inspection
and abatement prior to commitment and disbursement of funds provided by the U.S. Department of Housing and
                                                     Urban
                                                   Development

Certified Inspectors/Risk Assessors include:
Converse Consultants/Risk Assessor Inspector                                      Barbara J.(BJ) Abel
           John Peterson                                                c/o Rural Nevada Development District
        4840 Mill St. Unit #5                                                      1320 E. Aultman
          Reno, NV 89502                                                           Ely NV 89301

                                           John T. Wise
                                     Wise Consulting & Training
                                       500 Ryland, Suite 250
                                          Reno NV 89503


         Further information is available at the HUD Office of Lead Hazard Control Web-site at
                                 http: //www.hud.gov/cpd/cpdhome.html




                                   Western Nevada Home Consortium
                                        C/O Lyon County Comptroller
                                               27 S. Main Street
                                            Yerington, NV 89447
            Western Nevada HOME Consortium -Lyon County, Lead Agency
   Carson City, Churchill County, City of Fallon, Douglas County, Lyon County, City of Fernley, City of
              Yerington, Mineral County, Pershing County, City of Lovelock, Storey County

                                     EFFECTIVE IMMEDIATELY
                                          February 13, 2001

The WNHC Down Payment Assistance (DPA) program is designed to assist creditworthy first-time homebuyers
who qualify for HUD assistance. In order to limit the probability of default, the WNHC will require that the
borrower(s) must demonstrate acceptable credit history. “Acceptable credit history” is defined as:


   1. Collections shown must not exceed $1,000.00, and no single collection shown can exceed
       $250.00.
   2. All judgments or liens filed of record must be paid at or prior to closing.
   3. No more than two (2) recorded late payments on loans or credit card debt within the twelve (12)
      months immediately preceding the DPA application.
   4. No discharged bankruptcy within the twenty-four (24) months immediately
      preceding the DPA application.

• A period of financial difficulty in the recent past does not necessarily preclude participation in the WNHC  DPA
program, especially in the case of divorce or medical problems, if a good payment record has been maintained since.

• Major indications of derogatory credit, including judgments and collections, will require sufficient written
explanation from the borrower to make a determination of whether the credit problems were due to a disregard for, or
an inability to manage financial obligations, or to factors beyond the control of the borrower. The explanation must
make sense and be consistent with other credit information provided in the DPA application.

• A borrower(s) will be rejected for any of the following reasons:

       If the borrower is suspended, debarred, or otherwise not eligible for a FHA-insured mortgage.
       If the name of any party to the DPA loan appears on HUD’s Limited Denial of Participation (LDP) List or the
       government-wide General Services Administration (GSA) List of Parties Excluded from Federal Procurement
       or Non-Procurement Programs, the DPA application will be denied. (An exception may be made when a seller
       appears on the LDP list and the property being sold is the sellers principal residence.)

       If the borrower is presently delinquent on any Federal debt, i.e., Federal student loan, Small Business
       Administration loan, delinquent Federal taxes, etc.) or has a lien, including taxes, placed against his or her
       property for a debt owed to the United States.

       The borrower will not be eligible until the delinquent account is brought current, paid or otherwise satisfied, or
       a satisfactory repayment plan is made between the borrower and the Federal Agency owed and is verified in
       writing.
                   WESTERN NEVADA HOME CONSORTIUM (WNHC)
                     DOWN PAYMENT ASSISTANCE PROGRAM

                                          LENDERS CHECKLIST
STEP 1         Please submit the following items as a complete request for assistance:
________       Application for Down Payment Assistance
________       Instructions and Acknowledgment for Realtors
________       Environmental Statutory Compliance Record-DPA Program
________       Offer and Acceptance with Contingency Clause re: WNHC Funds*
________       Declaration of Eligibility
________       Draw Down Request
________       Fair Housing Questionnaire/Applicant Demographic Profile
________       Housing Quality Standards Inspection Agreement
________       Memorandum of Understanding
________       Letter of Participation- Early Delinquency Prevention Program
________       Borrowers Certification and Authorization
________       Seller’s Certificate
________       Disclosure of Information on Lead-Based Paint and or Lead-Based Paint Hazards
________       Uniform Relocation Act-Notice to Sellers
               Terms and Conditions for WNHC Down Payment Assistance Program / Deferred
________       Payment Loan
________       Copy of Uniform Residential Loan Application (1003)
________       Pre-Approval Letter
________       Copy of Credit Report
________       Copy of Last Years Tax Return
________       Copy of Last Two Months of Bank Statements
________       Offer and Acceptance Clause
________       Sellers Real Property Disclosure Form
________       Good Faith Estimate of Closing Costs
________       Verification of Income and Employment

STEP 2 The following items must be submitted at least five (5) working days prior to close of
Escrow:
              Copy of Homeownership Class Certificate
________      or copy of Homeownership Home Study Course Certificate
________      Proof of all pre-paids paid by buyer (copies of checks or receipts)
________      Copy of Appraisal
________      Preliminary Title Report
________      Escrow Instructions
________      Final Loan Approval on first Mortgage

STEP 3 Please submit after signing and recording of COE:
________       Promissory Note and First Time Homebuyers Deferred Loan Agreement
________       Hazard Insurance Verification
________       HUD Settlement Statement
________       Original Recorded Long Form Deed of Trust
________       ALTA Policy of Title Insurance

Applicant Name(s)_________________________________________________________
Date Application Recv'd

   ___________



                                            Applicant Information

 Applicant Name

 Co-Applicant Name

 Current Physical Address

 Mailing Address
                                                            Home
 Daytime Phone                                              Phone


      Total Household Gross Annual
 Income


                                      Purchase Property Information

 Property Address                                               County                        APN

                                                                                Age of
                                                                              Property
 Purchase Price                                                             (year built)


                                       Primary Lender Information
                                                            Loan
 Lender                                                     Officer

 Phone                                                Fax

 Lender Address
 Primary Loan                                                 Anticipated Monthly House
 Amount                   $                                 Payment                           $
                                     Interest                             Term of
 Type of Loan                        Rate                                 Loan

 Loan Number
 Document                            Lock                                 Espected Close of
 Expiration                          Expiration                           Escrow



                                        Title Company Information

                                                                  Title
 Title Company                                                  Officer

 Address
                                                            Fax
 Phone Number                                               Number
                                                 Realtor/Real Estate Information
Listing Agent Name                                              Company

Phone                                                                Fax

Buyer's Agent Name                                                   Company

Phone                                                                Fax

Date Offer & Acceptance signed                                       Expires

Seller's Name(s)


List of Inspections and Name(s) of Companies (i.e.; pest control, home inspection)
1.
2.

                                                   Funding/Funds Breakdown
NHD Assistance Amount Requested $

Buyer's earnest money deposit             Has               Already invested               Plans to use


Buyer's pre-paids                         Has              Already invested                Plans to use

                                          Has               Already invested               Plans to use
Buyer's Savings $

Buyer's IRA                               Has              Already invested                Plans to use
$
Buyer's 401K $                            Has               Already invested               Plans to use


Gifts for Buyer $                         Has               Already invested               Plans to use

Seller's Contributions                   Has               Already invested                Plans to use
$
Lender Contributions                     Has               Already invested                Plans to use
$

To the best of my knowledge, the above statements and information are true and correct and are the sane as the information/numbers used
to qualify for the primary loan. I also understand that it will take a minimum of 45 days to complete the processing of this application
before funding can occur.

Applicant's signature                                                      Date
Co-Applicant's signature                                                   Date
                                                                                                            8


                   WESTERN NEVADA HOME CONSORTIUM
                   DOWN PAYMENT ASSISTANCE PROGRAM
            INSTRUCTIONS AND ACKNOWLEDGEMENT FOR REALTORS
In order to insure that WNHC meets its regulatory obligations under the Department of Housing and
Urban Development (HUD) HOME Program and to facilitate participation in the WNHC Down
Payment Assistance Program WNHC has prepared information concerning the program to assist
applicants their realtors and primary lenders. Please familiarize yourself with the DPA Program by
reading the information provided. If you have any questions you may contact the Western Nevada Home
Consortium at (775) 463-6510.

The following clause is mandatory for any Offer to Purchase:

“This contract is contingent upon the buyer obtaining a commitment letter from Western Nevada HOME
Consortium prior to closing, stating WNHC will provide a Deferred Payment Loan for the property. If
this contingency is not met, the contract is cancelled and earnest monies will be returned to the buyer”.

The seller must be able to certify that no tenant has been forced to move without good cause from
the property, within the last 90 days immediately preceding the commencement of the negotiations
for the sale of the property. In addition, the seller will be required to certify that no rent is being
received for the property and no occupant’s pay rent to reside there.

Western Nevada Home Consortium staff will schedule an inspection for all properties purchased under
this program to determine and list property deficiencies required to be repaired in order to comply with
HUD Housing Quality Standards.

By signing below the applicant and agent acknowledges receipt of “Information to Realtors” and that
he/she has read and does understand the information contained herein regarding required clauses,
inspections and documents.

______________________________________                      __________________
Applicant Signature                                         Date

______________________________________                      __________________
Co-Applicant Signature                                      Date

______________________________________                      __________________
Agent                                                        Date

______________________________________                      __________________
Seller/Owner                                                Date


                                  Western Nevada Home Consortium
                                    C/O Lyon County Comptroller
                                           27 S. Main Street
                                         Yerington, NV 89447
                                                                                                                                            9


U.S. Department of Housing and Urban Development
                                                                                                  San Francisco Regional Office
                                                                                                  600 Harrison Street
                                                                                                  San Francisco, California 94107
                                                                                                  www.hud.gov


LEVEL OF ENVIRONMENTAL REVIEW DETERMINATION: (2005)
Project Name / Description:

Level of Environmental Review:
_________________________________________________________________________________
(Exempt per 24 CFR 58.34, Categorically excluded not subject to statutes per § 58.35(b), Categorically excluded subject to statutes per §
58.35(a), Environmental Assessment per § 58.36, or EIS per 40 CFR 1500)

                          STATUTES and REGULATIONS listed at 24 CFR 58.6
FLOOD INSURANCE / FLOOD DISASTER PROTECTION ACT
1. Does the project involve the acquisition, construction or rehabilitation of structures, buildings or mobile homes?
( ) No; flood insurance is not required. The review of this factor is completed.
( ) Yes; continue.
2. Is the structure or part of the structure located in a FEMA designated Special Flood Hazard Area?
( ) No. Source Document (FEMA/FIRM floodplain zone designation, panel number, date):
______________________________________________________________(Factor review completed).
( ) Yes. Source Document (FEMA/FIRM floodplain zone designation, panel number, date):
_____________________________________________________________________(Continue review).
3. Is the community participating in the National Insurance Program (or has less than one year passed since
FEMA notification of Special Flood Hazards)?
( ) Yes - Flood Insurance under the National Flood Insurance Program must be obtained and maintained for the
economic life of the project, in the amount of the total project cost. A copy of the flood insurance policy
declaration must be kept in the Environmental Review Record.
( ) No (Federal assistance may not be used in the Special Flood Hazards Area).

COASTAL BARRIERS RESOURCES ACT
1. Is the project located in a coastal barrier resource area? (See www.fema.gov/nfip/cobra.shtm).
( ) No; Cite Source Documentation:
____________________________________________________________________________________
(This element is completed).
( ) Yes - Federal assistance may not be used in such an area.

AIRPORT RUNWAY CLEAR ZONES AND CLEAR ZONES DISCLOSURES
1. Does the project involve the sale or acquisition of existing property within a Civil Airport's Runway Clear
Zone, Approach Protection Zone or a Military Installation's Clear Zone?
( ) No; cite SD, page:
__________________________________________________________________________________ Project
complies with 24 CFR 51.303(a)(3).
( ) Yes; Disclosure statement must be provided to buyer and a copy of the signed disclosure statement must be
maintained in this Environmental Review Record.

___________________________________________________________________________________
Preparer Signature / Name /Date

___________________________________________________________________________________
Responsible Entity Official Signature / Title/ Date
                                                                                                                 10

                     DECLARATION OF ELIGIBILITY

I/We ____________________________________________hereby acknowledge that I have:


       _____not owned a home for the past three years.
       _____owned a home in the past three years and have been legally divorced during that time
       period.
       _____have owned a home in the past three years, but have since then become a single parent.


My household’s gross annual income is $____________________.

I understand that if I do not meet one of the above listed first time home-buyer criteria, or it is found that
I have falsified any of this information; the assistance money that I am applying for will be denied or
revoked at the discretion of The Western Nevada HOME Consortium.


__________________________________                             ____________
Borrower                                                       Date


__________________________________                             ____________
Co-borrower                                                    Date


To the best of my knowledge the above information is true and correct.


___________________________________                            ____________
Loan Officer                                                   Date
                                                                                                            11

               WESTERN NEVADA HOME CONSTORTIUM
         HOUSING QUALITY STANDARDS INSPECTION AGREEMENT


I, ______________________________________,as an applicant for the WNHC Down Payment
Assistance Program hereby agree to and understand the following:

   • A Housing Quality Standards (HQS) Inspection defined by the Department of Housing and Urban
      Development (HUD) is required of each property purchased under the WNHC DPA Program. This
      inspection will be performed by a certified WNHC HQS Inspector or other qualified person(s).

   • This inspection is a requirement of HUD and in no way should serve in lieu of a structural
     inspection of the property.

   • I understand that all repairs identified as necessary through the HQS Inspection must be completed
      before the close of escrow, as a condition of participation in this program. The repairs may be
      undertaken through agreements with the seller, or through other means negotiated between the seller
      and buyer. WNHC must be informed of the final outcome.


       Follow up inspections will be required to assure that necessary repairs identified in the initial
       inspection are completed satisfactorily.




       ________________________________________
       Applicant Name


       ________________________________________                   _______________________
       Applicant Signature                                        Date




       ________________________________________
       Applicant Name


       ________________________________________                   _______________________
       Applicant Signature                                        Date
                                                                                                         12

                    WESTERN NEVADA HOME CONSORTIUM
                     MEMORANDUM OF UNDERSTANDING


This memorandum shall serve to notify all interested parties that:


     Assistance for money for the use of down payment and closing costs applied for will not
     fund in less than 45 days from the date the completed application for assistance is received
     and approved by Western Nevada HOME Consortium.


This time period starts at the point when a completed application for assistance has been received and
approved by WNHC for the Down Payment Assistance Program. Applications are considered complete
when items in Step 1 on the lender’s checklist are received by WNHC.



_______________________________________                              ________________
Borrower                                                             Date

_______________________________________                              ________________
Co-Borrower                                                          Date

_______________________________________                              ________________
Buyers Agent                                                         Date


________________________________________                             ________________
Sellers Agent                                                        Date


________________________________________                             ________________
Loan Officer                                                         Date
                                                                                                          13


WNHC
Western Nevada HOME Consortium -Lyon County, Lead Agency
Carson City, Churchill County, City of Fallon, Douglas County, Lyon County, City of Fernley,

City of Yerington, Mineral County, Pershing County, City of Lovelock, Storey County

                Letter of Participation—Early Delinquency Prevention Program


  Borrower(s): _______________________________________________________________

  Address:     _______________________________________________________________

  This will certify that the below listed lender agrees to participate in “early delinquency prevention
  counseling” for the listed borrower(s). Further, the lender agrees to notify the Western Nevada HOME
  Consortium, at the address below, within ten (10) days of the borrowers delinquency in making a
  regularly scheduled monthly mortgage payment.

  _______________________________________
  Lender

  _______________________________________
  Lender’s Representative (Please Print)

  _______________________________________
  Signature

  _______________________________________
  Date

  _______________________________________
  Phone Number

  _______________________________________
  FAX Number



                                 Western Nevada Home Consortium
                                      C/O Lyon County Comptroller
                                            27 S. Main Street
                                           Yerington, NV 89447
                                                                                                                  14

                BORROWER’S CERTIFICATION & AUTHORIZATION
The undersigned certify the following:

I/We have applied to the Western Nevada HOME Consortium for first time homebuyers’ down payment
assistance on a real estate loan, to purchase certain real property located
at_________________________from the seller(s) of the property in accordance with a Purchase and Sale
Agreement dated_____________. In applying for the loan, I/We have completed a pre-application
containing various information on the purpose of the loan, the amount and source of employment and
income information, assets and liabilities, and residency. I/We certify that all of the information is true and
complete. I/We have made no misrepresentations in the pre-application or other documents nor did I/We
omit any pertinent information.

I/We understand and agree that the lender reserves the right to change the loan review process to a full
documentation program. This may include verifying information provided on the application with the employer
and/or the financial institution.

I/We fully understand that it is a federal crime punishable by fine or imprisonment, or both, to knowingly
make any false statements when applying for this mortgage as applicable under the provision of Title 18,
United States Codes Section 1014.

                               AUTHORIZATION TO RELEASE INFORMATION

To whom it may concern:

I/We have applied to the Western Nevada HOME Consortium for down payment assistance on a real estate
loan. As part of the application process, the WNHC or other designated representatives of the program, may
verify information contained in my/our pre-qualification application and in other documents required in
connection with the loan, either before the loan is closed or as part of its quality control program.

I/We authorize you to provide to the Western Nevada HOME Consortium or any other designated representative
of the program, any and all information and documentation that they request. Such information includes, but is
not limited to employment history and income, bank, money market, and similar account balances, credit
history, and copies of income tax returns and proof of residency. The Western Nevada HOME Consortium or
any authorized representative of the program may address this authorization to any party named in the loan
application.

A photographic or fax copy of this authorization may be deemed to be the equivalent of the original and
maybe used as a duplicate original.

Borrower’s Signature                              Date                               SS#

Co-Borrower’s Signature                                   Date                               SS#

I hereby certify this to be true and correct copy of the original signatures(s).

WNHC Representative Signature                             Date                               SS#
                                                                                                             15

                                   SELLER’S CERTIFICATE

The undersigned certify the following:

I/We have agreed to sell certain real property located at _______________________________ to the
buyer(s) of the property in accordance with a Purchase and Sale Agreement
dated ____________ and do further certify to the following facts in accordance with the transaction.

I/We have not offered or paid to Buyer(s) any financing contribution, sales concession or other
consideration (including, but not limited to cash rebates, reimbursement of all or any closing costs or
loan payments, merchandise, furnishings, or decorating allowances), in connection with Buyers purchase
of the Property which has not been disclosed in the Agreement and disclosed to WNHC in writing,
during the loan application process.

I/We will inform WNHC if I/we offer or pay any financing contribution, sales concession or other
consideration in connection with the Buyers purchase of the property prior to loan closing.

Under penalty of perjury, I/we certify that the statements made above are true and I/we understand that it
is a federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements
concerning any of the above facts under the provisions of Title 18, United States Code, Section 1014.

___________________________________                         ______________________
Seller                                                       Date


___________________________________                         ______________________
Seller                                                      Date
                                                                                                                                   16

                                Western Nevada HOME Consortium
          Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
                                 Lead Warning Statement

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that
such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead
poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced
intelligence quotient behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women.
The seller of any interest residential real property is required to provide the buyer with any information on lead-base paint hazards
from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards. A risk
assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

Seller’s Disclosure (initial)
__________(a) Presence of lead-based paint and/or lead-based paint hazards (check one below):
__________Known lead-based Paint and/or lead based paint hazards are present in housing (explain).
__________Seller has no knowledge of lead-based and/or lead-based paint hazards in the housing.

__________(b) Records and reports available to the seller (check one below):
_________Seller has provided the purchaser with all available records and reports pertaining to lead-based paint and/or lead-based
paint hazard to the housing (list documents below)
__________Seller has no report a records pertaining to lead-based paint and/or lead-based paint hazards in the housing.

Purchasers Acknowledgment (initial)
__________(c) Purchaser has received copies of all information listed above.
__________(d) Purchaser has received the pamphlet Protect Your Family From Lead in Your Home.
__________(e) Purchaser has received a copy of the Lead Base Paint Inspection Report.

Agent’s Acknowledgment (initial)

__________(f) Agent informed the seller of the seller’s obligation under 42 U S.C. 4852d and is aware of his/her
responsibility to ensure compliance.

Certification of Accuracy

The following parties have reviewed the information above and certify, to the best of their knowledge, that the information
provided by signatory is true and accurate.

_________________________________________
       ____________________________________________
Seller                              Date                                          Seller                              Date

________________________________________________
        ____________________________________________
Purchaser                            Date                                         Purchaser                           Date


________________________________________________
       ____________________________________________
Agent                        Date                                                 Agent                               Date
                                                                                                                17



                              DOWN PAYMENT ASSISTANCE PROGRAM
                                Uniform Relocation Act - Notice to Sellers


Please be advised that the property located at_____________________________________ may be
purchased in part with Federal Assistance on behalf of _______________________.

Please sign and date this document as evidence of receipt and agreement to the conditions specified
herein.

                                            CERTIFICATION

1. It is understood and agreed that acceptance of a purchase contract, as owner of the property
named herein, is voluntary.
2. The acceptance of a purchase contract will be made voluntarily and not under the threat of use of State
statutory power of eminent domain.
3. Any offer shall be binding upon the sellers and the seller’s herein, executors, administrators,
successors and assigns.
4. In the event negotiations fail to result in a successful mutual agreement, or the Participant(s) named
herein fails to qualify for a mortgage loan, the Offer to Purchase contract will be considered void and all
efforts to acquire the property on behalf of the Participant(s) will terminate. It is further understood that
this is a voluntary transaction as defined in the Uniform Acquisition and Relocation Act (24 CFR 42).
5. The owner hereby certifies that no tenant has been forced to move within the last 12 months without
good cause and that no rent is being received for the property and that no occupants pay rent to reside
there.
6. The owner estimates that the fair market value of the property is $_________________ (Written in
words) _______________________________________________________dollars.
7. The owner certifies that all information contained in this document under penalty of perjury, is true to
the best of their knowledge and belief.


________________________________________                              ___________________
Seller                                                                Date



________________________________________                              ___________________
Seller                                                                Date
                                                                                                              18

                              WESTERN NEVADA HOME CONSORTIUM
           TERMS AND CONDITIONS POR DOWN PAYMENT ASSISTANCE PROGRAM
                            DEFERRED PAYMENT LOAN

I. Purpose

   The applicant agrees that the deferred payment loan will be used for down payment assistance and
   closing costs to accomplish the objective of homeownership, but does not include renovation costs.
   The applicant acknowledges they are required to invest 1 1/2% of the purchase price.

A. Terms

1. The maximum deferred loan amount (down payment assistance, eligible closing costs) shall not exceed
the value of the property, or whichever is less.

2. The Terms and Conditions of the loan will be set forth in a loan agreement and secured by no more than a
second Deed of Trust, to benefit the WNHC.

3. The loan will be an interest free, deferred payment loan.

4. Applicant must carry Hazard Insurance to adequately cover all secured interest or mortgages on the
property, including the WNHC loan, for the duration of the loan. WNHC is to be included on the insurance
binder as a lien holder. WNHC is to be provided with an insurance binder at close of escrow.

5. Applicant acknowledges that the approval of the WNHC’s Deferred Payment Loan is contingent upon
the applicant applying for and receiving approval for a participating primary lender’s mortgage loan.

6. Applicant acknowledges that the following provisions will apply:

   a) Deed of Trust and Promissory Note Provisions: WNHCs Down Payment Assistance Program requires
   that units assisted with HUD HOME funds be subject to full recapture of the loan. To accomplish this,
   the following deed restrictions must be incorporated into each deed of trust:

   1) The property must be used as the purchaser’s principal residence.
   2) No leases or rental allowed.
   3) HOME funds must be recaptured out of escrow from any sale of the property or upon transfer of title
   during the term of compliance. NOTE: Borrowers intending to refinance primary mortgage in order
   to secure or maintain a lower interest rate, may do so without repayment of the WNHC second as
   long as there is no cash equity taken. The Borrower must notify WNHC in writing of their request.
   In addition, the WNHC second shall remain in place with all restrictions as stated in the Loan
   Agreement
   4) In the event of foreclosure, all deed restrictions are cancelled.
   b) Other resale and recapture information- Under the WNHC Down Payment Assistance Program
   WNHC will permit sale of the property within the term of compliance with up to full recapture of the
   WNHC DPA Deferred Payment Loan as provided for below.
                                                                                                                 19

   If net proceeds, sales price minus loan repayment and closing costs, are insufficient to recapture the full
   HOME investment plus enable the homeowner to recapture the amount of the homeowner’s down
   payment, principal payments, and any capital improvement investment, WNHC may allow the HOME
   investment that must be recaptured to be reduced. The HOME investment amount may be reduced pro-
   rata based on the time the homeowner has owned and occupied the unit; except that WNHC’s recapture
   provisions may not allow the homeowner to recover more than the amount of homeowner’s down
   payment, principal payments, and any capital improvement investment.

   B. Borrower’s Agreement

The applicant agrees that the principal amount of the note shall become immediately due and payable:

1. If at any time the home is used other than as the applicant’s primary housing unit, including but not
limited to the applicant’s selling, renting, abandoning, donating, transferring, exchanging, or giving the
housing unit to another.

2. Upon substantial destruction of the improvements on said property by any means.

3. Upon the applicant’s death, unless there are two or more applicants; then loan repayment shall be upon the
death of the last surviving applicant, excluding an eligible heir to or beneficiary of the property, who meets
the current eligibility guidelines for the term of compliance.

4. Upon the divorce of the applicants unless one of the applicants is entitled by the decree of divorce to
continue residing in the primary housing unit.

5. The filing of any bankruptcy by the applicant.

C. Bonus, Commission, or Fee

The applicant will not pay any bonus, commission, or fee for the purpose of obtaining an approval of his/her
application for a loan to any Lyon County official or employee; WNHC official or employee.

D. Interest of certain Federal and other officials

The applicant agrees that no member of or delegates to the Congress of the United States, no county officer,
employee of the county or member of the county or county council, who exercises any function or assumes
any responsibility in connection with carrying out HUD Program to which this contract pertains, shall
have any private interest, direct or indirect, in this contract for a period of one year from the date of this
transaction.

E. I hereby acknowledge receipt of, and having read and understood, the Terms and Conditions for the
WNHC Down Payment Assistance Program Deferred Payment Loans, I hereby agree that these Terms and
Conditions will be included in the Loan Agreement if I receive a Deferred Payment Loan from WNHC.


By: ______________________________________                               _________________
   Applicant                                                             Date

   ______________________________________                                _________________
   Co-Applicant                                                          Date
                                                                                                   20




                WESTERN NEVADA HOME CONSORTIUM
                  OFFER AND ACCEPTANCE CLAUSE

                           Required for Down Payment Assistance

“This contract is contingent upon the buyer (or the buyer’s primary lender) obtaining a
commitment letter from Western Nevada HOME Consortium prior to close of escrow, stating that
WNHC will provide a deferred payment loan for the property. If this contingency is not met, this
contract is cancelled and earnest monies will be returned to the buyer”


_________________________________                   _____________________________
Buyer                      Date                     Seller                   Date


_________________________________                   _____________________________
Buyer                      Date                     Seller                   Date


___________________________________                 ________________________________
Buyer’s Agent                 Date                  Listing Agent              Date




NOTE: This form MUST be signed
and attached to ANY Offer to Purchase
submitted for down payment assistance.
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DOCUMENT INFO
Description: Churchill Mortgage Refinancing document sample