LAS VEGAS (KTNV) — Clark County has secured its first lender for its Welcome Home Community Land Trust.
The new program aims to provide homeownership opportunities to low and moderate income prospective homebuyers. To get the initiative off the ground, the county has been reaching out to lenders, trying to find banks willing to offer mortgages for this program.
One Nevada Credit Union is the first to sign on, agreeing to provide 30 mortgages for folks currently priced out of Clark County's hot housing market.
At the Clark County Board of Commissioners meeting on Tues., Dec. 19, commissioners approved signing a letter of intent with One Nevada Credit Union to begin the partnership. County officials also took time to recognize One Nevada Credit Union for its leadership as the first lender to step forward for this program.
"One Nevada has been a credit union in Southern Nevada for over 70 years, and they are a small community bank," said Dagny Stapleton, Clark County's Community Housing Administrator. "We wanted to note, that the county did reach out to many banks in our community, including large national banks, and yet it was this small local credit union who is the first willing to make this commitment."
The mortgages provided by the One Nevada Credit Union will be on the homes only and ownership of the underlying land will remain with the county and leased to the homebuyer. Key terms of these mortgages will include: 30-year fixed rate, maximum pricing of 30 basis points below the 30-year fixed rate, no points charged to borrower, 95% loan-to-value, minimum borrower credit score of 640, and non-subordination of the affordability restrictions to the first mortgage.
