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People don't call us because they need a mortgage. They call us because they need help making a housing decision.
Mortgage Matters is a Las Vegas, Nevada-based radio show and podcast hosted by mortgage advisors Roland Daniels (NMLS 355859) and Heidi Griffith (NMLS 2247754) with Geneva Financial. Airing every Sunday at 7:30 AM on KUNV 91.5 and available wherever you listen to podcasts, the show explores the real-life decisions, opportunities, challenges, and financial realities that shape where and how we live.
Every week, Roland and Heidi tackle the housing conversations people are already having around kitchen tables, at family gatherings, and on social media. Should I buy or wait? Is my first home supposed to be my dream home? Should I move up, downsize, invest, or stay put? How do I build wealth through real estate? What's the smartest use of my money? Through honest conversations and practical guidance, they help listeners make sense of the choices involved in renting, buying, selling, investing, and planning for the future.
Drawing on decades of mortgage and housing experience, Roland and Heidi break down real mortgage questions, homeownership strategies, down payment assistance programs, FHA loans, VA loans, conventional financing, housing affordability, wealth-building opportunities, and the financial realities that influence housing decisions.
Mortgage Matters also shines a spotlight on the people and organizations working to strengthen communities across Las Vegas and Nevada. Through conversations with housing advocates, nonprofit leaders, educators, elected officials, and local changemakers, the show explores the issues that affect housing, opportunity, economic mobility, fair housing, and homeownership throughout Southern Nevada.
Roland and Heidi are active community educators who lead free homebuyer workshops across Nevada in partnership with organizations including the Nevada Housing Division, Chicanos Por La Causa (CPLC), and Nevada Rural Housing Authority. Roland serves as a director with the local chapter of the National Association of Real Estate Brokers (NAREB), and Heidi serves as President of the Silver State Fair Housing Council, where Roland is also a board member. Together, they bring mortgage expertise, housing advocacy, community involvement, and a passion for helping people make informed housing decisions to every episode.
Wesley Knight 0:00
This is a KUNV Studios original program. The content of this program does not reflect the views or opinions of 91.5 Jazz and more, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education.
Roland Daniels 0:43
Good morning, Las Vegas. Welcome to Mortgage Matters. I'm Roland Daniels, a certified mortgage advisor with Geneva Financial. My NMLS number is 355859. Our company NMLS number is 42056, and I'm here this morning, as always, with my fantastic co-host Heidi Griffith. Good morning, Heidi.
Heidi Griffith 1:06
Well, good morning, Roland.
Roland Daniels 1:07
Good morning.
Heidi Griffith 1:08
Happy Sunday.
Roland Daniels 1:09
Happy Sunday.
Heidi Griffith 1:10
How are you?
Roland Daniels 1:11
Absolutely fantastic,
Heidi Griffith 1:12
as per usual.
Roland Daniels 1:14
Trying to stay cool.
Heidi Griffith 1:15
Well, I've heard a little birdie in studio this morning actually told me that we're going to see the '90s soon, so I'm hoping for it.
Roland Daniels 1:23
I'm with you. I'm
Heidi Griffith 1:24
there for the '90s.
Roland Daniels 1:25
Me too.
Heidi Griffith 1:26
'90s is like winter.
Roland Daniels 1:27
Yes.
Heidi Griffith 1:29
Good morning. I'm Heidi Griffith. I'm also a mortgage advisor and your director of client services. My NMLS number is 2247754. So housing affordability is usually a conversation about price, interest rate, and how much money you need to buy. But I think that there might be another variable that we don't talk about enough.
Roland Daniels 1:48
I agree with you.
Heidi Griffith 1:49
Where you're willing to live?
Roland Daniels 1:51
That's true,
Heidi Griffith 1:52
right? Because there are options.
Roland Daniels 1:54
There are, especially in the valley.
Heidi Griffith 1:55
You know, because what if you could expand your map to change what you can afford?
Roland Daniels 2:00
And we've had clients actually do that. We have, we
Heidi Griffith 2:03
have. So we're going to look outside of Las Vegas today, particularly at places like Perump, where the numbers might surprise you. We're also going to talk about down payment assistance, including the Limited Rural Rocks 20,000 Program, some other resources available throughout Nevada rural housing, and a free online class we're teaching on september 9 in studio this morning. Our favorite bird, mr. Kevin Hickey with Nevada Rural Housing. Kevin's the homeownership programs manager for Nevada Rural Housing. He knows the Nevada Rural Housing down payment assistance programs inside and out.
Roland Daniels 2:38
He does.
Heidi Griffith 2:38
He can somehow make housing program rules very interesting, and more importantly, he really cares about helping Nevadans find a path to homeownership. Kevin, as always, you're in your seat. Thank you for being part of our family. Thank you for being back in studio.
Roland Daniels 2:55
Thank you for always coming in.
Kevin Hickey 2:56
Thank you for having me. I appreciate the opportunity always. We've
Heidi Griffith 3:00
got some fun stuff. We've got a class coming up. We'll talk about that later. That's exciting, and if you've tuned in before, you've heard us talk about Rural Rocks program that makes homeownership more accessible, more affordable, all the good stuff, right?
Kevin Hickey 3:12
Right.
Heidi Griffith 3:12
How many loans do we have left for the Rural Rocks 20,000?
Kevin Hickey 3:16
As of this moment, we're sitting at right about 100 loans.
Heidi Griffith 3:19
100 loans. So we've got 100 more families that we can help.
Kevin Hickey 3:23
That's right
Heidi Griffith 3:23
in the state of Nevada.
Kevin Hickey 3:24
Correct.
Heidi Griffith 3:25
That's beautiful. And there's been another big change since we originally started talking about rural rocks, hasn't there?
Kevin Hickey 3:30
Yes.
Heidi Griffith 3:30
What
Kevin Hickey 3:31
is it? So the the program originally started out as a program for essential workers, and that requirement has gone away. So now anyone who qualifies for the program is now eligible for the Rural Rocks 20K program.
Heidi Griffith 3:45
Wow! So you don't have to be in a specific field.
Kevin Hickey 3:47
No, before it was reserved for healthcare, education, public safety, and construction, and that that limitation has gone away. So anyone who can qualify for the program is eligible.
Heidi Griffith 4:00
So so now we know that Rural Rocks has about 100 loans left. Maybe you haven't tuned in before. What is Rural Rocks 20,000?
Kevin Hickey 4:08
So Rural Rocks 20,000 is just that. It provides $20,000 in down payment assistance in our rural eligible areas. Which there's a little teaser there. Roland gave maybe some right here in the valley. Right. Provides that 20,000 in assistance. It can be used toward down payment and closing costs. It can also be used to help reduce the interest rate permanently on the first mortgage.
Heidi Griffith 4:30
That's that's the secret sauce. It is
Kevin Hickey 4:32
the secret sauce
Heidi Griffith 4:33
and provides 20,000 in down payment. And we'll talk about how that works in a few minutes. But I actually pulled today's rate, so we're recording. It's pre-recorded this morning. We're recording on Thursday, right? You're hearing this on Sunday. We recorded on Thursday, and so I pulled rates, and I actually pulled a scenario. So we'll talk about that.
Kevin Hickey 4:53
Okay, perfect. So before we jump in, can you tell us about the credit box? Yes. So that is another big. Change for Rural Rocks and our original program Home at Last, and so you may have heard us talk about before how the interest rate or the minimum credit score is 640 to participate in our programs. Well, we have updated that now, and for the Rural Rocks and Home at Last programs, it's now 620. And to go even further, there we know that manufactured homes are often one of the most affordable options, especially in some of the areas we're going to talk about, and that had a minimum credit score of 660. It did, and more restrictive what we call debt to income ratios, and with this change, that 620 credit score is across the board for manufactured homes with the rural rocks and home at last program, and that debt to income ratio can be higher than what it might have been before. So that just opens it up to more borrowers, makes it more accessible to take advantage of that $20,000.
Heidi Griffith 5:52
Nevada Rural Housing sets your you set your programs up to make folks successful homeowners. You know, so there are safeguards that are put into place to make sure that you're prepared to be a homeowner. Education being one of those. But when we talk about 620 versus the 640, Roland and I on a day-to-day basis, because we do a lot of these down payment assistance programs, right? And we we find that one of the challenges is that 640 credit score a lot of the times, then people are close,
Roland Daniels 6:24
right? And we're tied to that DTI of the 45% So Roland,
Heidi Griffith 6:27
explain DTI just so that folks listening, if they're not familiar with what DTI is, debt to income ratio is.
Roland Daniels 6:33
So you will hear the term DTI, and it just means debt to income ratio. So we look at your gross monthly income, and then we look at your gross monthly minimum debt, and that's how we calculate it. So you take your gross monthly income divided by your gross monthly debt, and that's how we figure your debt to income ratio with the new credit box. With is it the mortgage store?
Kevin Hickey 6:56
The money store.
Roland Daniels 6:57
The money store. Yeah. So with the money store, now we are not should I say limited to the 45% debt to income ratio when your FICO score is below 640. Now our FICO score is 620. Are we still tied to the 45% debt to income ratio at a 620?
Kevin Hickey 7:15
Nope, nope, not not with the new servicer. Yep,
Roland Daniels 7:17
because now we can go to agency guidelines.
Kevin Hickey 7:19
Exactly.
Roland Daniels 7:20
So as long as we get an approved eligible on the desktop underwriting, we're good to go.
Kevin Hickey 7:25
Yep, that's right. It
Heidi Griffith 7:26
really does open the door for for more folks.
Kevin Hickey 7:28
A lot of people. Yeah, we hear that probably one of the biggest asks since I've been working in this program the last five and a half years is lowering the credit score for credit score for manufactured homes. Right, and then more manufactured home eligibility. So one of the restrictions before was that the home had to be a double wide or greater. Now single wide homes are permitted as well. They do have to be converted to real property, but as long as that's happened and single wide, that they're good to go.
Heidi Griffith 8:00
And so, when you say they have to be converted to real property, what does that mean?
Kevin Hickey 8:04
So it means that it removes the equipment that allows it to move. So removes the tongue, removes the axle. When you have a manufactured home that has that equipment, it's considered personal property,
Heidi Griffith 8:15
right?
Kevin Hickey 8:16
And now you need to convert it to real property, and that process is something that goes through the state. If you're purchasing from a developer, it often is part of that process, and and you'll find a lot of homes have already been converted if you're out looking at what's on the market currently. So it's just part of the process. But once that's complete, single white homes are available, and it just makes it another barrier removed to home ownership because we know that's going to be a less expensive property,
Heidi Griffith 8:43
right?
Roland Daniels 8:44
So it gives the buyers more options out there now. They can look at single wide, double wides, and not be affected with that higher debt to income ratio and the credit score to 620. Because 660 and 620 is a huge difference.
Kevin Hickey 9:00
Yeah, yeah, absolutely.
Heidi Griffith 9:01
Yeah, you you are really opening doors to more possibilities for people,
Kevin Hickey 9:06
and that was our entire motivation for for going with a second servicer with the money source to allow that bigger credit box, so that we could help more folks.
Heidi Griffith 9:17
Great. Let's go back to to rural rocks 20k really quickly.
Kevin Hickey 9:21
Sure.
Heidi Griffith 9:22
Let's let's talk about it a little deeper. So, Roland, you understand the the $20,000.
Roland Daniels 9:26
I do.
Heidi Griffith 9:27
As a lender, somebody calls you up, and you know Kevin's put this $20,000 in front of you and says, "Hey, we can utilize this. It fits this buyer.
Roland Daniels 9:37
So I have the $20,000 in cash. You've
Heidi Griffith 9:39
got. Well, no, you do not have the 20,000. Nice try, but it is it is available to your buyer. Where do you take that with your client, and how do you explain it? And how you know what's what's the benefits? What maybe the cons?
Roland Daniels 9:54
Well, it's going to start with a simple conversation. Figure out what what is the best use of that 20,000. Are we going to use it for the down payment? Are we going to split it for down payment and closing costs? Are we going to utilize buying down the rate? Because I don't think it makes that much of a difference buying down the rate, does it? With the 2% it
Kevin Hickey 10:14
can be up to half a point,
Roland Daniels 10:15
okay,
Kevin Hickey 10:15
depending on the market for the day.
Heidi Griffith 10:17
Right. Right. So it's really going to be based on what's important to them. What's
Roland Daniels 10:20
best for the buyer at the moment?
Heidi Griffith 10:22
Okay.
Roland Daniels 10:23
So, and then we discover what's most important. Like I said, whether we need that 20,000 because maybe they need the entire 20,000 to put down just to reach a point where they qualify.
Heidi Griffith 10:35
Because and remember, so you've got your down payment. So we'll just use FHA for this example. You've got an FHA loan. The minimum down payment for an FHA loan is
Roland Daniels 10:44
three and a half percent.
Heidi Griffith 10:45
Three and a half percent. But then we still have closing costs. That's the stuff that sometimes gets bypassed that people miss.
Roland Daniels 10:50
And then the easiest way to calculate, or at least to give you a ballpark figure, is add another three and a half percent
Heidi Griffith 10:56
for closing costs.
Roland Daniels 10:57
For closing costs.
Heidi Griffith 10:58
Okay.
Roland Daniels 10:58
So just for a round point number, let's say 7% So let's say the property's at 300,000. Multiply that by 7% You need about 21,000.
Heidi Griffith 11:08
Okay, and with the rural rocks, 20,000.
Roland Daniels 11:11
So think about that. With the 20,000, now I only need about $1,000.
Heidi Griffith 11:15
Okay, so that that actually puts it into perspective. And we talk a lot about seller credits.
Roland Daniels 11:19
We do.
Heidi Griffith 11:19
That would be working with your real estate agent when you're writing up your offer and the negotiations that happen between the agents for the buyer and the seller. We're seeing we haven't had a file this year probably did not seller credit.
Roland Daniels 11:34
Years now
Heidi Griffith 11:34
that we every file had seller credits.
Roland Daniels 11:36
Um, the ones that we utilize the down payment assistance and we can make it work. Yes,
Heidi Griffith 11:41
right. So you could use this 20,000. You can use it all towards your down payment closing cost. Hopefully, the seller is going to contribute some. What happens if you do get seller credits and it covers the the remainder of your closing cost? Kevin, maybe you can answer this question. And you got some money left over from that 20,000, do we just get a check written to us and we get to go shopping?
Kevin Hickey 12:04
No, unfortunately, it it goes back into the transaction. So let's just say use that example. You maybe get $2,000 in seller credits. That means you're going to have $1,000 left over, right? Right. So that will go toward buying down the not buying down, but paying down the principal reduction, principal amount, mortgage amount, and then it can also be used to reimburse the the borrower for any prepaids like earnest money.
Heidi Griffith 12:30
So you could you could if all of the stars lined up and everything looked great, you could get your earnest money right back. You couldn't get any money back though on the transaction. No, because your earnest money you actually pay upfront you pay that once your offer is accepted that goes and it's not really you pay it but it then becomes part of your closing cost it is a good faith deposit it's basically you telling the seller hey I like your house enough that I'm going to put a deposit down it doesn't go to the it doesn't go to the realtor. It doesn't go to the lender. It doesn't go to the seller. It goes to the title company. It sits in a title company account, and it just sits there quietly. They understand that when you're in the escrow process, the title company is just following the the outline of the purchase agreement, your contract, and so it's going to follow what that says. So as long as you're meeting all of your due diligence periods, the seller upholds whatever it is that they agree to. You make it to closing. That earnest money deposit is then just applied towards your closing cost. Does that make sense?
Roland Daniels 13:34
Makes sense.
Heidi Griffith 13:35
Okay. What else you got, Roland?
Roland Daniels 13:37
So with that 20,000. So for an example, on that $300,000 loan amount, let's say we wanted to utilize that 2% and buy down the rate. So how much would that be, and how much is left over? So 300,000. Yeah,
Kevin Hickey 13:50
2% would be based on the $300,000 loan amount. So you would take that out of the 20,000. Okay, like
Roland Daniels 13:57
6000.
Kevin Hickey 13:58
Yeah, yeah. And what's left, 14,000, is what would go toward the down payment and closing costs. So you know, in in certain situations, you can achieve the the lower interest rate and closing cost and down payment with the assistance. You know, if it were a lower priced property, and especially with the seller credits. You might be. It might be one of those situations where you get to have your cake and eat it
Heidi Griffith 14:25
too. We see it. We're seeing it more and more as as the market starts to adjust because I think we're actually in an adjustment period right now, especially here in Southern Nevada. It's becoming more favorable to buyers, there is you know we're seeing more and more negotiation room,
Roland Daniels 14:45
more homes coming on inventory, right?
Heidi Griffith 14:47
And we talked about that last week. We actually had the realtor Starla Jordan in studio with us, and we talked about yes, we have more homes on the market. We don't have, we're not flooded with homes. It's not 2009. Again, thank goodness. But yeah, we have more homes on the market today than we did one year ago, for sure. But when I took I took a look at July's numbers for a lot of the greater Las Vegas Valley, so that's Vegas, Henderson, North Las Vegas. I took a look at those numbers, and then I wanted to kind of see because when people hear first and foremost, Nevada rural housing, and I've probably said this more times than you can. They think wide open spaces, right? They think out in the you know out in the valley, not necessarily right here in the valley. But there are pockets. There are the Greater Las Vegas Valley.
Kevin Hickey 15:36
Yeah, it's one of my favorite things to describe or explain about the program is that rural doesn't necessarily mean you know out in open spaces like say Tonopah. Right. It does include that, of course. But our definition of rule is determined by the state legislature, and that's anywhere with a population below 150,000. When I say anywhere, I mean tax district. But that's really getting into the weeds. Right. But there are multiple tax districts here in the Las Vegas Valley, and some of those have populations below 150,000. So, if Winchester were in the middle of nowhere, it's not. It's smack in the middle of Las Vegas. It is, and it's eligible. It's like North
Heidi Griffith 16:15
Henderson. It
Kevin Hickey 16:16
borders downtown. It's on the west side. It's I 15 on the right side. It's I 11 US 95. So we're talking smack in the middle of town, and then other pockets include Whitney and then Summerland South as well.
Heidi Griffith 16:30
Yeah. So there, there's options right here. We actually have a client right now who is looking in Whitney.
Kevin Hickey 16:37
Yeah.
Heidi Griffith 16:37
She's specifically looking in Whitney because she wants to utilize this, and she found a house that she's seriously thinking about. It is under $400,000. It's a two-story. I think it's right about 1600 square feet. It has a swimming pool. Yep. So it is achievable right here in the valley. It is.
Kevin Hickey 16:56
I think Whitney's one of the best kept secrets. And I made a mistake
Heidi Griffith 17:01
earlier because I was so excited to say this because you and I had this conversation the other day. We were on the phone talking about the program, and you said it's like North Henderson, and that was Whitney. Yeah, exactly.
Kevin Hickey 17:12
No, that's exactly it because you know it is just north of Henderson. It's if anyone's familiar with where the Clark County Wetlands is or Sand Boyd Stadium. That's out where Whitney
Heidi Griffith 17:23
is, and lots of services.
Kevin Hickey 17:24
Lots of services. You're you're close to, you know, all the services around like the Sunset area, Galleria Mall. You know, lots of shopping, lots of restaurants. You're close to Cadence,
Heidi Griffith 17:37
and we can utilize Nevada Rural Housing. You
Kevin Hickey 17:39
sure can.
Heidi Griffith 17:40
But if if you wanted to broaden your horizons, and this is again something that we don't talk about a lot, and
Roland Daniels 17:46
we should we should talk more about
Heidi Griffith 17:48
it because we're seeing more and more people that we talk to kind of leaning in this direction, although we have more inventory on the market, prices aren't doing that you know crash like everyone anticipated. You know how many phone calls we heard that the market's going to crash. It didn't happen.
Roland Daniels 18:07
It didn't happen. It
Heidi Griffith 18:07
didn't happen. We don't have that crystal ball. We don't. But based on all the indicators, we don't see that happening because we have that lock-in effect. We've got sellers or or people who own homes that are currently sitting on those two and a half, three and a half, under 4% mortgages.
Roland Daniels 18:25
Well, there there's estimates that are close to like 60% of the buyers out there or the homeowners have a rate at 5% or below.
Heidi Griffith 18:34
So the lock-in effect is virtually I have this interest rate, even if I thought about moving previously because I wanted a you know bigger yard, or I needed another bedroom, or maybe I wanted to downsize because of my rate, I'm clutching it, and I you know maybe I'm not letting go of it.
Roland Daniels 18:50
Staying where I am,
Heidi Griffith 18:52
and so we haven't seen those price decreases because of that. And as interest rates don't come down like everybody anticipated, right? Because interest rates are up right now.
Roland Daniels 19:03
They are. They've been going up. As
Heidi Griffith 19:05
we continue to see that the affordability factor starts to grow wider and wider and wider, making it more difficult.
Roland Daniels 19:13
And that's another advantage of the rural rocks: the ability to bring that rate down.
Heidi Griffith 19:17
It is. It is. So, so we've actually had people we've had people do this, but more and more conversations about maybe we look in areas like Perump. Can we use Nevada Rural Housing?
Kevin Hickey 19:29
Absolutely, anywhere we
Heidi Griffith 19:30
want.
Kevin Hickey 19:31
Yep. So you know you can often get more land out there too. So it may not be you know in the little cookie cutter home in the the middle of a cramped neighborhood. So you may be able to get more space out there, and for a lower cost. So there's lots of availability out there. I'm seeing
Roland Daniels 19:47
anywhere from a half acre to an acre lot, right? Along with the home. Well, absolutely,
Heidi Griffith 19:52
and it's not uncommon, and that that is a factor is the land size. And so what I actually did was I wanted to kind of see what that looked like. So I pulled statistics for the Greater Las Vegas Valley, and I pulled statistics for Perump specifically, just so that we kind of had a better gage. So I pulled July's numbers. The median single-family home sold in Perump in July is about $362,000. That's single-family. That's actually not even manufactured. That's just a single-family residence in Southern Nevada, it was 480. So in Vegas, it was 480. So that's about $120,000 difference,
Kevin Hickey 20:29
right?
Heidi Griffith 20:29
And you know, I know driving is a factor clearly, and and it's not going to work for everyone, but especially if you, I don't know, work from home, or you're thinking about retiring, or you're okay with driving. I know a lot of people that drive in and out every single day. Then this might be something you really look at. So I was looking at houses in Parump, and I was I was actually really excited about what I saw. I found a house. It was listed at 349 nine, so under 350. It was about 1800 square feet, give or take. It was built in 2019. The property size, the lot size, was right under 9000 square feet. Try and get that here.
Roland Daniels 21:11
And how much was it? 349
Heidi Griffith 21:13
nine.
Roland Daniels 21:14
There's no way you can find that here. Well, you
Heidi Griffith 21:16
might find it here, but it might not be. It's not going to look the same, especially on a you know a home site a lot that's that's far bigger than what our average home site is, especially for a house that was built in 2019. Right. You know builders have to in in Vegas because of the cost of land. They're going to take every square foot that they possibly can. And that's why we see those postage stamps. A
Roland Daniels 21:38
million an acre. So that definitely makes sense. Is
Heidi Griffith 21:40
that what we're looking at right now? Yes. Oh man. So we could look at properties like this one that I'm talking about, utilize Nevada Rural Housing, the Rural Rocks 20K program specifically, and that could look completely different than what you thought your home ownership journey was going to look like or not look like.
Kevin Hickey 22:01
Absolutely. It definitely opens up possibilities.
Heidi Griffith 22:04
Well, I'm excited about that. So, if you have any questions about anything that we're talking about today, please feel free to reach out. You can call or text us. We're at 702-540-0420. Again, that number is 702-540-0420. So. when we started the show, you said there was about 100 loans left. So this isn't something that's going to be around forever.
Kevin Hickey 22:28
No, it will sell out, so to speak. The funding will will come to an end once it's all out there. So that's the cool thing about programs like this is that they they're there until every last penny is gone. So you know that's that's great. There won't be any left on the table. So there isn't a mad dash. There is still a little bit of time, but it is limited.
Heidi Griffith 22:50
And if you're looking at homes now and you're working with lender, please make sure that you ask them if they offer this program because not all lenders do, right?
Kevin Hickey 22:58
Right. That's correct.
Heidi Griffith 22:59
And you want to make sure that if it's something that you're interested in, that you reach out to a participating lender. Where can they get that information, Kevin?
Kevin Hickey 23:06
So we on our website homeatlastnv.org. So you know, homeatlastnevada nv.org. That's where we have information about all of our programs, not just Rural Rocks or other you know to Launchpad and Launchpad for first-time homebuyers. That information is there. Our homebuyer education, which is online and free of charge, can be accessed there. And then there's other links to more information, like current program interest rates, program guidelines, so you can really dive into the weeds there. And and we even have a mapping tool that helps people discover what is eligible.
Heidi Griffith 23:39
Oh, I love Hellmap in the
Kevin Hickey 23:41
Vegas Valley. Yep, Hellmap.org. H-A-L-M-A-P.org.
Heidi Griffith 23:45
So, and that's super useful here in the Valley. I know that the client that we're working with right now, every time she calls and says, "Hey, I found a property, I go directly to Helmap.org, look up the address, and there it says either eligible or not eligible. When you get into other areas like Prump, all of Prump is eligible, right? All of
Kevin Hickey 24:04
it. So what you're looking there, the only thing you have to map really is if it's in the Vegas Valley. Everything outside Parump, Mesquite, Laughlin, Boulder City, that's all completely eligible.
Heidi Griffith 24:13
So Boulder City is 100.
Kevin Hickey 24:15
Absolutely, yeah. It's just the Vegas Valley that you you want to map.
Heidi Griffith 24:19
So let's talk about the the actual program and and the down payment assistance and how that works. So you get the down payment assistance. You can we've already discussed either use it all for your down payment and a portion of your closing cost if it's there. You can buy down the interest rate. So now I've gotten into my home, I've used one of those, you know, options. Do I have to pay it back?
Kevin Hickey 24:46
You do, yeah. So it does come with what's called a 30-year forgivable silent second. Okay. So there is a second mortgage attached with that, but it does not accrue interest, and you do not make payments on that. So that's why it's called a silent. Second, and then if you refinance the home at some point down the line, or you sell the home before the 30-year term, then you will repay the down payment assistance. And it's we kind of call it a pay it forward concept because that way the funding comes back to the program, and we're able to offer you know similar programs or other programs down the line.
Heidi Griffith 25:19
So you mentioned homebuyer education. We have a class coming up, don't we? We
Kevin Hickey 25:22
do. I am
Heidi Griffith 25:23
super excited. This one's online. It is
Kevin Hickey 25:25
online, so hopefully it's more accessible to anyone who wants to join us september 9 at 3p.m.
Heidi Griffith 25:32
3p.m. to 4p.m. We make it super simple. We're going to go over all of the Nevada rural housing programs because it's not just the Rural Rocks 20k, right? Yep. We're going to talk about the mortgage process and what that looks like getting pre-approved, and we'll talk about the next steps to take. So, if you have any questions, if you'd like to register, you're more than welcome to reach out. You can give us a call or text us. We're at 702-540-0420. Again, you can give us a call or text us 702-540-0420. You can actually also head over to our Facebook page, Mortgage Matters Radio, where you'll actually find the link to register there. I'm excited about this class. Yeah, me too.
Kevin Hickey 26:13
You know, I love talking about the programs like this, but when you have actual prospective home buyers in front of you and you get to talk, you know, with them about their situation, their scenario, and and what these programs can do, it's it's pretty awesome.
Heidi Griffith 26:25
And they and they're able to ask questions because listening to this show for 30 minutes, you're not going to pick everything up, right? The last class we did, we had a lot of great questions,
Kevin Hickey 26:34
fantastic questions, and I'm I'm always blown away by it. It's always
Heidi Griffith 26:38
and we always learn something as well.
Kevin Hickey 26:39
Always, yeah. Will we
Roland Daniels 26:40
have time for Q and A right after? Usually,
Kevin Hickey 26:43
absolutely. Yeah,
Heidi Griffith 26:44
Kevin and I both like to talk. Yes, we're happy to answer questions. I know. So, Kevin, thank you again, as always, for being here and everything that you and Nevada Rural Housing are doing to create more paths to homeownership across our state. Someone wants to learn more about Nevada Rural Housing and the programs you offer. How do they get a hold of you?
Kevin Hickey 27:05
They go to homeatlastnv.org.
Heidi Griffith 27:08
Homeatlastnv.org. Fantastic. Thank you again. Seed is always here. You'll be back soon.
Kevin Hickey 27:17
Yes. Thank you. I appreciate it.
Roland Daniels 27:19
So, if today's conversation brought up questions, or you would like to join us for that free online class on September the ninth from three to four. The number is 702-540-0420. Once again, it's 702-540-0420. We'll be back next Sunday morning at 7:30 a.m. right here on KUNV 91.5. Until then, believe in what's possible, even if you've been told that it's out of reach. And remember, stay true to yourself and your mind.
Heidi Griffith 27:54
Bye.
Transcribed by https://otter.ai