NSP Requirements and Qualifications  

Property Requirements

In order to be considered eligible for the NSP Homebuyer Assistance Program, the property MUST be:

• A foreclosed single family dwelling. As of April 1, 2010, a property may be eligible if any of the following conditions apply: the property is at least 60 days delinquent on its mortgage and the owner has been notified; the property owner is at least 90 days delinquent on tax payments; foreclosure proceedings have been initiated or completed; or, foreclosure proceedings have been completed and title transferred to an intermediary or aggregator or servicer.
• Located in a HUD-designated high-need area. Download MAPS indicating these HUD-designated high-need areas.
• Priced right: Discounted at least 1% below fair market value based on a qualified appraisal.

Buyer Qualifications

In order to qualify for the NSP Homebuyer Assistance Program, the buyer must be:

• Income eligible*. Current gross annual income must be below 120% of the County’s median income.  Includes all income, wages and salaries of all household members over age 15.  
• Informed. The homebuyer must complete at least 8 hours of homebuyer counseling from a HUD-approved housing counseling agency
• Pre-approved. The homebuyer must work with an FHA-approved lender to qualify for primary financing and to apply for the NSP loan
• Advised. The Homebuyer, Realtor and Lender must meet with a County Rehab Advisor prior to looking for a house.  The Rehab Advisor will provide technical assistance throughout the rehabilitation process.

See also How To Get Started and Who to Call with Questions.