Qualifications
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Qualifications
To qualify as a NSP homebuyer, you must meet the following conditions:
- Applicants may not currently own residential property, including rental housing or vacation home;
- Applicants must qualify for a 30-year, fixed-rate mortgage from a FDIC Insured Lender;
- Applicants must complete an eight-hour HUD-approved homebuyers course;
- Applicants must invest one percent (1%) of the purchase price towards buying the home, up to $1,000.00;
- Applicants must occupy the home as your principal residence; and
- Applicants must meet the income limits below:
Neighborhood Stabilization Program (NSP)
(Effective Date: July 2, 2020
2020 Adjusted NSP Income Limits
| Household Size | 50% Income Limit |
120% Income Limit |
| 1 | $28,950 | $69,450 |
| 2 | $33,100 | $79,400 |
| 3 | $37,250 | $89,300 |
| 4 | $41,350 | $99,250 |
| 5 | $44,700 | $107,200 |
| 6 | $48,000 | $115,100 |
| 7 | $51,300 | $123,050 |
| 8 | $54,600 | $131,000 |
