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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:

FY2016 Income Limits - Neighborhood Stabilization Program (NSP)


Household Size

Very Low Income 50%

Mid/Moderate Income 120%

1

$23,650.00

$56,700.00

2

$27,000.00

$64,800.00

3

$30,400.00

$72,900.00

4

$33,750.00

$81,000.00

5

$36,450.00

$87,500.00

6

$39,150.00

$93,950.00

7

$41,850.00

$100,450.00

8

$44,550.00

$106,900.00