Lee County Florida Income Guideline Chart

Transcription

1 NEIGHBORHOOD STABILIZATION PROGRAM OF LEE COUNTY BUYER-RELATED QUESTIONS 1. Why is NSP beneficial t yur buyers? Three key advantages make the NSP Prgram especially attractive t eligible buyers: 1) Investrs are nt allwed t participate s there is n investr cmpetitin 2) All NSP Hmes will be mve-in ready, with a full year warranty n the hme 3) Qualifying fr a lan fr an NSP hme is easier because Lee Cunty is prviding a secnd mrtgage that will lwer buyer mrtgage payments. 2. Is this fr first time hme buyers nly? NO. Hwever, buyers cannt currently wn a hme. 3. What are the incme eligibility requirements? Lee Cunty Flrida Incme Guideline Chart Husehld Size Maximum Annual Incme 1 $51,000 2 $58,320 3 $65,520 4 $72,840 5 $78,720 6 $84,480 7 $90,360 8 $96, Hw much mney d buyers need fr a dwn payment? Buyer cntributins vary accrding t incme categry. Incme Categry Buyer Cntributin Lw $500 Mderate $1,000 Middle $1, Hw is the price f an NSP hme determined? The price listed n the NSP website (nsp.leegv.cm) is the acquisitin plus rehabilitatin csts. Once a buyer has the hme appraised as part f the nrmal lan applicatin prcess, the riginal Octber 26,

2 price will be cmpared t the new appraisal price. The buyer will be able t purchase the hme at whichever f the tw prices is lwer. 6. Hw much financial help will buyers receive frm NSP f Lee Cunty? The Lee Cunty NSP will prvide subsidies in the frm f a sft secnd mrtgage plus reasnable clsing csts and dwn payment assistance t help pay fr an NSP hme. Payments are based n incme categry. The sft secnd mrtgage is prvided as a zer interest, frgivable lan t cver the difference in the purchase price and what the buyer therwise culd brrw. The sft secnd mrtgage will be 100% frgivable after fifteen years. Assistance levels are based n incme categries. Incme Categry Percent f Sales Price Lw Up t 50% Mderate Up t 40% Middle Up t 30% 7. Can an NSP buyer reserve a hme befre the rehabilitatin wrk is cmpleted? YES. Once the buyer has qualified fr the prgram, he/she can reserve a hme that is affrdable based n their first mrtgage apprval amunt and NSP subsidy fr their incme level. 8. What agencies are verseeing the NSP applicatin prcess? The tw agencies selected t attract and qualify buyers include: Lee Cunty Husing Develpment Crpratin (LCHDC) 3677 Central Ave Frt Myers, FL Hme Ownership Resurce Center (HORC) 4040 Palm Beach Blvd # C Frt Myers, FL (239) (239) Can realtrs fill ut the NSP Applicatin fr their clients? NO. Buyers need t g t ne f the tw apprved agencies utlined abve t receive assistance in filling ut the NSP Applicatin and be qualified as eligible fr the NSP prgram. 10. Can I send a buyer t LCHDC r HORC withut getting that buyer preapprved fr a lan? YES. The agencies are required t verify incme eligibility as part f the NSP applicatin prcess and t link buyers t lending institutins. Octber 26,

3 11. Shuld we receive an inquiry frm a pssible buyer can we prceed t take steps t get that client pre-apprved fr a lan? YES. But the buyer must still apply fr the NSP Prgram thrugh ne f the tw agencies: LCHDC and HORC. The prgram will accept the fllwing types f cnventinal lans: Minimum 30-year fixed rate (n balln r adjustable rates mrtgages) Cnventinal mrtgages Veterans Administratin lans Federal Husing Administratin (FHA) lans United Sates Department f Agricultures (USDA) lans 12. Wh will determine if a buyer is apprved t purchase an NSP hme? The HUD-certified agencies: HORC and LCHDC. 13. Hw lng will the NSP cnditinal apprval be issued fr? The NSP cnditinal apprval will be issued fr a ne year perid. 14. Once we turn ur buyer ver t the agency fr the NSP Applicatin prcess, can we still stay invlved with the buyer? YES. We encurage yu t stay in clse cntact with yur buyer. 15. Hw can I be certain that I am registered as the buyer s agent fr a particular client? Brker/Realtr registratin will be handled in tw ways: 1) By having the client fill ut the real estate brkerage firm/realtr infrmatin n the NSP Applicatin itself, and 2) At the time a purchase cntract is written and submitted t Lee Cunty, the buyer will again be asked t list the brkerage firm/realtr that assisted them. Please nte that all infrmatin prvided n the NSP applicatin will be lgged int the system t ensure prper assignment f the real estate brkerage firm s cmmissin. It will be the client s respnsibility t prvide this infrmatin. 15. Hw will the cmmissin fr finding a buyer fr a NSP hme be structured? At the time f clsing, the real estate brker will be cmpensated a flat fee f $1, At what pint wuld a Realtr receive a real estate cmmissin in this prcess? Like mst real estate transactins, the brker will be cmpensated at the time f successful clsing. Hw any fee split with individual agents is handled will be up t each individual real estate brkerage firm. 17. Once a buyer is apprved t purchase an NSP hme, hw des the buyer knw which NSP hmes t chse frm? Octber 26,

4 Just as any buyer qualifies fr a certain level f lan, an NSP buyer will als qualify fr a lan up t a certain specific amunt. The buyer will then be allwed t select an available hme that is priced within their incme eligibility frm within the NSP inventry. 18. What if tw prspective buyers with cnditinal apprvals identify the same NSP hme as the hme they wish t purchase? Wh gets the first chice? All buyers must have pre-apprval frm a lender and an apprved NSP Applicatin befre they can use a brker/agent t submit a cntract ffer fr an NSP hme. At that pint, when a buyer has selected an NSP hme, it will be whichever brker/agent submits the prperly prepared cntract ffer first. Cntract ffers are t be sent t the Cunty s Brker, Rbert Clemens, Divisin f Cunty Lands, fax number (239) All ffers will be date and time stamped. Please nte that multiple reservatins f prperty will nt be allwed. Advise yur clients that it wuld be wise t have a 2nd r 3rd chice shuld their first selectin already be taken. Thse wh wish t be placed secnd in line fr an NSP hme that is already reserved may lse ut n ther prperties. 19. Can realtrs write the cntract ffers and submit them n a regular FAR/BAR cntract? YES. Lee Cunty will use the FAR/BAR with a Cunty addendum attached and any additinal land restrictins that may apply. Offers must be submitted n the NSP purchase cntract which is n the Brkers sectin f Lee Cunty s NSP website. 20. What happens if a buyer chses t sell his/her NSP hme? If buyers chse t sell, rent r even refinance withut Lee Cunty s apprval befre 15 years have passed, then the buyer culd be subject t repayment f the full r partial amunt f the subsidy. The amunt f repayment required is based n the number f years that the buyer lived in the hme. Years in Hme Percent f Sales Price Repayment Required If sell within first five years 100% Year 6 90% Year 7 80% Year 8 70% Year 9 60% Year 10 50% Year 11 40% Year 12 30% Year 13 20% Year 14 10% Year 15 Sft secnd mrtgage is frgiven; n repayment required. Octber 26,

5 21. Will NSP buyers be required t use a licensed brker/agent t purchase a hme? YES, at such time that a cntract ffer is ready t be prepared and submitted, if nt sner. 22. Will Lee Cunty be establishing a list f apprved realtrs r lenders? NO. Lee Cunty wants the entire pl f brkers and lenders t be able t participate in the NSP Prgram, rather than t develp a limited list. Lee Cunty cannt recmmend a specific real estate brkerage firm. 23. Can realtrs send NSP infrmatin t their databases? YES, Lee Cunty has develped marketing materials and asks that brkers/realtrs send these dcuments t yur prspects. Electrnic cpies f the brchure and pster are available n the NSP website at: nsp.leegv.cm. If yu need hard cpies, please let us knw. 24. Hw will Lee Cunty ensure that prperties are placed int the Multiple Listing System (MLS) by a prperly licensed, active realtr a realtr that belngs t any f the area s Real Estate Assciatins? At this time, n NSP Prperties are listed n the MLS system althugh Lee Cunty recgnizes the value f this resurce. A staff member in the Lee Cunty Lands Divisin is an active Brker member f the Realtr Assciatin f Greater Frt Myers and the Beach, Inc., and Lee Cunty will be utilizing the MLS shrtly fr listing prperties. 25. Will Lee Cunty allw realtrs t list any f the hmes acquired by the Cunty fr the NSP Prgram? NO. 26. Will lckbxes be placed at NSP Hmes? This makes the hme readily shwable t all licensed realtrs. YES. Lee Cunty plans t place lckbxes n available NSP hmes at such time that Cunty staff members determine the prperty rehabilitatin is cmpleted t a pint that shwing the prperty is cnsidered safe. As the wner f recrd, Lee Cunty will request that brkers r their agents cntact the Cunty prir t shwing a prperty and please als prvide feedback after the shwing. While Lee Cunty certainly invites and encurages brkers/agents t shw NSP prperties, this des nt preclude the Cunty frm shwing a hme as the wner f the prperty. 27. Will buyers be allwed t make any special selectins (i.e., carpet clr) regarding rehabilitatin? NO. Lee Cunty will determine the specific rehabilitatin needed and make all selectins relative t bringing a hme up t mve-in cnditin. 28. Can a realtr help a buyer find a hme t purchase thrugh the NSP Prgram that is nt within the existing inventry? Octber 26,

6 YES. Lee Cunty wuld cnsider purchasing such a prperty in the same manner it cnsiders ther pssible NSP prperties. Amng the key criteria that wuld have t be met: Hme must be lcated within NSP target area Hme must be freclsed Hme must be able t be purchased by Lee Cunty at least 1% belw appraised value Hme must be inspected and evaluated by Lee Cunty persnnel t determine if it is a hme that Lee Cunty thinks wuld make fr quality inventry shuld the sale, fr any reasn, fall thrugh. The buyer must first g thrugh the NSP Applicatin prcess and receive a final apprval frm the agency and lan pre-apprval frm a lender befre they can reserve a hme. 29. Where can I receive the mst cmprehensive infrmatin abut the NSP prgram? The Lee Cunty NSP website at nsp.leegv.cm will frequently be updated t include infrmatin regarding the mst recently acquired hmes. This website is in the prcess f being designed t prvide reader-friendly infrmatin t buyers, lenders, brkers/agents and cntractrs seeking t learn mre abut the NSP Prgram. In additin, Lee Cunty encurages yu t view NSP Applicatin prcess infrmatin frm either f the tw husing agencies administering the prgram. Their websites are listed here: Lee Cunty Husing Develpment Crpratin website is: Hme Ownership Resurce Center website is: What are the steps fr buyers in the NSP prcess? What is the message t buyers? 1. Cntact either f the agencies belw t btain an NSP applicatin and register fr the required Hme Buyer Educatin Class. The NSP applicatin can be dwnladed frm either website. 2. Fill ut the NSP Applicatin and prvide the cmpleted applicatin t the husing agency. The agency will cntact yu fr an appintment and then issue a cnditinal apprval letter. They will als prvide any budget r credit cunseling needed t help yu get lender apprval. 3. Cntact a lender t get pre-apprved fr a mrtgage. 4. Prvide the lender s pre-apprval letter t the husing agency t review the terms f the lan and issue a final NSP apprval letter. This letter will clearly explain the dllar amunt yu are qualified t purchase in terms f price and the amunt f financial assistance yu may receive frm Lee Cunty. 5. After receiving a final NSP apprval letter frm the husing agency, yu are welcme t review available prperties n the Lee Cunty NSP website at nsp.leegv.cm and cntact a realtr r cunty staff member t visit the NSP hmes that fit within yur budget. 6 Take the NSP final apprval letter t yur licensed realtr t prepare and submit a purchase cntract t Lee Cunty. Purchase ffers must be faxed t: (239) ; Attn. Rbert Clemens, Brker, Divisin f Cunty Lands. Octber 26,

7 7. Wrk with the husing agency, bank, and realtr t ensure that cntract cntingencies are met and that yu ve cmpleted the required Hme Buyer Educatin Class in rder t clse n the hme. 31. Can realtrs submit cntract ffers fr an NSP hme at belw the price listed n the NSP website? N. All ffers must be full price ffers per the price listed n the NSP website at nsp.leegv.cm. 32. Other Questins? Please feel welcme t cntact ur NSP Marketing Crdinatr, MerriBeth Farnham, at r her at mfarnham@hdprgrup.cm. Nte: The NSP Prgram is a unique prgram based upn use f federal stimulus funds. As Lee Cunty mves frward, it may be necessary t ccasinally make adjustments t imprve prgram efficiencies. If and when that happens, the mdificatins will be psted t the nsp.leegv.cm website. Octber 26,