Keats in Port Richey       
                                                                                                                                                                          Kentfield in New Port Richey

                                                                                    
                                                                                                                                         Embassy in Port Richey                      
                                      Pictures of NSP POP Homes provided by Roxanne Amato and Lorraine Seddon, Austin Properties 

Details and participating non-profits who participate in this program can be found at more than one site. This page consolidates all information found on the NSP program and attempts to streamline the process for you.
Simply click on underlined topics that will take you directly to more information needed.

Realtors:
To find POP properties in the MLS system (TEMPO), key in the full "Owner's Name" of one of the non-profits listed under
     "Where Can I Find POP Homes Already Rehabbed?" further down on this page. 
To find foreclosures in the MLS system (TEMPO), type in "Bank Owned" or Corporate Owned" under "Realtor Aids" or "Remarks".
        Then, check address eligibility for program at http://gis1.pascocountyfl.net/nshood/ 
Yes, all realtors can make commission on these properties.

To find Homebuyer, Realtor and Lender Training, click on the following:
        Realtor and Lender Training  
        Lender and Realtor Power Point Training
        Homebuyer Class Schedules
        April 17, 2010 Homebuyer Fair Info
NSP eligible homebuyers DO NOT need to be a 1st time homebuyer (no home owned in last 3 years) and can currently have a
    home with a mortgage.
The required down payment for all loan programs available still applies. However, NSP funds can be used towards this
     down payment if the loan program allows. Homebuyers will still need a minimum investment of funds based on their full
     household income that will be applied towards the down payment required.
 NSP money can be used on qualifying foreclosed homes even if there are no repairs needed.
If the home is refinanced or paid off prior to 5 years, the Shared Equity Worksheet will be used to calculate how how much
    funds are owed to Pasco County for repayment.

Below is a condensed explanation of the Pasco County NSP Program. At the very bottom, you will find a streamlined way to work with a homebuyer and get them into a foreclosed property that has been rehabbed or needs rehab.

If you see any detail that needs better explanation, let me know.

Thank You,
Pam Marron
24 Yrs. Sr. Loan Officer
Homexpress Lending, Inc.

NEIGHBORHOOD STABILIZATION PROGRAM (NSP)

HOMEBUYER ASSISTANCE PROGRAM

COMMUNITY DEVELOPMENT DIVISION FOR PASCO COUNTY, FLORIDA

Congress passed legislation in the summer of 2008 providing funds to local governments to help homebuyers purchase foreclosed and abandoned homes in order to stabilize neighborhoods across the country. Pasco County received almost $19.5 million, the 17^th largest allocation of these funds in the United States, which will be used to assist homebuyers with their down payment, closing costs, and rehabilitation of foreclosed homes.

This is a program for owner occupied homebuyers, not investors.

Minimum Requirements for a mortgage:

• 620 minimum credit score, or we will refer you to Consumer Credit Counseling or Homebuyers Club for help!
• Min. $1250 of your own funds (can be gift)
• Income and assets to be verified

Who is eligible for this program?

• Borrowers DO NOT have to be first time homebuyers and can own a home right now, but the home purchased with the NSP funds must be their homestead (owner occupied purchases only). 
• Do not have to be a current Pasco County resident
• Max. of 120% median income for the Tampa Bay area (see chart below)

• Moderate/Middle Income Households can receive up to $20,000 in Homebuyer Assistance (51-120% Median Income)

             Max Yearly Income/Fam Size

• 1 Person               $49,680
• 2 Persons              $56,850
• 3 Persons              $63,950
• 4 Persons              $71,040
• 5 Persons              $76,680
• 6 Persons              $82,400

• Low Income Households can receive up to half of the amount of the sales price (0-50%) of the median income)

               Max Yearly Income/Fam Size

• 1 Person              $20,700
• 2 Persons              $23,700
• 3 Persons             $26,650
• 4 Persons             $29,600
• 5 Persons             $31,950
• 6 Persons             $34,350

Do homebuyers need to take a class in order to receive NSP funds?

Yes! click here for available class dates, times and locations!

Can a homebuyer receive the $8,000 Tax Incentive along with the NSP funds?

Not through the NSP funding, but YES, the $8,000 can be received from IRS after closing. Borrower will need to send HUD -1 closing statement and IRS form 5405 along with tax return amendment to receive funds after closing.

How Much NSP Funds can I receive?

Simply calculate the income of all family members over the age of 18 living in your household. Income levels shown above. See Income and Asset Detail for more information.

• Low Income: 50% of Sales Price

• Moderate/Middle Income: receive$20,000 and additional $10,000 if essential worker

 What Properties Qualify for NSF Funds?

 Must Be Foreclosed or Abandoned Home

• Foreclosed – Property must be owned by party that obtained the home at the foreclosure sale

Qualifying Properties must also be:

• Maximum Sales Price:  $240,000

• Single-family, condominiums, villas, and mobile or manufactured homes. Mobile and manufactured homes must be real property, and permanently affixed to the land.

• Less than 99% of the appraised value (if purchasing foreclosure that rehab funds are needed for.)

• Located in targeted neighborhoods (see map below)

• Check address eligibility for program at http://gis1.pascocountyfl.net/nshood/ 

(Click here to enlarge map)

What is the Difference Between the two NSP Financing Programs, and will both financing options be available for areas in NSP1 and NSP2?

 Here's the difference in financing programs, and both will be available with NSP2 in addition to NSP1 areas.

Homebuyer Assistance Program (HAP) Rehabilitation After Purchase

• Loan will close prior to rehab work being done, with funds held in escrow by Pasco County at closing for repairs. All repair inspections done by county inspectors.

Pasco Opportunity Program (POP)

• POP agencies buy foreclosed and abandoned homes, repair them, and make them available for sale to low and moderate/middle income families.

                  Compare the two programs:

Where Can I Find POP Homes Already Rehabbed?

Pasco County Community Development: Click on Homes for Sale 

also...

Neighborhood Stimulus Group (727) 498-5572   www.NeighborhoodStimulus.com       click here for homes available now!

selling for Workforce Housing Ventures (352) 424-1009 www.WorforceHousingVentures.org 

Remax Power Advantage  (727) 858-9900  www.TampaBayCDCHomes.com    Click here for homes available now!

     Realtor News

     Required Contract Instructions

selling for Tampa Bay Community Development Corporation (727) 442-7075 (www.TampaBayCDC.org)

Bob Brady Real Estate  (727) 858-0521  www.bobbradyrealestate.com    Click here for homes available now!

Keystone Challenge Fund (863) 682-1025  www.keystonechallenge.org

Catholic Charities (352) 523-6958   www.ccdosp.com

Deaf Service Bureau (727) 861-7074   www.deafservicebureau.org

The three Habitat agencies require sweat equity and work with you to build a new home, or fix an existing house for you to live in:

Central Pasco Habitat (813) 929-0171   www.hfhofcentralpasco.org

East Pasco Habitat (352) 567-1444   www.ephabitat.org

West Pasco Habitat (727) 859-9038   www.habitatwestpasco.org

This agency is building a brand new subdivision in Dade City, with teams of home buyers building homes together:

Florida Home Partnership (352) 521-0686   www.flhome.org

Can I purchase a foreclosure that is not rehabbed in the POP Program but still needs repairs? Yes! (Click here!)

What Can NSP Money Be Used For?

Down payment, closing costs, and rehabilitation of foreclosed homes located in eligible area of Pasco County.

Can my realtor help me find a home and get paid a commission?

Yes, but 1^st they must attend a Lender and Realtor Training class and be put on the Approved Realtor (2) list. Realtors that are not on this list are encouraged to attend the class and be approved as well.

How do I apply for assistance and do I need an approved lender?

First, you must apply through one of the approved lenders on the Approved Lender List Partner Financial Institutions that have signed agreements with the County. Lenders must agree to certain requirements of the NSP, and sub-prime loans are not allowed. If you are a lender who would like to participate in this program, you must have a Letter of Understanding signed by your institution and any wholesalers that you are using for funds. Once your letter is received and accepted by Pasco County, your lending institution will be included on the Approved Lender List. Homebuyers apply for a mortgage loan at one of these financial institutions, and the lender will make an initial determination on whether you need and are eligible for Pasco NSP funds. If you do, the lender will reserve funds in your name with the Community Development Division. You do not apply through the County for these funds.

County staff will also ensure that the home meets the standards of the Pasco County Homebuyer Assistance Program Minimum Housing Standard Checklist, which is available at the Neighborhood Stabilization Program for Pasco County site.

Process Checklist to buy a Foreclosed Home Utilizing the

Pasco County NSP Program

(Click on underlined words to open document needed)

 Homebuyers Get Credit Approved Upfront! 

___ Homebuyer to attend a Homebuyer Class and receive certificate (note: homebuyer must have attended at least 1 session of

          8 hour/ certified class to have contract written.)

•  Homebuyers Class Schedules
• April 17 Homebuyer Fair Info. 

___ Homebuyer contacts an approved NSP lender on Approved Lender List to get pre-qualified for the NSP funds. Lender checks

         your income per household and minimum assets needed. You must provide the minimum investment required of your own funds

        (a gift may be allowed per end loan requirements).

___ Lender takes loan application and gets homebuyer credit approved for 1st mtg.

         Additional  NSP Documents needed will be asked for at this application.

___ Homebuyer works with a realtor on the Approved Realtor List (2) , or realtor can take Lender and Realtor Training class and      

        get approved. Realtor and buyer locate an eligible foreclosed property. Your realtor can check into

         POP homes already rehabbed or foreclosures in the MLS not rehabbed yet and check the

         NSP Eligible Property Locator to make sure the property is in an NSP eligible area.   

If you purchase a POP home (already rehabbed):

___ Homebuyer signs contract.

___ Meet with your lender who must fax the credit approval, an NSP Reservation Request Form and a contract signed by buyer and seller

         to 727-834-3450 for homebuyers assistance.

___ Lender orders loan type appraisal for end loan/1st mtg. Note: (Initial "As Is" and "After Rehab" appraisals are done and

         paid for by Pasco County. Lender commonly needs their own appraisal specific to end loan/1st mtg. type.)

___ Lender submits end loan/1st mtg. application to lender underwriter. Lender submits complete loan package

         to Pasco County Community Development as either credit only prior to contract or at same time as end loan/1st mtg. for approval.          

       NOTE: Maximum back ratio CANNOT EXCEED 50%, even if lender receives automated approval at higher ratio.

___ After both 1st mtg. and county 2nd mtg. approvals are received, homebuyer meets with Consumer Credit Counseling for final

       homebuyer counseling. 

___ Lender signs anti-predatory statement if necessary. Lenders, please click here for more information including 2^nd mtg. costs

       and what Pasco County Community Development needs for closing.

___ Loan set up for closing. Allow 5 working days/min. for Pasco County Community Development to order 2nd mtg. package/funds.       

___2nd mtg. package e-mailed to title company and 2nd mtg. funds arranged for delivery to title company for closing.

 ___ Pasco County Community Development approves final HUD along with 1st mtg. lender and loan closes. 

If You Purchase a Foreclosed Property that is NOT a POP Home But Needs NSP Funds

___ Homebuyer signs contract.

___ Meet with your lender who must fax the credit approval, an NSP Reservation Form and a contract signed by buyer and seller

         to 727-834-3450 for homebuyers assistance.

___ Within 5 day’s receipt of NSP Reservation Form, home is inspected by county inspector.

___ After county inspection and determination that home and homebuyer will fit into NSP program, county does "As Is" and "After Rehab"

         appraisals based off of  Minimum Housing Standards Checklist.

If Repairs Are NOT Needed:

___ Lender orders end loan/1st mtg. appraisal paid for by homebuyer.

___ Lender submits loan package, gets approval and faxes approval to Pasco County Community Development. NOTE:  Maximum back