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Program Steps for Buyers

To qualify for an NSP home, buyers must follow the program steps outlined here:

1. Contact either of the agencies below to obtain an NSP application and register for the required Home Buyer Education Class. The NSP application can be downloaded from either website

Lee County Housing Development Corporation
3677 Central Ave. Fort Myers, FL 33901
www.leecountyhdc.org
(239) 275-5105

Home Ownership Resource Center (Fort Myers Office)
4040 Palm Beach Blvd #C Fort Myers, FL 33916
www.horcswfl.org
(239) 768-2013

Home Ownership Resource Center (Cape Coral Office)
1423 SE 16th Place Suite 205 Cape Coral, FL  33990
www.horcswfl.org
(239) 673-9192

2. Fill out the NSP Application and provide the completed application to the housing agency. The agency will contact you for an appointment and then issue a conditional approval letter. They will also provide any budget or credit counseling needed to help you get lender approval.

3. Contact a lender to get pre-approved for a mortgage.

4. Provide the lender’s pre-approval letter to the housing agency to review the terms of the loan and issue a final NSP approval letter. This letter will clearly explain the dollar amount you are qualified to purchase in terms of price and the amount of financial assistance you may receive from Lee County.

5. After receiving a final NSP approval letter from the housing agency, you are welcome to review available properties on the Lee County NSP website at nsp.leegov.com and contact a realtor® or county staff member to visit the NSP homes that fit within your budget.

6 Take the NSP final approval letter to your licensed realtor® to prepare and submit a purchase contract to Lee County.  Purchase offers must be faxed to:  (239) 485-8391; Attn. Robert Clemens, Broker, Division of County Lands.

7. Work with the housing agency, bank, and realtor® to ensure that contract contingencies are met and that you’ve completed the required Home Buyer Education Class in order to close on the home.

Make too much to get government help? Think again.

A family of four can earn as much as $73,920 and still qualify for major assistance in buying a new home. Take a close look at the income guidelines and you might be pleasantly surprised.

 

Lee County Financial Assistance

The Lee County NSP will provide subsidies in the form of a soft second mortgage plus reasonable closing costs and down payment assistance to help pay for an NSP home. Payments are based on income category.  The soft second mortgage is provided as a zero interest, forgivable loan to cover the difference in the purchase price and what the buyer otherwise could borrow. The soft second mortgage will be 100% forgivable after fifteen years.

Assistance levels are based on income categories.

Income Category	Percent of Sales Price
Low	Up to 50%
Moderate	Up to 40%
Middle	Up to 30%

Downpayment Contribution Requirements

Downpayment contribution requirements are also income-based.

Income Category	Buyer Contribution
Low	$500
Moderate	$1,000
Middle	$1,200

Estimated Monthly Cost – A Sample for Illustration Purposes

With roughly $500 out-of-pocket, a family can own a fully rehabilitated NSP home with total monthly payments lower than the rent for many two bedroom apartments.

The following sample calculation is based on an NSP home priced at $80,000 for an eligible low income family.

First Mortgage Calculation
Purchase Price	$80,000
Buyer contributions	(500)
NSP Soft Second Mortgage	(40,000)
Closing Costs	6,000
NSP Loan/First Mortgage Amoun	$ 45,500
Monthly Payment Calculation
First mortgage amount	45,500	--
First mortgage payment (6%, 30 yrs.)	273
Second mortgage payment (0%, 5 yrs.)	24,000	--
Estimated mortgage insurance	40
Estimated real estate taxes	120
Homeowner’s insurance	145
Monthly Payment estimate	$578

Important Note About Reselling Before 15 Years of Home Ownership

If buyers choose to sell, rent or even refinance without Lee County’s approval before 15 years have passed, then the buyer could be subject to repayment of the full or partial amount of the subsidy.

The amount of repayment required is based on the number of years that the buyer lived in the home.

Years in Home	Percent of 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	Soft second mortgage is forgiven; no repayment required.

 

Home Buyer Education Classes

Buyers who apply for a NSP home are required to complete a Home Buyer Education Class at either one of the two agencies below:

Lee County Housing Development Corporation
3677 Central Ave. Fort Myers, FL 33901
www.leecountyhdc.org
(239) 275-5105

Home Ownership Resource Center (Fort Myers Office)
4040 Palm Beach Blvd #C Fort Myers, FL 33916
www.horcswfl.org
(239) 768-2013

Home Ownership Resource Center (Cape Coral Office)
1423 SE 16th Place Suite 205 Cape Coral, FL  33990
www.horcswfl.org
(239) 673-9192

Note that the Home Buyer Education class must be completed before a buyer can purchase an NSP home.