FAQ
Frequently Asked Questions about the Neighborhood Stabilization Program (NSP) of Lee County
Frequently Asked Questions
- What is NSP?
- How does Lee County plan to help make these homes affordable?
- Is it true that NSP homes are fully remodeled, rehabbed and warrantied?
- Where are NSP homes located?
- Can I look at available homes online?
- Do you have to be a first time home buyer to qualify?
- How do I get started?
- How much do I need to earn to qualify for a loan and what are the income limits?
- How much of a down payment will be required?
- Will Lee County provide down payment assistance and/or assistance with closing costs?
- Do I need to take a home buyer education class?
- What if I don’t qualify now? What are my options?
- Can I use a realtor to help me select a NSP home?
- Can I have my own home inspection done?
- How long does the home buying process take?
- Helpful Links
NSP stands for the Neighborhood Stabilization Program of Lee County. NSP’s mission is to promote homeownership opportunities to low, moderate, and middle income households in the Lee County, Florida area. NSP homes are foreclosed or abandoned homes purchased by Lee County, rehabilitated by local general contractors, and then sold at no profit to eligible low-to-middle income families.
-How does Lee County Plan to make these homes affordable?
Lee County buys foreclosed homes in target areas for at least 1% below the appraised rate. When it comes time to sell a rehabilitated home, Lee County does not mark up the prices like a regular seller. This means that even as the economy improves, the NSP homes are guaranteed to stay affordable. Better still, the County will provide a soft second mortgage to help subsidize buyer costs along with help with reasonable closing costs. The bottom line--you could conceivably buy a $60,000 home for a $30,000 investment.
-Is it true that NSP homes are fully remodeled, rehabbed and warrantied?YES, homes are remodeled and rehabbed, but NO new warranties are not going to be placed on NSP homes. Every NSP home goes through stringent inspections as outlined by the Department of Housing and Urban Development (HUD). The rehabbing and remodeling work is then done under the guidance of Lee County with licensed contractors who are on the Approved List with Lee County. Homes will be sold in “move-in” condition. Only original manufacturer warranties may apply. No additional warranties will be provided.
-Where are NSP homes located?
NSP homes are located in several target areas in Lee County. Please refer to our Maps of Target Areas to view these locations. Please check our Home Listings for currently available homes. Homes will be bought and sold on basis of availability.
-Can I look at available homes online?
Available homes are listed on the NSP website nsp.leegov.com under the Home Listings heading. This site will be updated regularly as new homes become available for purchase to eligible NSP buyers. Please note that before you can visit an NSP home in person, you must go through the NSP Application process through one of the two housing agencies approved by Lee County to manage the NSP application process. Click here to view the agency contact information.
-Do I have to be a first time home buyer to qualify?
No. Anyone who meets the income requirements, doesn’t currently own a home, and plans on using it as his/her personal homestead qualifies for an NSP home.
-How do I get started?
Contact one of the two County-approved HUD-certified housing counseling agencies to help through the process.
Lee County Housing Development Corporation
3677 Central Ave. Fort Myers, FL 33901
www.leecountyhdc.org
(239) 275-5105Home Ownership Resource Center (Fort Myers Office)
4040 Palm Beach Blvd #C Fort Myers, FL 33916
www.horcswfl.org
(239) 768-2013Home Ownership Resource Center (Cape Coral Office)
1423 SE 16th Place Suite 205 Cape Coral, FL 33990
www.horcswfl.org
(239) 673-9192
-How much do I need to earn to qualify for a loan and what are the income limits?
Applicants must have a debt-to-income ratio of no more than 45% (total debt income ratio). For maximum annual income limits, please look at the chart below. For detailed information, please contact the housing counseling agencies.
-How much money do I need for a downpayment?
Buyer contributions vary according to the income category you meet.
| Income Category | Buyer Contribution |
| Low | $500 |
| Moderate | $1,000 |
| Middle | $1,200 |
-Will Lee County provide downpayment assistance and/or assistance with closing costs? How much financial help will I receive from NSP?
The Lee County NSP will provide subsidies in the form of a soft second mortgage plus reasonable closing costs to help pay for your home. 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% |
-Do I need to take a home buyer education class?
YES. Buyers who apply for an NSP home are required to complete an 8 hour Home Buyer Education Class at either one of the two HUD-certified counseling agencies.
-What if I don’t qualify now? What are my options?
Once you contact one of the two HUD-certified housing counseling agencies, housing counselors will guide you step-by-step to help you correct any problems so that you may be able to purchase a home at a later date. Lee County will continue to purchase, rehabilitate and resell homes as long as stimulus funding is available. If you miss out on your first opportunity, another NSP home may be available to you in the future.
-Can I use a Realtor® to help me select a NSP home?
YES. A real estate Broker/Realtor® is required for the purchase transaction, and should be available to help show buyers NSP homes once they have gone through the NSP Application process. Lee County cannot recommend a particular real estate brokerage firm. It may be worthwhile for buyers to find out of their selected agent is knowledgeable about the NSP program and its purchase process.
-Can I have my own home inspection done?
YES. Lee County recommends that you have a home inspection conducted prior to purchasing any home.
-How long does the home buying process take?
It depends on the availability of a suitable home. Homes have to be fully rehabbed and inspected before they can be made available for purchase. Timing may also depend on the length of time taken by a lender in the underwriting process.
Other questions? Please contact one of the two HUD-certified housing agencies in Lee County.
Information about NSP on the U.S. Government’s HUD’s Website
www.HUD.GOV This website offers a wealth of information on the neighborhood stablization program.