Home is where your heart is.
NSP of Lee County is part of a national effort to restore homes and renew neighborhoods hit hardest by the housing crisis. An investment in an NSP home goes straight to the heart of our community
The NSP Program is designed to bring back the quality of neighborhoods that have been especially troubled by foreclosures. We are offering home ownership opportunities in the following target areas:
To view maps of a specific target area, simply click on the desired location.
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 chart and you might be pleasantly surprised.
What’s the catch?
This program is not for investors, not for second homes, only for a buyer’s primary homestead residence. The NSP Program is not restricted to first time home buyers. However, you cannot currently own a home and must be a United States resident. You will be required to complete an 8-hour Home Buyer’s Education Class.
Is NSP for me?
The easiest way to find out if the NSP is a fit for you is to first check the income guidelines chart, then take steps to get pre-approved for a loan. Use these two factors as a guide:
1. Mortgage payments should not exceed 30% of gross family income* (*no more than this amount can be contributed to principal, interest, taxes and insurance).
2. Applicants must have a debt to income ratio of not more than 45% (total debt income ratio).
Contact one of the two housing agencies.
NSP Loans Are Regular Loans
• Maximum 30-year fixed rate, No balloon or adjustable rate mortgages
(ARMs)
• Conventional mortgages
• Veterans Administration loans
• Federal Housing Administration (FHA) loans
• United States Department of Agriculture (USDA) loans
Reselling Means Repaying
If you stay in your NSP home as your primary residence for at least 15 years, then you will not have to repay the Lee County subsidy (soft second mortgage)—not a dime! If you choose to sell, rent or even refinance without Lee County’s approval before 15 years have passed, then you could be subject to repayment of the full or partial amount of the subsidy. Here is how that works:
The amount of repayment required is based on the number of years that the buyer lives 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. |
How Long Will NSP Last?
The NSP Program will last only as long as federal funds are available. So it pays to get in line for a new NSP home today. What makes this program especially attractive is that middle level incomes qualify—that’s up to 120% of the area’s median income. Be sure to share the income guidelines chart with a friend or family member who may qualify.
How do I get Started?
Read the Buyer section of our website. Once you contact one of the two HUD-certified housing counseling agencies, housing counselors will guide you step-by-step through the process
It’s time to come home today.