A fee of $50.00 is required when you submit your application. IT IS NOT REFUNDABLE. Be sure your income and assets are within range before applying.
Are You Eligible?
Household Income Limits | ||||
Household Size | 1 | 2 | 3 | 4 |
Minimum* | $40,688 | $46,506 | $52,325 | $58,100 |
Maximum | $69,750 | $79,725 | $89,700 | $99,600 |
Household Income Limits | ||||
Household Size | 5 | 6 | 7 | 8 |
Minimum* | $62,781 | $67,419 | $72,056 | $76,694 |
Maximum | $107,625 | $115,575 | $123,525 | $131,475 |
*Income below these minimums may be allowed on a case by case basis.
Income Verification: We use a number of financial documents to calculate your household income, including current paystubs and your IRS Form 1040. You must submit information for all adult household members who will be be living with you in your new home. You may need to have each person fill out IRS form 4506-T. This form allows the IRS to release transcripts directly to a third party (your counselor and/or the NSP2 Project Manager). If you have a challenge with these documents, schedule a counseling session for more information before applying. See: Our Partners
Maximum Household Assets of $200,000
Asset Verification: In general terms, an asset is cash or items that can be converted to cash. Savings and checking accounts, real estate and investments are assets. Retirement accounts like an IRA or 401K account are usually excluded. If a retirement account or college savings plan is to be liquidated to support the home purchase, it will be added to the asset calculation. To determine household assets, you should add up the assets for each member of the household.
Good credit history, low existing debt: Our Partners can help you get there.
Owner occupancy required (10-15 years): See Resale Restrictions
Complete 8 hours of homebuyer education and the NSP2 REO Workshop. Individual counseling will also be needed: See Our Partners
Purchase an eligible home or condominium: See Qualified Properties
