KANSAS CITY MISSOURI
NEIGHBORHOOD STABILIZATION PLAN
FREQUENTLY ASKED QUESTIONS
Q. How do I know if I meet the income qualifications?
A. Please review the income chart and, if you fall at or below the maximum income, contact a NSP developer or a realtor for a consultation.
|
Family Size
|
Maximum Income
|
|
1
|
$59,100
|
|
2
|
$67,550
|
|
3
|
$76,000
|
|
4
|
$84,450
|
|
5
|
$91,200
|
|
6
|
$97,950
|
** Note: If your income is 50% or less of the maximum income totals listed above, please contact Habitat for Humanity Kansas City at (816) 924-1096 ext. 113.
Q. What are the other eligibility qualifications?
A. In order to be eligible for NSP, buyers must:
1. Be a U.S. citizen, qualified alien or a non-immigrant
2. Be able to qualify for a mortgage
3. Attend an 8-hour HUD approved homebuyer education class
4. Use the home as your primary residence
5. Meet income qualifications (see chart above)
Q. What is HUD?
A. U.S. Department of Housing and Urban Development
Q. If I meet the eligibility qualifications, how do I apply for this program?
A. It’s easy. Contact a NSP developer or a realtor. Depending where you are in the home buying process, we’ll work with you to find the home of your dreams.
Q. Do I need to qualify for a mortgage?
A. Yes, buyers should have sound credit and must be able to qualify for a mortgage. A list of participating lenders is available at nspkc.org.
Q. Where are the available homes located and how can I view a list of the inventory?
A. Homes available in this program are located in various qualified census tracts identified by the City of Kansas City, Missouri. See a location map or of list of homes for sale at nspkc.org.
Q. What benefits are available to the buyer?
A. Buyers will benefit in the following ways:
· Homes will be move-in ready and meet energy efficient standards
· Up to $20,000 in a forgivable second mortgage*
· Not just for first-time home buyers
· Homeownership education
Q. Can I purchase any foreclosed home?
A. No, Eligible buyers much purchase in a qualified census area determined by the City of Kansas City, Missouri. See map of eligible areas here (link “here” to the map). Developers will purchase homes based on HUD requirements, rehab the homes and sell to NSP eligible buyers. Please contact a NSP developer or see list of available homes on nspkc.org.
Q. Do I have to become eligible to participate in the program in order to purchase a NSP home?
A. Yes, Since NSP is a HUD program, all eligibility requirements must be met to purchase a NSP home.
Q. Can I bring a home to NSP to be purchased through the program?
A. All homes purchased by NSP must meet strict HUD guidelines. Each home will be thoroughly analyzed before it can be purchased and not all vacant, foreclosed residential properties will be eligible to be purchased by NSP. If you find a foreclosed home in an eligible census tract that you’re interested in owning, the NSP developers will work with you to see if it can fit into the program.
Q. I have already purchased a foreclosed Home. Will this program help me rehab my new home?
A. No, this program is not designed to assist a buyer in rehabbing a home.
Q. After purchasing an NSP home, what if I move and rent the home to another person?
A. The program requires that the person(s) purchasing a NSP home must be the primary resident for the duration of the grant period. If a buyer discontinues being the primary resident of the property, any grant monies received must be returned to NSP.
Q. Can the NSP program provide me a grant to help me purchase or rehab a foreclosed home?
A. No, NSP funding is not a grant. Contact a NSP developer for assistance.
Q. I am currently under the threat of foreclosure. Can NSP assist me so that I may keep my home?
A. No, unfortunately, the NSP program is designed to purchase and rehab only fully foreclosed homes and sell to eligible buyers. There are many agencies available to homeowners who are under the threat of foreclosure.
* Restrictions Apply