Lee County Human and Veteran Services – Neighborhood Stabilization Program

Special Alert

Program limited to specific NSP homes owned, rehabilitated and resold by Lee County.

Maximum Purchase Price

Inquire for Details

Contact Info:

https://www.leegov.com 2440 Thompson St, Fort Myers, FL 33901 239-533-7938

Limitations

Program limited to specific NSP homes owned, rehabilitated and resold by Lee County: https://www.leegov.com/dhs/nspproperties The following closing costs will be paid by Seller at closing (subject to VA or FHA requirements): survey; documentary stamps on deed and mortgage; recording fees for mortgages and deed; title insurance, document preparation, closing fee, wire transfer, document storage fee, express mail fees; reasonable lender costs and expenses of up to 5% of the purchase price including appraisal fee at closing. Once the potential NSP homebuyer has been notified that the contract has been conditionally accepted, they must then contact Lee County Department of Human and Veterans Services within two (2) business days, and they will have a total of seven (7) business days from the time Lee County accepts the pending offer to submit their NSP application to Lee County. All household members must have legal right to reside permanently in the United States. Only borrowers on first mortgage loan can be on deed.

Credit Score Requirements

Based on 1st mortgage requirements.

Deferred Payments?

Yes

Accepted First Mortgage Type:

Freddie Mac, Freddie Mac HFA Advantage, Freddie Mac Home Possible, Fannie Mae, Fannie Mae HFA Preferred, Fannie Mae HomeReady, FHA 203(b), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

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). No reduction during first five (5) years; then reducing 10% per year during remaining ten (10) years.

Location:

1 County: Lee Property must be an NSP property in Lee County owned and rehabilitated by Lee County. Homes eligible for purchase could be in one of these locations: Lehigh Acres Bonita Springs Cape Coral Fort Myers North Fort Myers South Fort Myers

Income Limitations:

Yes, based on Compliance Income (including household income) Income limits from Agency-defined 2022 120% AMI guidelines Income cannot exceed 120% AMI (Agency provides the NSP income chart to use) Agency states ALL income from ALL household members in determining income eligibility.

Maximum Assistance

50% of Purchase Price Lee County buys foreclosed homes in target areas at below appraised value, then rehabilitates properties into desirable homes and sells the home to qualified homebuyers, providing a soft second mortgage and reasonable closing cost assistance to help subsidize buyer costs. Maximum Assistance is based on Income limits categories: Low (50% AMI) income category = 12.5% – 50% of sales price Moderate (50.01 – 80%) income category = 10% – 40% of sales price Middle (80.01 – 120% AMI) income category = 7.5% – 30% of sales price

Education Requirements Info:

Homebuyers are required to complete a homebuyer’s education class from a HUD approved agency in order to participate in the program. Contact Lee County Housing Development Corporation at http://www.leecountyhdc.org or (239) 275-5105 and Home Ownership Resource Center at (239) 673-9192.

Eligible Property Types:

Single Family Detached

Income By Household Size:

HH1HH2HH3HH4HH5HH6HH7HH8 $67,550$77,200$86,850$96,500$104,200$111,900$119,650$127,350 *Income limits as of 05/11/2023

Qualifying Ratios:

Housing Ratio: Up To 30% Total DTI: Up To 45% Maximum PITI Debt-to-Income Ratio of 30% Maximum Total Debt-to-Income Ratio of 45%

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