ABOUT ELIGIBILITY - Who can apply and what is the process...
Who is Eligible?
Who is Eligible?
- NSP requires 75% of funds to be used for buyers having 120% of median income or less. At the same time, 25% of the funds are required to be for 50% of median income or less.
- This means that individuals and small families earning as low as $2,000 per month (at approximately 50% of Medium Income) can qualify for an energy efficient, affordable green home (see table) -- But hurry, this opportunity is limited to 25% of buyers.
- H2O provides housing counselors who will evaluate your complete household situation to determine eligibility by reviewing household size, income, credit situation, and income to debt ratio.
- It’s best not to determine your eligibility on your own. Calculating household income and considering allowances and deductables to determine how much you qualify for and what will be your monthly mortgage payment requires experienced financial analysts.
- H2O provides trained staff to evaluate all available options for you. All loan amounts are determined on an individual basis.
(*) Eligibility cannot be determined over the phone, an application must be submitted.
Have Questions? |
- Fill out an interest form and submit it to H2O by mail or drop it by our office.
- The H2O staff works with lenders, contractors, and realtors to help you buy an affordable home of your own.
- At no cost to you, H2O staff will
- Determine your funding options
- Summarize any credit problems
- Assist you with obtaining first mortgage financing from a local lender
- Monitor closing costs
- Indicate qualified realtors
- Provide a list of “ready to buy” homes through the H2O program.
- Submit the full application and required financial documents, including tax returns, bank statements, employment history, as well as social security and ID information. These are the usual documents required for any loan and home purchase.
- Complete eight hours of homeownership counseling.
- Applicants may be a first-time or repeat homebuyer, but cannot currently own a home.
- The home must be your primary residence.
- You must occupy the property after purchase/rehabilitation and within three months of the closing date.
- First-time borrowers using NSP funds are also eligible to receive the $8,000 federal tax credit if the home is purchased prior to December 1, 2009.
