NSP HOME PURCHASE PROGRAM
The U.S. Department of Housing and Urban Development created the Neighborhood Stabilization Program (NSP) to stem the decline of neighborhoods and home values as a result of foreclosures. Margate has received funding for NSP Rounds 1 and 3.The City has spent approximately 3 million dollars acquiring and rehabilitating eighteen (18) abandoned and foreclosed homes and reselling them to income qualified applicants. We are pleased to welcome 14 new families to Margate as we begin 2013! The City is in the process of acquiring and rehabilitating more homes for resale. There are no properties available for purchase at the present time. Please keep in mind that this program does not offer down payment assistance or pay any part of the closing costs. What the Program does offer is a fully rehabilitated home. These homes have been gutted and have all new components such as roof, A/C, appliances, fixtures, floors, walls, sprinkler systems, and impact resistant windows to name a few. All appliances are Energy Star rated and the new systems along with the impact resistant windows make them very energy efficient an qualify them for a reduction in the buyers insurance policy.
3/2 2,211 SqFt $195,000
3/2 Pool 1,223 SqFt $185,000
3/1 1,072 SqFt $125,000
Who is Eligible:
In order to qualify for the City of Margate NSP Purchase Program, individuals must meet federal income eligibility requirements. This is an income based not asset based qualification. These limits are based on the combined income and of all residents in the household. The table below indicates the MAXIMUM allowable income for a family of the listed size.
Homes currently for sale include:
The City currently has 8 homes in its inventory, with 3 available for sale immediately. The remaining properties are in various stages of rehabilitation and should become available between December 2013 and the end of March 2014.The finished homes will be posted on the City website as they become available. All completed homes will be listed in the MLS and can be shown by a real estate agent of your choice. Regrettably, because these homes are empty, the City will not release the addresses to the general public.
- The buyer is responsible to secure his/her own lender
- All funds will be secured by a subordinate second mortgage for 15 years
- No seller financing
- Buyer is responsible for all closing costs
- Buyer cannot own another property
Other Program Requirements:
If you do meet the income qualifications, the next step would be to set up an appointment and provide the following documents. Please have all documents photocopied and with you on your initial interview.
- Pre-Qualification Letter from the lender of your choice.
- Completed Application Form:
- Proof of number of ALL people living with applicant(s).
- Proof of child support/alimony payments. If court ordered, then provide the State/County file #.
- Six consecutive months of bank statements for checking, savings and all other asset accounts. This includes IRA's, CD's and any investment. If you only receive a quarterly statement for investments, the last quarter's statement is needed.
- Three consecutive pay stubs from all working household members
- Current Social Security/SSI Benefit Statement
- Statements from the following, if applicable: Worker's Compensation, Unemployment benefits (Workforce 1), any Pension or insurance payment.
Additional documentation may be required as we process your application.
This program is being administered by the City of Margate Economic Development Department. Please call (954)935-5331 or email firstname.lastname@example.org