There are two ways to assist your buyers in getting an NSP home:

  1. Contact our Realtor Specialist, Tina Hood, to see if NIHC has any homes available; all of our homes are listed on the MLS. Here is her contact information:

    Tina Hood, Office: 208-665-3917
    Cell: 208-661-0773
    email: tina@21goldchoice.com
  2. Identify an REO home for your buyer and contact Tina about having NIHC purchase the home for your buyer.

Here is an example of the NSP process to purchase, rehab and sell a home. Remember, NSP homes are purchased with federal funds and the potential homebuyer must qualify for the NSP Homeownership Assistance. The amount available to the homebuyer is up to 20% of the purchase price which can be used to help fill the financing gap and/or interest write downs and/or closing costs. The Homeownership Assistance is based on the purchasers “need” and final approval by the IHFA NSP Grant Department.

  1. NIHC purchased this foreclosed house for $103,000; (the listing mentioned “this home needs work”)
  2. Over $30,000 was spent to get the house up to NSP standards; including: new carpet and linoleum complete interior paint, partial exterior repairs and paint, new roof, new back deck, new bathroom new appliances, repair windows, add screens and blinds, repair HVAC system, along with misc. repairs to structure, electrical, plumbing, and the yard.
  3. After repairs the home appraised for $131,000. NIHC strives to sell homes as close to the appraised value as possible to maintain neighborhood property values. At the same time we like to give our homebuyers a little wiggle room against future price fluctuations, and we take into consideration the second mortgage that requires repayment of the buyer’s closing costs paid from the NSP fund.
  4. The sales price was set at $125,000.
  5. A couple with three children qualified for the NSP program. The finances are outlined below:
    • $ 117,000 First mortgage in the amount the buyers were qualified for from their lender.
    • $ 1,000 Downpayment from buyer
    • $ 11,000 *NSP second on the home. This amount covers both the gap between the buyers first loan and downpayment and the price of the home, and the buyer’s closing costs paid by the NSP fund, approximately $4,000.

*The NSP second is a no-interest, no payment lien, due on the refinance or sale of the home. The second can be up to 20% of the purchase price, but it can only be used to fill the gap between what the buyer is qualified for from their lender and the price of the home.

     

    For more information, contact your Realtor, our Realtor Specialist Tina Hood (Cell 661-0773) or Lori Isenberg, NIHC Executive Director lori@northidahohousing.org
    Office: 665-HOME (4663), Cell: 755-7282