Who can buy an NSP home?
There are a few requirements to become an NSP home owner.
First, all potential buyers must enroll in a minimum of eight hours of home buyer counseling to ensure that they will be fully educated about the home buying process. Darlene Morris(email@example.com), NSP's home buying specialist, will set you up with an excellent counseling and education center.
Second, federal rules say that buyers' annual household income must be at or below 120 percent of the area median income. Your annual gross income, according to federal guidelines for the Chicago area must be within the following limits:
Income Limits as of June 24, 2014
At or Below 80% AMI - $35,000 Subsidy
Household of 1: less than $40,550 Household of 5: less than $62,550
Household of 2: less than $ 46,350 Household of 6: less than $67,200
Household of 3: less than $52,150 Household of 7: less than $71,800
Household of 4: less than $57,900 Household of 8; less than $76,450
81% to 120% AMI - $25,000 Subsidy
Household of 1: less than $61,800 Household of 5: less than $95,400
Household of 2: less than $70,650 Household of 6: less than $102,450
Household of 3: less than $79,500 Household of 7: less than $109,500
Household of 4: less than $88,300 Household of 8: less than $116,600
It is not necessary to be a first-time home buyer to participate in this program. Homes purchased through NSP must be owner-occupied. To receive assistance under NSP, you must buy a property that is located within are Targeted areas.