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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(dmorris@mercyhousing.org), 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.