Winston salem forsyth county neighborhood stabilization program
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Winston-Salem/Forsyth County Neighborhood Stabilization Program. Putting Neighborhood Stabilization to Work November 3, 2009. Quick Overview of WS/FC NSP. Provision of Financing Mechanisms Market Approach City/County Makes No Purchases Provides Financing for 1 st Time Homebuyers

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Winston salem forsyth county neighborhood stabilization program

Winston-Salem/Forsyth CountyNeighborhood Stabilization Program

Putting Neighborhood Stabilization

to Work

November 3, 2009

FORSYTH COUNTY

DEPARTMENT OF HOUSING


Quick overview of ws fc nsp
Quick Overview of WS/FC NSP

  • Provision of Financing Mechanisms

  • Market Approach

    • City/County Makes No Purchases

    • Provides Financing for 1st Time Homebuyers

    • Make Use of Professional Lenders & Realtors

    • Match Supply with Demand

  • Target NSP Eligible Census Tracts

  • Track Foreclosures on Monthly Basis


Ws fc nsp financing terms
WS/FC NSP Financing Terms

  • Down payment Assistance:

    • Up to $20,000

    • 20 year deferred forgiveness

    • Years 11-20 forgiven at rate of 10% per yr.

  • Renovation Loans:

    • No defined maximum $

    • Must make economic sense

    • County will provide in form of grant


Marketing
Marketing

  • City of W-S Marketing & Communications

    • Marketing Plan:

      • Television

      • Radio

      • City Newsletter

      • W-S Journal

      • NSP Hotline Number

      • Webpage: myfirsthomewsfc.com

    • Nearly 300 applicants since August


Center for homeownership cho
Center for Homeownership (CHO)

  • Single Entry Port for Applicants

  • All applications reviewed by CHO

  • All applicants offered an initial consultation

  • Applicant readiness appraised

  • Referrals to Lenders & RE sales persons

  • Homeownership Training

  • One on One Homeownership Counseling


Liberty hall

Sales Price: $102,000

Appraisal: $110,000

Financing

Fairway Mort. $ 84,757

NSP/DPA: $ 15,000

IDA Grant: $ 4,000

TANF Grant: $ 2,000

Buyer DP $ 2,104

Equity $ 10,243

Liberty Hall


Lauren hill court

Sales Price: $137,250

Appraisal: $144,900

Financing

Wells Fargo $ 119,501

NSP/DPA: $ 15,000

IDA Grant: $ 4,000

Buyer DP $ 1,725

Equity $ 10,399

Lauren Hill Court


Cheshire place

Sales Price: $ 84,900

Appraisal: $ 91,000

Financing

WR Starkey $ 75,803

NSP/DPA: $ 10,000

Buyer DP $ 1,129

Equity $ 5,197

Cheshire Place


2389 asheby woods ct

HUD 3/09 Appraisal $139,000

County Tax Appraisal $137,200

Sales Price $115,100

Lender Appraisal $115,100

Appraisal Review $116,300

Difference $ 1,200

Percent Difference 1.03%

2389 Asheby Woods Ct



The Phone Call

You Did What !!!!!


Our nsp issues
Our NSP Issues:

  • Appraisals

    • The sales price @ 1% below appraised value

  • Required Repairs Prior to Closing

    • “As is Sale” versus “Securing Buyer Financing”

  • Sellers tardiness in Returning Signed HUD 1s

    • The search for the Bank owning the home

    • Two weeks and 43 phone calls later

  • Lack of NSP knowledge exhibited by HUD contracted property disposition firms


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