winston salem forsyth county neighborhood stabilization program
Download
Skip this Video
Download Presentation
Winston-Salem/Forsyth County Neighborhood Stabilization Program

Loading in 2 Seconds...

play fullscreen
1 / 13

Winston-Salem/Forsyth County Neighborhood Stabilization Program - PowerPoint PPT Presentation


  • 112 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Winston-Salem/Forsyth County Neighborhood Stabilization Program' - leigh-pratt


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
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
slide12

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
ad