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ANDP Neighborhood Stabilization Program (NSP) Program Training For Realtor Professionals. Implemented by Atlanta Neighborhood Development Partnership Presented by Clyde Anderson. ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org. The Initiative.

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ANDP Homes… The NSP Advantage! Visit Us Online at ANDPHomes

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Andp homes the nsp advantage visit us online at andphomes

ANDP Neighborhood

Stabilization Program (NSP)

Program TrainingFor Realtor Professionals

Implemented by

Atlanta Neighborhood Development Partnership

Presented by Clyde Anderson

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

The Initiative

The ANDP NSP Program is an initiative to help qualified buyers purchase a previously foreclosed home in designated areas within the Atlanta Metro. The program provides financial assistance to help lower the cost of these homes.

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

The Team

NSP Advantage: Overview

NSP Second Mortgage Program

Available Counties & Jurisdictions

Program Structure

Homebuyer Requirements

Property Requirements

Realtors Role

ANDP’s Role

To-Do or Not-To-Do

Today’s Agenda

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Advantage Team

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Christie Cade

Sr. Manager of Housing Development

Clyde Anderson

Housing Consultant

Karyl Bentley

Housing Coordinator

George Burgan

Sr. Manager Marketing & Comm.

NSP Advantage: The Team

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Advantage: Overview

  • Total household income must not exceed 120% of Area Median Income.

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Advantage: Overview

  • Second mortgages must be coupled with 30 year fixed rate first mortgages only (FHA, VA, Conventional)

  • Recapture/affordability for period with all NSP Second Mortgage loans (5-15 years)

  • Homebuyer must move into the home 60 days after closing subject to construction issues

  • Homebuyers must contribute at least 1% of their own funds towards the purchase of the home (i.e. earnest money, application fee, appraisal, etc.)

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Advantage: Overview

  • The home purchased must be the primary residence for the Homebuyer

  • No first time buyer requirement

  • Loan qualification and credit underwriting is completed by participating lenders

  • Homebuyer education and housing counseling is required from HUD approved housing counselors (8 hours)

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Advantage: Overview

  • All other NSP regulations and guidelines are applicable

  • Program may be used with other down payment assistance programs (some exceptions may apply)

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Second Mortgage Facts

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Second Mortgage Guidelines

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

NSP Second Mortgage Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Borrower receives approved contract from ANDP

Email “Loan Reservation” to the following

[email protected]@gmail.com, [email protected]

ANDP will provide Reservation Confirmation within 48 hours

Lenders will process and Underwrite loan file completely

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Overnight you approved loan to ANDP’s office: 235 Peachtree Street Suite 2000 2oth Floor, Atlanta, GA 30303 ATTN: Christie Cade

Upon receipt ANDP will provide a “Deficiency Letter” within 48 hours of receiving file (if applicable)

The file will not be fully reviewed until outstanding conditions are met

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

ANDP will begin “Compliance Review”

Compliance Review consist of...

Confirming that all documents have been signed and filled out completely

Confirming household size

Verifying income is correct

Review Appraisal

Reviewing tax returns

Reviewing bank statements

Forward info to Jurisdiction for review if applicable

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Email Lender Approval/Declination Letter

Allow 48 hours to confirm and set up closing

ANDP will prepare Note, Deed, TIL and other documents for closing

ANDP will provide all documentation for NSP 2nd Mortgage to Attorney

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

After ANDP reviews the HUD to ensure:

Borrower has at least 1% invest into the transaction (Earnest deposit, application fee, inspections etc.)

No excessive fee’s were charged (Max 2 discount points)

Second Mortgage proceeds and closing cost were applied correctly

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

ANDP is the Seller of the properties and will provide homebuyers warranty and sign all seller docs at closing.

ANDP will follow up on Post Closing items

Fully Executed 1003

Loan Application Form

Final GFE

NSP Advantage: Process

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

HomebuyerRequirements

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Homebuyer Requirements

Getting Started! The Loan Process

  • Homebuyer will contact a NSP Participating Lender for loan application and pre-qualification.

  • Homebuyer will contact a HUD approved Housing Counseling agency, complete the required (8 hr) homebuyer education and housing counseling and obtain a certificate of completion prior to submittal of underwriting package to ANDP.

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Homebuyer Requirements

Getting Started! The Loan Process

  • Homebuyer qualifies for a conventional, FHA or VA mortgage

  • Homebuyer will work with Real Estate Professional to locate an ANDP property in one of the designated Counties - Area of greatest need and present an offer contingent upon approval

  • Homebuyer completes the loan application process with the NSP Participating Lender, completes all NSP forms, obtains loan approval from lender, and closes on home.

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

PropertyRequirements

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Property Requirements

  • Must be an ANDP owned property listed on MLS and FMLS

  • Must be located within the designated program area in order to receive the benefits for that jurisdiction

  • Under renovation, unless otherwise noted

  • Properties online at www.ANDPHomes.org

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of theLender

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of the Lender

  • Prepare the required NSP Program closing documents

  • Deliver documents for the first mortgage loan, table fund 1st mortgage, ANDP will fund 2nd mortgage loan

  • Deliver final inspections and required funding documents to ANDP

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of the Lender

  • The Lender will:

  • Originate, process and underwrite the first and mortgage in accordance with FHA, VA or Conventional loan requirements and credit guidelines

  • Lenders will be responsible for originating, underwriting and closing the NSP first mortgage Loans and for all communications with borrower about their NSP Second Mortgage Loans

  • Review all documentation to verify that discounts meet the NSP requirements

  • Review income documentation to verify that Applicants household meets the NSP income requirements of less than 120% AMI and complete the Household Income Worksheet

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of the Realtor

  • Become familiar with the ANDP property inventory

  • Share information with potential homebuyers

  • Inform homebuyers of the housing counseling requirements

  • Assist homebuyers with the process of obtaining pre-qualification/loan approval from one of our participating Lenders

  • Assist homebuyer with presenting offer on ANDP properties

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of the Realtor

  • Identify Property from the www.andphomes.org website

  • Contact the assigned Listing Agent

  • Show property

  • Get appropriate documents for contract to make offer from Listing Agent

  • Submit your offer to ANDP (Seller) via Listing Agents

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Role of ANDP

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

ANDP Role & The Closing Process

  • ANDP will:

  • Reserve NSP funds as requested by lenders

  • Complete a compliance underwriting review of documentation presented by the lender

  • Approve/deny NSP funding for submitted applications

  • Prepare NSP second mortgage loan closing documents

  • Fund the NSP loan at closing

  • Secure NSP Second Mortgage Loan documents and service loan until payoff.

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

How to Make it Work!

ANDP’s Do's and Don'ts for Loan Submissions

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

What we need from the Lender

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


Andp homes the nsp advantage visit us online at andphomes

Questions?

For additional information visit www.ANDPHomes.org

Or

Clyde Anderson

[email protected]

678-500-9519

ANDP Homes… The NSP Advantage! Visit Us Online at www.ANDPHomes.org


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