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Winston-Salem/Forsyth County Neighborhood Stabilization Program

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

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  1. Winston-Salem/Forsyth CountyNeighborhood Stabilization Program Putting Neighborhood Stabilization to Work November 3, 2009 FORSYTH COUNTY DEPARTMENT OF HOUSING

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. The Termite Infested HUD Home

  11. The Phone Call You Did What !!!!!

  12. 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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