NSP2 Homebuyers Assistance Program
This program provides homebuyer opportunities for
qualifying households to purchase homes that have been
acquired and rehabilitated through the Neighborhood
Stabilization Program. Select homes and condominiums in
various areas of the City will be available for
purchase. The homebuyer must obtain a first mortgage for
a major portion of the purchase price and the City will
provide a second mortgage for the remaining portion.
Qualifying Income Limits:
Homebuyers must meet certain requirements to be
eligible for the NSP2 Homebuyers Program:
- Household income must be between 50% and 120% of
Area Median Income (AMI).
- Must reside or work within Stanislaus County for
the last 6 consecutive months.
- Have a minimum FICO credit score of 600 or above.
- Must attend an 8 hour Homebuyer Counseling class
provided by a HUD certified agency.
- Cannot be on title to any other property.
| Household Size |
50% AMI |
120% AMI |
| 1 |
$21,700 |
$52,100 |
| 2 |
$24,800 |
$59,500 |
| 3 |
$27,900 |
$66,950 |
| 4 |
$31,000 |
$74,400 |
| 5 |
$33,500 |
$80,350 |
| 6 |
$36,000 |
$86,300 |
| 7 |
$38,450 |
$92,250 |
| 8 |
$40,950 |
$98,200 |
| Download |
| NSP2 Guidelines |
View |
| NSP2 Application |
View |
| NSP2 Homebuyers Class
Information |
View |
| Conflict of Interest
Disclosure |
View |
| Information Flyer (English) |
View |
| Information Flyer (Spanish) |
View |
Homebuyer's Assistance Program (HAP)
The program helps homebuyers by providing financial
assistance with low a interest loan for down payment and
closing costs. The maximum loan amount is $10,000.
Qualifying Income Limits:
| Household Size |
Household Income |
| 1 |
$33,050 |
| 2 |
$37,750 |
| 3 |
$42,450 |
| 4 |
$47,150 |
| 5 |
$50,950 |
| 6 |
$54,700 |
| 7 |
$58,500 |
| 8 |
$62,250 |
- Homebuyer must currently live in the City of
Modesto, or in the sphere of influence with a
Modesto address during the last six consecutive
months, or be employed in the Modesto city limits
for the past six consecutive months.
- Homebuyer's FICO (Fair Isaac Company) credit
score must be 610 or higher.
- Homebuyer must provide a minimum initial
investment of 1.75% of the sales price.
- No monthly payments are required during the 30-year term of the loan.
- Repayment required only upon the sale, refinance,
transfer or rental of the property or maturity of
the loan.
| Download |
| HAP Guidelines |
View |
| Application for Lender |
View |
For more information, call (209) 577-5311 or e-mail housing@modestogov.com.
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