NSP Goals

The El Paso Collaborative for Community and Economic Development (EPC) received a total of $10.2 million in Neighborhood Stabilization Program (NSP) funds to help stabilize El Paso neighborhoods impacted by the foreclosure crisis. The project has several goals: 1) to assist qualified households purchase a home that was foreclosed and/or abandoned, 2) to assist households,who are interested in purchasing a home, find an affordable, good-quality home to rent, and 3) to assist households, who are interested in purchasing a home, work collaboratively with Habitat for Humanity in assisting rehabilitating their own home with their own sweat equity. These goals will be accomplished by the acquisition, rehabilitation (or building), sale, and return to productive use a minimum of 125 single-family homes in 22 eligible census tracts, located inside and outside the city limits of El Paso.

The selected families for this project are those with incomes ranging from 50% to 120% of the Area Median Family Income (AMFI) average.

Steps to Home Ownership

The steps outlined below provide a general description of how a family (or individual) can purchase a home.

Step 1: Homebuyer MUST attend a mandatory Orientation. A power point presentation is provided with program detail during the orientation of the program. (See Orientation dates).

Step 2: Homebuyer schedules an initial one-on-one assessment with the Intake/Participant Coordinator base on categories Path A, Path B or Path C (see below). After initial assessment appointment, applicant will be referred to participating lender for mortgage loan pre-approval and or local H.U.D.approved counseling agency for further assessment if needed.

Step 3: Homebuyer MUST qualify with a participating Lender (from list provided), or with Habitat for Humanity for those households interested in participating with their home purchase program.

Step 4: Once homebuyer has been pre-approved for a loan from one of the participating lenders. A second appointment will be scheduled with the NSP Project Coordinator to determine the amount of Homebuyers Assistance. A list of required documents will be provided for second appointment.

Step 5: Attend 8-hour Homebuyer Counseling and 2-hour Financial Literacy Education classes.

Step 6: For those households not working with Habitat for Humanity, a Property Expressed Interest Form must be submitted for homes listed on the El Paso Collaborative website.

Step 7: Meet with Subordinate Mortgage to process Homebuyers Assistance.

Step 8: Close on Home

PATH – A

BUYER HAS BEEN PRE-QUALIFIED BY LENDER

1. Schedule an NSP Eligibility Screening Session
2. Bring lender's pre-qualifying Letter with you
3. Bring all necessary house hold documents (blue sheet)
4. Send to NSP participant lenders

PATH – B

BUYER HAS NOT BEEN PRE-QUALIFIED BY LENDER

1. Prior to appointment obtain a copy of your credit report (www.mycreditkeeper.com)
2. Take Questionnaire and fill out and schedule an intake appointment
3. If NSP staff does not identify obstacles select participating lender
4. If pre-qualified by lender:
   1. Schedule appointment with NSP staff
   2. Bring lenders pre-qualifying letter
   3. Bring all necessary household documents

PATH – C

HABITAT FOR HUMANITY

1. Obtain a free copy of your credit report Schedule an NSP Eligibility pre-screening session
2. If income eligible and no mortgage obstacles identified, you will be referred to Habitat for Humanity
3. Attend Habitat's Orientation Session who will continue to process your application from this point.