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City of Nashua First-Time Homebuyer Assistance Program Application
Overview
The City of Nashua has established the Homebuyer Assistance Program to provide financial assistance to low- to moderate-income individuals and households who are eligible first-time home buyers so they may purchase of homes located within the City of Nashua. The program provides this assistance in the form of a conditional grant agreement and affordable housing restriction, which means if the house is sold within five years of purchase, (1) the house must be sold to another buyer who is low-to moderate income or (2) the financial assistance must be repaid to the City. The program grant funds may be used toward downpayment on the home, closing costs, interest rate buy-down, and/or purchase price of the home by the homebuyer. These funds are made available through the U. S. Department of Housing and Urban Development’s (HUD) HOME Investments Partnership Program. Applicants’ household incomes may not exceed 80% of City of Nashua’s area median income, adjusted for household size, as published by HUD at https://www.hudexchange.info/programs/home/home-income-limits/ (click on the “New Hampshire” PDF then scroll down to “Nashua, NH HUD Metro FMR Area”). Applicants must provide documentation that their gross household incomes do not exceed the income limits. For applicants interested in buying a multi-unit building, the building’s tenants must also be low- to moderate-income.
Eligible Households Must Document That They Have the Required Balance of Funds Necessary for Down Payment and/or Interest Rate Buy Down As Required by the Primary Lender.
Documentation generally will take the form of an account balance statement, but other forms of documentation may be accepted. The City of Nashua bears no responsibility for the failure of an applicant to respond to any requests for documentation in a timely manner. The City reserves the right to third-party verification of child support, employment income, and any other income source or asset deemed necessary to determine an individual’s eligibility for the First-Time Homebuyer Assistance Program. Funding is limited and is allocated on a first-come, first-served basis. If funding becomes unavailable, the City reserves the right to terminate an applicant’s pre-approval at any time. More information on program guidelines, eligibility, etc., can be found in the First-Time Homebuyer Assistance Program Guidance and Policies, available online at https://www.nashuanh.gov/1594/First-Time-Homebuyer-Assistance-Program.
Privacy Statement
The Department of Housing and Urban Development (HUD) requires the collection of the information derived from this form to determine an applicant’s eligibility in the HOME Program and the amount of assistance necessary using HOME Program funds. This information will be used to establish the level of benefit to be received, to protect the government’s financial interest, and to verify the accuracy of the information furnished. It may be released to appropriate federal, state, and local agencies when relevant, as well as to civil, criminal, or regulatory investigators or prosecutors. Failure to provide any information may result in a delay or rejection of your eligibility for approval.
I. Applicant Information
Applicant Name
*
First Name
Last Name
Applicant Date of Birth
*
-
Month
-
Day
Year
Date
Co-Applicant Name (if applicable)
First Name
Last Name
Co-Applicant Date of Birth
-
Month
-
Day
Year
Date
Address
*
Street Address
Street Address Line 2
City
State / Province
Postal / Zip Code
Phone Number (Home)
*
Please enter a valid phone number.
Phone Number (Work)
*
Please enter a valid phone number.
Email Address
*
example@example.com
Alternate Email Address (optional)
example@example.com
II. Household Employment & Income Information
Please list the number of persons to reside in property:
*
Please list household income for all household members over the age of 18. Types of income, as highlighted in 24 CFR 5.609(b), to be included: gross wages, salaries, overtime, fees, tips, and bonuses from all jobs, Net income from business, interest and dividends, Social Security income (if applicable), SSI Disability, annuities, pensions, insurance policies, unemployment income, disability income, workman’s compensation, welfare assistance, alimony, child support, and all regular and special pay through the Armed Forces. List all household members. If an individual has more than one employer, please include each as a separate entry.
*
Household Member Name
Age
Relation to Homebuyer
Source of Income (Employment)
Gross Annual Income
Household Member #1
Household Member #2
Household Member #3
Household Member #4
Household Member #5
*
Employers
Length of Employment
Annual Salary
Employer Contact Name/Phone Number
Current Employer
Previous Employer
Previous Employer
III. Debt Information
Current monthly rental payment:
*
*
Monthly Debt Obligation
Minimum Payment
Balance Owed
Auto #1
Auto #2
Credit Card #1
Credit Card #2
Credit Card #3
Credit Card #4
Credit Card #5
Other
TOTAL (excluding rent):
*
Make
Model
Auto #1
Auto #2
IV. Household Savings and Asset Information
*
Name on Account
Financial Institution
Type of Asset (checking, savings, CD, stock/bond, etc.)
Account Number
Account Balance
Account #1
Account #2
Account #3
Account #4
Account #5
Account #6
Expected annual income from interest:
*
V. Property Information
What type of home do you plan on purchasing? Please select one of the following:
*
Condominium
Single Family
Two Family
Three Family
Four Family
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VI. Demographic Information
Your response to this section is optional and will not be used in determining your eligibility. This section will assist the City of Nashua in fulfilling affirmative marketing requirements of the Fair Housing Act. Please check as many as apply.
Race:
White
Native Hawaiian or Pacific Islander
Black or African American
Asian
American Indian/Alaskan Native
Native Hawaiian or Pacific Islander & White
Black or African American & White
Asian & White
American Indian/Alaskan Native & White
Other Multiracial
Ethnicity:
Hispanic/Latino
Non-Hispanic/Non-Latino
Sex/Gender
Male
Female
Non-binary
Head of Household
Check if head of household is female
Check if head of household is a disabled person
Check if head of household is over 62 years old
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VII. Acknowledgment
I certify the information provided in this application is complete and correct to the best of my knowledge. I am aware of eligibility requirements of the City of Nashua’s First-Time Homebuyer Assistance Program as described in this application and by the U.S. Department of Housing and Urban Development. I certify that, to the best of my knowledge, I am eligible for assistance through this program. Additionally, I certify that I understand that if the City of Nashua finds my information to be intentionally false or misleading, I will be responsible for repayment of all program funds, as well as other penalties, allocated under 24 CFR Part 28. ***** I authorize the City of Nashua’s Urban Programs Department to independently verify the information provided in this application. ***** Signed under pains and penalties of perjury:
Applicant Signature
*
Clear
Co-Applicant Signature (if applicable)
Clear
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VIII. Additional Documents Required
In order to properly process the application, the following documents must be provided to the City of Nashua at time of application submission. Additional materials may be requested by the City of Nashua after the submission of the application in order to verify information. Some documents required may not be available at the time of application but will need to be included before application approval. The following documents are required for review and final approval by the City of Nashua:
During Application Review
(1) First-Time Homebuyers Assistance Program Application (2) Signed Authorization to Release Information (https://www.nashuanh.gov/DocumentCenter/View/27377/Nashua-Release-of-Information-Form-FINAL) (3) Federal Tax Returns: Copies of the last two years of signed federal tax returns (W-2/1099) for all household members above the age of 18 (4) If applicable, Verification of Marital Divorce (5) Documentation of all household income (6) Employment: Two months of paystubs for all household wage earners above the age of 18 (7) Other income, with recent documentation from the source (8) Savings and Assets Documentation: Three months of bank statements for all household members (9) Home ownership education certificate from a HUD-approved course (in-person: www.consumerfinance.gov/find-a-housing-counselor) (online: www.ehomeamerica.org/homebuyers#homebuyereducation)
When a Lender and Property is Identified
(may be before or after time of application) (1) First mortgage application: Must be signed by the lender/financial institution (2) Lender/institution pre-approval letter (3) Offer to purchase, along with seller’s disclosures (4) Home inspection verification (5) Purchase and sale agreement (6) Home appraisal
Approval
(1) Approval Letter: Document will be provided when all programmatic requirements have been met (2) Actual funding assistance: Fund assistance can only be obtained if approval letter was finalized before closing date. In order to properly process the application, the following documents must be provided to the City of Nashua at time of application submission. Additional materials may be requested as determined by the City of Nashua in order to verify information.
Household Income Limits
Applicants’ household incomes may not exceed 80% of City of Nashua’s area median income (AMI), adjusted for household size, as published by HUD at https://www.hudexchange.info/programs/home/home-income-limits/.
Maximum Purchase Price
The maximum purchase price of homes purchased with these grant funds shall not exceed HUD’s Homeownership Value Limits (“95% limits”). The primary factors used to determine the feasible price range will be the applicant’s available down payment funds and pre-approved first mortgage amount. A home purchase price must not exceed 95% of the City of Nashua’s median sales price. The current HUD purchase price limits can be found online at https://www.hudexchange.info/resource/2312/home-maximum-purchase-price-after-rehab-value/.
Required Attachments
Signed Authorization to Release Information
*
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You may download the blank Authorization to Release Information here: https://www.nashuanh.gov/DocumentCenter/View/27377/Nashua-Release-of-Information-Form-FINAL.
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Federal Tax Returns
*
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Copies of the last two (2) years of signed federal tax returns (W-2/1099) for all household members above the age of 18
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Verification of Marital Divorce (if applicable)
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Documentation of All Household Income: Employment
*
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Two months of paystubs for all household wage earners above the age of 18
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Documentation of All Household Income: Other Income
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Recent documentation from the source
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Savings and Assets Documentation
*
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Three months of bank statements for all household members
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Home Ownership Education Certificate from a HUD-Approved Course
*
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HUD-approved courses can be found here: https://www.consumerfinance.gov/find-a-housing-counselor.
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Optional Attachments
First Mortgage Application
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Must be signed by the lender/financial institution
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Lender/institution Pre-approval Letter
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Offer to Purchase
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Include seller’s disclosures
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Home Inspection Verification
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Purchase and Sale Agreement
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Home Appraisal
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