Neighborhood Stabilization Program (NSP) -
Program Steps

If you are interested in purchasing one of the homes the City of Palm Bay has acquired under the Neighborhood Stabilization program you must complete Steps 1 & 2 before we can accept an application.

Each person(s) whose name will be on the deed or mortgage must complete an 8 hour HUD approved Homebuyer Education class. (Submit proof of completion)

For a complete list of HUD approved Homebuyer Education Class providers visit HUD Website. Here are two local providers:

Obtain a pre-approval for a primary first mortgage from a lending institution.

The City of Palm Bay does not recommend any particular lending source; however, it is recommended “buyer beware” shop around and find a reliable source of financing from a lender who is familiar with the NSP program.

For all household members copies of each of the following items must be included with application, if applicable:

• State or Federal issued identification for all adults within household; Permanent Resident Card, Social Security Cards, Driver’s License (if applicable)
• Proof of income: pay stubs for the past three months
• Most recent benefit award letters for Social Security, Veterans’ benefits, other government benefits, unemployment
• Three months of recent statements for all bank accounts and assets
• Certificate of proof of completion from HUD 8 hour Certified Homeownership Class (Applicant and Co-Applicant only)
• A letter from a financial institution showing pre-qualification for mortgage financing
• Copy of most current W-2 forms
• If self-employed, two years previous W-2 forms
• Any court orders regarding child support or alimony
• If over 18 and Full Time Student proof of enrollment.

For all adult household members, the following original documents must also be completed, signed, and included with the application:

• Employment Verification Form for all current jobs (each employed adult household member)
• Financial Records Disclosure form (signed by only Applicant and Co-Applicant)

1. Call the Housing and Neighborhood Development Division and set an appointment with one of our intake specialists.  They will review your documents to assure all appears in order.
2. The intake specialist will then start the third party income verification process required by HUD. Please Note:  This may take anywhere between 2-6 weeks depending on the response time of the third party.
3. Once third party verification is complete and it is determined you are income eligible, a letter will be issued to you certifying your eligibility.
4. The City will provide you a list of homes currently available (based on your income and pre-qualified mortgage amount).
5. Work with your real estate agent to set up a viewing time and walk through of available homes.
6. Once you find a home to purchase you may submit a FAR/BAR As-IS contract to purchase with the corresponding mandatory attachments to the Housing and Neighborhood Development office. (Documents will be available to download from the city web site and your real estate agent will be able to assist you).  A $250.00 earnest money deposit is required with contract to purchase.
7. All contracts to purchase are pending the final approval of the City Manager.
8. Once you have a “fully” executed contract your real estate agent should assist you in the closing process.              

Additional Purchase Information

• Application
• NSP Purchase Information
• Q&A
• Brochure
• Contracts and Sale Documents
• NSP Available Homes
• Contact Us

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