Neighborhood Stabilization Plan funds are available for down payment assistance or for purchase or rehab on foreclosed/vacant homes.
The following parameters are for Down Payment Assistance:
* $12,500 NSP incentive based Down Payment assistance
* $15,000 NSP needs based Down Payment assistance based on 28% front end ratio
* 0.0% Deferred loans
* If loan is for less than $15,000, then 5 year affordability period
* If loan is for $15,000-$40,000, then 10 year affordability period
* If loan is for over $40,000, then 15 year affordability period
* Loans will be a forgivable deferred loan
* If the home is sold, refinanced, or becomes non-homestead during the affordability period the loan will be repaid at a prorated amount
* Home must be foreclosed, vacant home in a targeted neighborhood
The following parameters are for Purchase Rehab:
* $30,000 maximum
* Used to make necessary improvements to property
* 0.0% Deferred loans
* If loan is for less than $15,000, then 5 year resale affordability period
* If loan is for $15,000-$40,000, then 10 year resale affordability period
* If loan is for over $40,000, then 15 year resale affordability period
* Loans will be a forgivable deferred loan
* If the home is sold, refinanced, or becomes non-homestead during the affordability period the loan will be repaid at a prorated amount
* Home must be foreclosed, vacant home in a targeted neighborhood
For more information on this or other home buying information see below.
Tony TeVogt
web site: www.tonytevogt.com
txt: 763.226.6847
email: homes@tonytevogt.com
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