If you're looking to buy a home, there is money out there to help you. The new Neighborhood Stabilization Program could prove to be a huge asset.

It's always been a dream for Catrina Schindler. Schindler has been seriously looking to buy a modest home for four years. But like so many others, the timing, the pricing was always out of reach -- until now.

"And there are great incentives and great programs, from what I understand like this one, that will help reduce the housing price," said Schindler, who is a school social worker.

The Neighborhood Stabilization Program (or NSP) has quickly caught the attention of Schindler and thousands of other potential homeowners.

Under the stabilization plan, families can buy abandoned and foreclosed homes at a discount and with a huge bonus. If the home happens to be in high foreclosure area, you could get $14,000 that can be used for your down payment or to renovate your home. And that's just at the state level from the Georgia Department of Community Affairs.

Homeowners could qualify for even more money at the county level. Each county is still in the process of formulating their own guidelines and how they will distribute the NSP funds. How much qualfied homeowners could receive depends on the individual, their credit, their income, the cost of the home, and the county they live in.

But if you think you make too much to qualify, think again.

If you're single and earn around $60,000, you may qualify.

"In the NSP, it reaches up to 120 AMI (average median income), which for a family of 4 may be up to $86,000, a family a 6 up to $99,000 worth of income," said Interim Director for the Department of Housing Melvin Richardson. "So we're reaching not only low to moderate income households, but we're also now able to serve and assist medium and middle family incomes."

And unlike other homebuyer assistance programs, you don't have to be a first-time homebuyer.

But if you are, you still qualify for the $8,000 federal tax credit. What's more, you can apply and receive additional funds from other county or city homebuyer programs, and "layer" the savings.


"And when you say "layering," there are so many programs that are available. What layering does is it allows you to reduce the principal amount of the property, where the homeowner would only be responsible for the mortgage they qualify," said Patrice Duncan, Vice President of a housing counseling agency D&E Power Group.

"For me, this has been a dream," said Schindler. "To buy a home is a dream for me."

Homebuyers can also look to save more by combining the program's down payment assistance with low-interest FHA and VA mortgages.

But in order to even qualify for the neighborhood stabilization plan, families must receive six to eight hours of housing counseling from a HUD approved agency