22 forgivable second mortgage: NATIONWIDE Stimulus Money To Purchase Primary Residence. 22% Second Mortgage. Zero Interest Rate. Call Your REALTOR! (2 of 3 posts) - 07/25/09 01:43 PM
EDIT: ANY FORCLOSED HOME THAT IS VACANT.
My featured post this morning provided the particulars for Arizona's allocation of the HUD NSP1 funds, but money has been allocated NATIONWIDE for this program. The program likely can benefit YOU.
MISCONCEPTIONS THAT COULD KEEP YOU FROM BENEFITING
Misconception #1: Since this is a HUD program, the eligible properties have to be HUD owned. FALSE! The properties must be foreclosed and vacant. That's it. Misconception #2: We don't have many foreclosures in our neck of the woods, so there's probably nothing in it for me. FALSE! Every state, and the territories (see … (16 comments)
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22 forgivable second mortgage: Stimulus Money To Purchase Primary Residence. 22% Second Mortgage. Zero Interest Rate. Call Your REALTOR! (1 of 3) - 07/25/09 05:33 AM
The details are below. This is the first program I've seen that really, really helps do two things:
Get foreclosures out of circulation and off the market. Stimulate buyers to buy now. HUD's Neighborhood Stabilization Program provides for 22% of the purchase price to be subsidized with a ZERO interest second loan. The best part? That 22% can be forgiven over a period of time. (Details below.)
Grant money has been allocated for every state in the Union. What does that mean to REALTORS and homebuyers?
What program can give you 22% of the purchase price, and what's the catch?
In … (42 comments)
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