Georgia Dream Neighborhood Stabilization Program (NSP)
Are you planning on buying a Foreclosed property in Warner Robins GA that is now Bank Owned or Real Estate Owned (REO) by Fannie Mae, Freddie Mac, HUD, or VA?
Then the Georgia Dream Neighborhood Stabilization Program (NSP) may be right for you.
$14,000 for Repairs, Rehabilitation, and Down Payment Assistance
The Georgia Dream NSP Purchase Program is funded with proceeds from an allocation of federal funds from the Housing and Economic Recovery Act of 2008 (HERA). Funds may be used for down payment and rehabilitation assistance on NSP eligible properties. Funds may not be applied to closing costs, discount points, or prepaid items.
- Does not have to be a 1st time homebuyer
- Cannot be combined with any other type of down payment assistance
- Must be used with a fixed rate FHA or VA first mortgage
- Can be used to rent current property and upgrade to nicer home
- Properties purchased under this program must meet the discount requirements of HERA. In order to determine the statutory purchase discount, an appraisal must be completed within 60 days prior to an offer made for the property is required.
- The sales contract must reflect the NSP Purchase Discount and supporting documentation must be submitted to DCA to support this provision.
- The purchase discount must be at least 15% from the current market appraised value of the home or property as determined by the required appraisal.
- Subject property must meet HUD’s Housing Quality Standards (HQS) Inspection Requirements · Funds must be used towards repair, rehabilitation, and down payment assistance.
- NSP funds must be used first for repairs to bring the property up to Housing Quality Standards (HQS). Any remaining funds must be used for down payment assistance. If repairs are not needed or are not made a part of the financing, the entire $14,000.00 must be used for down payment assistance. The Georgia Dream NSP Purchase Program loan will be provided in the form of a subordinate lien that will be released over a five year period at a rate of 20% each year.
- Subject property must be in an area of greatest need.
- Mobile Homes are not eligible
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This is a great program and very few lenders are aware of the details. I called two last week that are on the list as approved for this program and they did not know any of the specifics. One said it was only for $5000! Turns out, that was the old Georgia Dream program that he used several years ago. Thanks for providing more details.