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9 Comments on Idaho Neighborhood Stabilzation Program Funds Are Available!
This program is picking up speed in my area county by county. . . . slowly. I've got good approved lenders lined up for 5 counties now and we've processed one buyer.
The big hang up, as I see it, is the requirement that the appraisal come in at 1% over contract. I don't know if that's a requirement in your area, it is here.
Jim - That's good news for Idaho - I hope! I just received word our local entitlement area for the NSP is back on hold again, but the State is putting my one file through with them. Also hearing there are primary lenders that would do the underlying Fannie Mae or FHA loan aren't accepting the equity share part of our Oregon NSP or have more stringent overlays. Here's to hoping your transaction flies through! (and mine, too...)
I haven't heard about this but I will do some research for our area. That sounds like something some of my buyers could use.
Kathy
Lenn, we don't have the 1% over contract requirement here in Idaho. The agency that administers it gets to buy the property at a 1% discount from the REO dept though. In the transaction I just closed last week using this program, the appraisal came in $3K low since the appraiser used the sale to the agency as a comp, so we just dropped the value by the $3k and reduced the NSP amount to offset the difference.
Karen, most lenders aren't allowing any types of seconds, but since this is a Federal program with no payments and no interest (a true silent second) we were able to get it through locally. We were actually able to use a number of combined grants and even used the buyer's Section 8 housing voucher toward her payment instead of to her rent!
It sounds like a great opportunity for buyers and communities with vacant foreclosed homes. I'll be looking into the program. Thank you for the information.
Hi Jim -- This sounds like perhaps one of the best programs that I've heard of. I applaud you for bringing it to everyone's attention and helping, one home at a time, to rebuilding and stablizing neighborhoods.
You are welcome!
I will write a blog later today outlining the programs I used closing this home. It will become my example of how to "layer" different programs to get the best impact for your buyers (and therefore the sellers too).
I learned years ago that the more I know about how to help a buyer finance their home, the more homes I would close!
Wow Jim. Other states should try something like this. It may help stabalize the markets.
I hear a rumor that NSP 3 funding may be coming out soon here in Idaho. I need to read up on it to be ready!