A wonderful program has just been introduced in Frederick Maryland for homebuyers of foreclosed homes.

This is the Frederick County Neighborhood Conservation Initiative

The Neighborhood Conservation Initiative (NCI) is a federally funded program that provides assistance to families that would like to buy a previously foreclosed home in targeted zip codes (areas with a high number of foreclosures).

The NCI program provides deferred loans that can be used for down payments and closing costs.

What are the basic eligibility requirements?

1. Purchase a foreclosed home in Zip codes 21701, 21702, 21703 (All Frederick) or 21716 (Brunswick)

2. The home must be used as your primary residence

3. Your household income must be at or below 120% of the median income for the Washington Metro statisical area - currently about $118,000 a year for a family of four.

4. You must complete a Homebuyer EducationProgram conducted by the Frederick Community Action Agency.

5. You must pre-qualify for a conventional mortgage

So how much credit is proposed?

$10,000 or $20,000 in within Frederick city limits

Also if you are an employee of targeted groups this amount goes up to:

$20,000 and $30,000

WOW! Plus the govt. $8000 can be used on top of all that.

What are the targeted groups of employees?

1. Frederick City Govt.

2. City of Frederick

3. City of Brunswick

4. Frederick County Public Schools

5. Frederick Memorial Hospital

6. Frederick Community College

7. Maryland State Police

8. Frederick County Volunteer Fire and Rescue Association

Contact me for more details