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DOWN PAYMENT ASSISTANCE ELIGIBLE FOR LOS ANGELES COUNTY REO'S

 
 
As part of HUD's new Neighborhood Stabilization Program (NSP), the Los Angeles Housing Department (LAHD) is offering down payment assistance to eligible homebuyers.
The NSP was developed to stabilize communities that have suffered from foreclosures and abandonment.  NSP offers deferred payment second mortgages to homebuyers seeking to acquire a foreclosed or abandoned property.  It also provides deferred payment loans to repair blighted properties after they have been purchased. 
Program Requirements: 
Properties must be located within an NSP Priority Area and be a vacant foreclosure and/or bank owned property.  The property sales price must be purchased at no more than a 1% discount from the appraised value.  LAHD will inspect every property to be purchased and determine if rehabilitation repairs are required. If repairs are required, LAHD can provide a loan up to $50,000 for those repairs.  Eligible homebuyers must not presently have an ownership interest in any real property and they must occupy the property as their primary residence.  Eligible homebuyers must also attend and complete an eight (8) hour homebuyer education class.  A minimum of 1% of the purchase price is required as down payment.  The one percent (1%) must come from the borrower's own funds.  Eligible ... more

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