Want To Live in Cobb County? Not Sure You Can Afford the Cost?

December 23, 2009

Want to Live in Cobb County? Not Sure You Can Afford the Cost?

Then you might want to consider purchasing a home through the Neighborhood Stabilization Program (NSP). Designed to help stabilize neighborhoods and stern the decline of home values, this program provides assistance to state and local governments so that they can acquire and redevelop foreclosed properties. By allowing the government to purchase these homes and resell them at a discounted price, these homes are saved from becoming sources of abandonment and thus lowering home value throughout the community.

This HUD federal program is authorized under Title III of the Housing and Economic Recovery Act of 2008 and allows governments to use grants to purchase foreclosed or abandoned homes and rehabilitate, resell or redevelop the homes.

How does this program benefit the homebuyer? Well anyone looking to purchase a home in Cobb County can apply for the program. Those who qualify will be able to purchase a move-in ready home. Buyers will be able to receive up to $10,000 in down payment assistance and closing costs and up to $20,000 in a forgivable second mortgage. In addition buyers will receive homeownership education, an invaluable resource in today's economic times.

In order to be eligible for the program, buyers must be U.S. citizen, a qualified alien or a non-immigrant. They must be able to qualify for a mortgage, meet the income qualifications and the new home must be their primary residence. Buyers must also attend an 8-hour HUD class as well.

For more information about income levels and to determine if you are eligible for the Neighborhood Stabilization program, visit the Cobb County Government Web site, email info@buycobb.com or call 770.528.7980.