Yes it is possible to get Free Money to help purchase a home in Bend. It's called the Neighborhood Stabilization (NSP). Home buyers in Bend can receive up to 20% of the purchase price or $35,000, which ever is less for down payment assistance, mortgage reduction, closing costs and/or pre-paid items in order to make the home more affordable for the buyer. The following point give an overview of some of the requirements and benefits of the program.
Type of Loan: Second Mortgage
Rate: 0%
Repayment: There is no prepayment penalty. The loan must be repaid when the home owner refinances or sells the home.
Eligible Properties: Single family homes, condominiums, townhomes, and FHA approved manufactured homes. which have been foreclosed upon (bank owned properties). The home must be your primary residence. This program is not available for investment properties / second homes.
Education: Prior to closing the borrower must receive and complete at least 8 hours of home buyer counseling from a US Housing and Urban Development approved agency. Contact us for more information on approved classes.
Income: There are income requirements for the Neighborhood Stabilization program. The household income can not exceed 120% of the HUD median income adjusted for size of family and location. For example the maximum income for a 2 person household is $60,720 and the maximum income for a 4 person family is $75,840.
This is a summary of the Neighborhood Stabilization Program in Bend Oregon, this program is also available in Redmond. For complete details contact Kryste Adams with Taft Dire to determine if you and the homes you are looking for are eligible to participate in this Government funded program to make homes more affordable.
Happy House Hunting!
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