Free Money for Bend OR Homes - Neighborhood Stabilization Program
Great explanation from Kryste below on the free money program available in Bend and Redmond, OR enabling down payment money that may not otherwise be available. This is similar to the Down Payment Assistance programs behind FHA loans that ended 2 years ago. This one (NSP) is allowed today as a second behind Signet first loans guaranteed by FHA or behind conventional loans offered by some of Signet's many lenders.
Another form of free money is the Fannie-Mae-owned-home Loan Program, "HomePath" or her brother "HomeSteps" available from Freddie Mac. In this case the free money is toward closing costs and/or move in costs. Additionally the great benefit here is that these loans come with NO MORTGAGE INSURANCE, even if you only have 3% down! That's like getting a 0.90% discount on your interest rate!!
Take advantage of all of these programs with the many qualifying properties on the market today. Give me a call at 541.318.0888 for easy loan qualification.
And read on for the details of the NSP! Make it a great week - Dave
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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Kryste Adams, Broker Taft / Dire LLC., Bend, OR
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