With HUD's inception of their Neighborhood Stabilization Program in 2008, HUD began it's effort to stabilize and preserve neighborhoods as well as mitigate recovery across the nation by providing state funds to HUD defined agencies. Over the course of the last 3 years, these agencies have put this money to gooduse in the form of government purchases of foreclosed homes in order to provide affordable housing or government funded down payment assistance.
As of January 30, 2011, the State of Indiana received $84 million dollars in NSP funds, for this purpose. For a buyer to qualify to take advantage of grant programs and housing assistance programs, they must attend an 8 hour course in homebuyer education facilitated by a HUD Housing Counseling Agency. In this course, the buyer receives fundamental education in the home buying process to aid the in the success of their purchase. Traditional practice requires a buyer to spend 8 hours in a classroom setting. PEMCO's approach allows for a more interactive experience as the participants spend time touring HUD properties in the selected area while being given this truly valuable information.
The Indiana Neighborhood Housing Partnership provides the services described and is participating the PEMCO Indiana Bus Tour on June 25, 2011 as the facilitating partner for the education credit. INHP proudly offers two particular buyer incentive programs.
1. NHP Buyer Incentive program - allows the qualified buyer to receive an additional $4,000 for exterior enhancements to the property. This is a no interest deferred payment loan that is forgiven within the first 5 years of ownership of the property.
2. HERO Next Door - allows law enforcement officers and firefighters purchasing NSP properties a lower interest rate loan, $2,000 for appliances, lawn mowers, and other essential purchases to a new homeowner, no origination fee, down payment assistance and more!
With our emphasis on education, PEMCO is now looking forward in changing the real estate market and putting more informed homebuyers into HUD properties. Agents providing their buyer with the fundamentals of homeownership while giving them the opportunity to receive government funding, affordable housing, or a low interest rate loan are sure to make an impression on not only their client, but also their community.
Where: Indianapolis, IN - Glendale Homeownership Center - 2605 E. 62nd St., Suite 2001
When: June 25th - 7:30 am - 5:00 pm
Cost: $25 (includes lunch)
For more information: www.pemcobustour.com
For registration: http://indianabustour.eventbrite.com/