I just attended a very informative HUD webinar class about what seems to be an awesome way to create some affordable homebuying and selling opportunities for buyers and realtors. By attending this class, I am qualified/certified to write deals under this program.. For Deschutes County, there will be opportunities in Redmond. A google map will be posted in early September where you will be able to type in the address to see if the property is qualified. It sounds like the opportunities will be mainly in Redmond and Lapine. The purpose of the NSP (Neighborhood Stabilization Program) is to clear out foreclosure inventory and stabilize housing prices. The nice thing about this program is that you don't have to be low income to qualify. This program is more targeted to the middle class and household income can be up to 120% of area median income. You can get up to $30k for down payment, closing, rehab costs. The buyer only has to come up with 1/2 of the FHA required downpayemnt amount of 3.5% which means if the house is $100k, the downpayment would be $1750! The nice thing is that with foreclosures that have been stripped of appliances, you can get the cost of a new stove, frig covered by these funds. Another nice thing is that short sales also qualify. For a short sale to qualify, the homeowner must be 60 days delinquent on their mortgage or 90 days delinquent on property taxes. I will be posting more about this program as I get additional info in the future and would love to help someone buy a home under this program. In the meantime, below is the link to the HUD website that has info on this:
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