First-time Homebuyers...Receive Downpayment Assistance through....The Neighborhood Stabilization Program (NSP) (click for printable information) is federally funded by the department of Housing and Urban Development (HUD) and targeted to help revitalize the most desolated neighborhoods that have been greatly affected through vacant and abandoned foreclosed homes by offering affordable housing to qualified low, and moderate income first-time homebuyers.
Both the City of Stockton & San Joaquin County provide affordable housing through
the Neighborhood Stabilization Program (NSP). The Neighborhood Stabilization Program enables eligible applicants to receive down payment and/or closing costs assistance. The homes are purchased and remodeled through local non-profit organizations, remodeled and are in move-in ready condition for qualified first-time homebuyers.
The County of San Joaquin Neighborhood Stabilization GAP Loan Program is a deferred loan. Recipients will receive down payment and/or closing costs assistance in the amount of 10% of the sales price up to $15,000 (whichever is less). There are only specific properties within the county that will qualify for the NSP.
The City of Stockton Neighborhood Stabilization Down Payment Assistance Program (DAP) is loaned for 30 years at an interest rate of 3% (for the first 15 years and zero interest for the remaining 15 years). Recipients will receive down payment and/or closing cost assistance up to 5% of the purchase price. If the property is sold, refinanced before the end of the 30 years the amount loaned will have to be repaid. At the end of the 30 year tenure, the loan principle and interest is due in a balloon payment OR payments can be made DURING the 30 years in any amount determined by the homeowner. There are only specific properties within the county that will qualify for the NSP.
These programs have income restrictions that the first-time homebuyer must qualify for. Interested First-Time Homebuyers must utilize a qualified participating lender, be a first-time homebuyer, attend and receive a Home Buying Certificate through a HUD Approved Housing Counseling Agency. Homebuyers have to reside or work in San Joaquin County or the City of Stockton.
If you are interested in Neighborhood Stabilization Program in Stockton & San Joaquin County, feel free to contact us! You never know what you might qualify for!
Watch this Columbus, OH NSP Case Study that gives an idea of the benefits to First-time Homebuyers who have utilized the Neighborhood Stabilization Program (NSP).
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