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Neighborhood Stabilization Program Means 100% Financing to Buy a House For You!

Mortgage and Lending with Guaranteed Home Mortgage Company, Inc.

Neighborhood Stabilization Program Means 100% Financing to Buy a House For You! The Neighborhood Stabilization Program Grants States with High Levels of Foreclosures with this program. Many counties in MI qualify. The purpose is to fill vacant and foreclosed homes with families again.

Vacant homes pose a great risk to the stability of neighborhoods, often becoming a site of vandal's and drug dealer among other things. The decrease in their value also affects property values of homes in the surrounding areas.

This program assists a person who wants to purchase a home as their primary residence. The program works like this. A buyer contacts the local Housing Authority, they apply for the program. The housing counselor will pull their credit report and talk about credit counseling and budgeting income for a purchase, they will then continue to go through several counseling sessions.

They then look for a vacant/forceclosed property and negotiate a sales price. They then contact a lender and get a pre-approval. The Housing Authority visits the property with an appraiser who then lists the amount of repairs needed. Contractors are chosen and they apply for the mortgage.

Guaranteed Home Mortgage Company, Inc. is considered an "Informed Lender", because we are qualified and currently fund these types of mortgages. They are called FHA 203K loans.

The grant program finances the rehabilitation of the home and the buyer may get in without anything out of pocket. It is very exciting. Contact me directly for more details. Read all about it here http://www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg7:19 pm est

Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Julie, today's Free Press has a great article by Greta Guest covering the NSP stuff.

Mar 22, 2009 05:58 AM