National Stabilization Program (NSP)

I went to a class this morning - where a HUD (Housing & Urban Development) representative spoke. He is rolling out a really great program, which I think is important for all prospective home buyers alike.

Did you know that the leading age of Homeless people in the United States is 9 years old? That's TOO many children who are homeless on our streets. In an effort to combat homelessness, HUD and several other federal agencies are stepping in with some great programs. One of these programs is NSP (National Stabilization Program).

SOME DETAILS ABOUT NSP:

The Program is Federally Funded at 33 Million to the state of Indiana. It is supposed to only help about 2,000 buyers (so the time to act is NOW). The program can only be used on Foreclosed properties. The home that is purchased must be LESS than 50 years old.

A couple looking to buy a home can only have an income of up to $62,520/year. And a single person can only have an income of up to $54,720.

Each home buyer must complete 8 hours of HUD or approved agency home buyer training, and must have a credit score above 600 (as opposed to the previous 580).

Each home buyer can receive UP TO $15,000 to be used towards rehabing the home or a down payment (unlike the Stimulus Tax credit).

IN ADDITION TO THE NSP:

The NSP can be used in conjunction with the Stimulus Tax Credit of up to $8,000, as well as the FHA 203K program. (If the home buyer is a first time home buyer, of course). You can see more about the FHA 2003K Loan by clicking http://www.indymortgage.com/PageContent.aspx?PageID=75 which will show you a brief video.

For more information, please just call or email!

*Indy Metro Real Estate News