Incentives Of Up To $23,800 For Georgia Home Buyers

The generic viagra cheap Georgia Dream NSP (Neighborhood Stabilization Program) was created to encourage the purchase of foreclosed properties in select Georgia counties that have been affected by high foreclosure rates. All metro Atlanta counties are currently eligible for this program.

The program provides up to $14,000 (up to 10% of the purchase price) that is disbursed get more info in the form of a second mortgage lien – with no interest or monthly payments. This lien is released after a period of five and a half years.

The funds may be used for down payment and/or repairs and rehabilitation. The funds may NOT be used for closing costs; discount points; or prepaid items such as tax and insurance escrows. The funds may not be used to purchase a manufactured home.

To be eligible, you must occupy the property as an owner-occupant and must participate in an eight-hour in-person home buyer’s counseling course offered by a HUD-approved counseling agency. You must also have a total household income that is less than 120% of the median income for the county of which the property is located.

For home buyers who have not owned a property for the last three years, the federal government also has a refundable tax credit of 10% of the purchase price that can add up to another $8000 in incentives – and add up to another $1800 in tax credits from the State of Georgia.

All together, the incentives can add up to $23,800 in incentives – but these incentives are available only for a limited time.


As always, if you have any questions regarding real estate in the greater Atlanta area, feel free to contact me here.

 

2 Responses to “Using The Georgia Dream NSP Loan To Purchase HUD Foreclosures”

Well i loved your post! keep posting.

Why would you add all the additional documentation and time to use a down payment assistance program on properties already available for $100 down?