NSP Loans and You

As a part of the government's overall effort to mitigate the housing crisis, they have rolled out the Neighborhood Stabilization Program. The program provides up to $50,000 in funding to assist with down payment, closing costs, prepaid items, as well as repairs. The loan is a no interest, no payment loan (silent second). The loan only comes into play in the event that you sell or refinance the property. There are some restrictions to this program. Firstly, the homes have to fall into certain geographical areas (Eugene: census tracks 2501, 2600, 2700, 4200, and 4300). The home also must be either a Fannie Mae foreclosure, Freddie Mac foreclosure, a bank owned foreclosure. Short sales are not eligible. There are also some restrictions on income. For further infgormation you can email me at Chris@omtmortgage.com.