Grants For Foreclosures: NSP

Months ago there was some buzz regarding the most recent stimulus and funds that would be available for grants to those who wish to purchase a foreclosure. The information has been fairly vague for some time, but there is now some specific (not too specific) information on the program.

The Neighborhood Stabilization Program (NSP) is a part of the Housing and Economic Recovery Act of 2008. The program allocates $3.92 Billion nationwide to local state and city governments to help reinvest into areas with abandoned homes. Implementation of the program will come on October 5th, 2009.

Most recently there has been some news that the Salem/Keizer area has $845,564 available for those areas. Today I will be attending a State of Oregon webinar to learn the specifics of the program and will report the information for qualifications, etc as soon as possible.

For now it's good to know homes have to be in specific areas (we have a map of acceptable areas), income for the borrowers cannot exceed 120% of the areas median income for the given family size and the money will be given in a form of a grant which will be used to help with a down payment and will require the buyer live in the