New money to buy Foreclosed properties – Updated!

by | Sep 14, 2009 | How to Guides, Uncategorized

Here are some more details on the program:
When can you apply?

Multnomah County PROPOSED DATES Oct 15 to nov 2

Clackamas County – NOW

Washington – TBD

How much money is available?

1.14 million

How much do you have to put down?

1% for properties that do not need repairs

5% for properties that do need repairs

What are the payments?

No interest – no payments

Only for first time buyers?

No

Income restrictions?

58,800 single

67,200 2 people

75,600 – 3

84,000 – 4

The city along with state and federal agencies have a created a new program called the Neighborhood Stabilization Program. With federal and state Neighborhood Stabilization Program funding, the program will help homebuyers purchase a home of their own by providing them a silent second mortgage of up to $50,000 for down payment, closing costs and home repairs. This new money is not yet available but the expectation is that by October these loans will be available to buyers.

The secondary loan does not accrue interest and does not require monthly payments. The program does have a declining five-year share of appreciation provision to encourage longer-term ownership and requires the borrowers to occupy the homes for the life of the loan.

Eligible properties are limited to foreclosed properties in specific target areas located in Fairview, Portland, and Troutdale
MAP HERE

Program details HERE

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