Neighborhood Stabilization Program (NSP) Guidelines and Information
If you are a first-time home buyer intrested in purchasing foreclosedproperty, you may qualify for a five-year, deferredloan up to $14,900 at zero interest called the NSP Housing Program.This new NC mortgage loan product is forgiven at 20% per year for eachfull year you own and live in the home, as long as you remaincurrent on your mortgage.
This new progam for first time homebuyers is provided under the federal NeighborhoodStabilization Program (NSP), authorized in the Housing andEconomic Recovery Act of 2008. Loans are offered by the N.C.Housing Finance Agency and used with the Agency’s 30-year,fixed-rate NC Home Advantage Mortgage Loan Program.
Am I eligible?
To qualify for NSP, you must
• be a first-time home buyer (or not haveowned a home in the past three years).
• meet certain income limits.
• obtain eight hours of HUD-approved homebuyer counseling.
• contribute $1,000 from your own funds.
What properties are eligible?
Sales prices cannot exceed $210,000. The homes must beforeclosed properties, built after 1978, and purchased at a1% discount to the current appraised value. Only single-familyhomes, condominiums, and townhomes qualify. Manufacturedhomes are not eligible for the NSP Program.
Your home must be in one of the 23 counties served by theNSP Program which includes: Alamance, Brunswick, Buncombe, Cabarrus, Catawba,Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth,Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover,Pitt, Randolph, Rowan, Union, Vance, and Wake.
How do I begin?
You can Apply Online or fill out the form below for more information.