Cobb County has up to a $30,000 grant. A portion of this grant can be used for Down Payment Assistance and closing cost. The remaining $20,000 can be used for "soft seconds". What is a soft second? A soft second is where the $20,000 portion of the grant is forgiveable over 15 years. That's right, they totally forgive the $20,000 over a period of 15 years. An objective of the NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, the County will use NSP funds to purchase vacant foreclosed homes, make necessary repairs on the homes, and resell the houses to new homebuyers. The Neighborhood Stabilization Program will help workforce individuals and families realize the dream of homeownership. Buyers may receive contributions for down payment assistance, closing costs, a deferred second mortgage, as well as education on homeownership. In order to be eligible, the buyers must: Requirements 1. Be a U.S. citizen, qualified alien or a non-immigrant.
2. Be able to qualify for a mortgage.
3. Attend an 8-hour HUD class.
4. Home must be your primary residence.
5. Meet income qualifications (see below chart) Family Size | Maximum Income | 1 | $59,800 | 2 | $68,350 | 3 | $76,900 | 4 | $85,450 | 5 | $92,300 | 6 | $99,100 |
Under COBB COUNTY's NSP Program, only certain houses are available for the program. Below are homes that are move in ready and qualify for the Cobb grants. |
