Neighborhood Stabilization Program

From Northwest Regional Commission

Down Payment Assitance

Homeowner Qualifications

·         Annualized income may not exceed 120% of Area Median Income (as defined by resident county and household size).

·         Must be able to obtain conventional mortgage financing on the home.

·         Must complete 8 hours of HUD approved homeowner counseling.

·         NOT limited to first time homebuyers.

Property Qualifications

·         Must be a foreclosed or “abandoned”.

·         Must be purchased at least 1% below appraised value shown on an appraisal dated within 60 days of the final offer on the home.

·         Purchase price must not exceed Median Home Value for the county.

·         Must meet Georgia Minimum Building Standards.

·         Must be located in one of the following counties: Bartow, Catoosa, Chattooga, Dade, Floyd, Gordon, Haralson, Paulding, Polk or Walker.

·         May not be in a flood zone.

·         Must pass a site specific environmental review.

Down Payment Assistance

·         Loan amounts up to $20,000 based on income and need.

·         0% interest.

·         No monthly payments.

·         Forgivable over life of the down payment assistance loan.

·         Additional amounts may be available for reasonable repairs.

A list of rehabilated homes that are move in ready can be provided to you.  The state puts in new appliances in these homes.  Please call me for assistance.