What is it?
The NSP Homebuyer Rehab Assistance Program provides financial assistance to low, moderate, and middle income households to become homeowners in neighborhoods that have been impacted by the high rate of foreclosure. Hennepin County will provide NSP financing to assist buyers with the down payment costs of purchasing vacant, foreclosed properties in target neighborhoods.
The Neighborhood Stabilization Program (NSP) is a federal program that gives Hennepin County funds specifically used in creating the Neighborhood Stabilization Program Homebuyer Rehabilitation Assistance Program now known as the NSP Homebuyer Assistance Program, to stabilize home prices in the area through down payment assistance to buyers of eligible foreclosed homes.
What do you get?
The homes are demolished and reconstructed, or rehabbed with the following guidelines:
Down Payment Assistance:
The minimum loan is $1,000 to $5,000 in assistance to families under 120% of the area's median gross income and $1,000 to $20,000 to households 80% or below.
For more information click here.
Who is Qualified?
The program in Brooklyn Park is offered to households with gross income* less than 120% of the area's median gross income and less than 80% of the area's median gross income. With assistance increasing with family size as shown:
*Gross Income Includes: salary, commissions, bonuses, earnings from employment (part or full-time), interest, dividends, tips, gains on sale of securities, annuities, pension, royalties, veterans administartion compensation, net rental income from all sources, alimony, child support, public assistance, sick pay, social security benefits, income from assets, business activity or investments, unemployment, estate or trust income and miscellaneous income.
To calculate your gross income, download this Income Calculation Sheet.
Some Additional requirements:
- This must be your only home, you must not be looking to buy another home and you must occupy the property within 60 days of closing.
- You must contribute at least $1,000 of personal funds towards the
purchase of the property.
- You must complete the "Home Stretch" homebuyer training course
from a HUD approved counseling agency and submit the participation certificate with
the application.
- You must be able to qualify for a first mortgage.
- You must fulfill all obligations on time in order to remain
eligible for the program.
- You must not have a previous load that ended in foreclosure
within the last 5 years.
- You must purchase an Owner's Title Insurance Policy.
- You must be a U.S. Citizen or a legal U.S. Resident (have legal
immigration status)
- You must meet all requirements
Here's a map of qualifying properties in Brooklyn Park
For more information on these Foreclosure Recovery Specials, to find out if you qualify, or to review available properties, you can contact
Rains Real Estate Services | 763-315-0000 | Info@RainsProperties.com
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