Yesterday, we attended a meeting giving us the details of the Neighborhood Stabilization Program(NSP) for Macomb County home buyers. This program was authorized under the Title III of the Housing and Economic Recovery Act of 2008 under President Bush. That funding has just hit the county for distribution. But it will run out quickly.
The purpose of this program is to help rid our Macomb County neighborhoods of the vacant foreclosed homes. They are not only dropping home values but creating eye sores in our neighborhoods. As expected there are income limits which you can read about on our website. This program is not just for first time buyers but you must not own another home.
Here's how it will work - Macomb County will be receiving $20.1m of which $9.8 will cover what is being called "Urban County" view map. Another $10.3m will go to Warren, Sterling Heights and Clinton Township. While another estimated $3.1m will be used for Saint Clair Shores and Roseville.
If you fall into the income guidelines, qualify for a mortgage, apply for the funds and purchase a foreclosed home at least 15% under value. Then you can receive up to 49% of the purchase price for down payment, closing costs and fix up if needed. Then you simply get a loan for the balance of the monies. The grant is a 2nd loan that has no interest and no payments and only needs to be paid back If and When you sell your home.
As I said the money will move quickly - the county figures they will be able to get about 150-200 homes out of their funding in the "Urban County" and more sales will come from the other cities listed above. HUD is giving them a deadline to spend the monies and if it is not spent it will go back to Washington. So again you need to move FAST.
Hurry - find a REALTOR® to represent you as a Buyer Agent, get pre-approved for a mortgage, then apply for the funding. Then work closely with your agent to locate a foreclosed home. You could be in by summer.
View Macomb County foreclosed homes currently for sale. If you are a first time buyer you can also use the $8000 tax credit towards your purchase.
If you need more information please do not hesistate to drop us an e-mail at nsp@edandcindyknight.com or give us a call at 586-336-1506.
I didn't know this but hope it helps move those vacant houses. Is it just for owner occupied or will investors be able to buy some of them. Sounds like the ROI would be fantastic.
Missy in Oakland and Macomb County MI it is only for home owners, so I am not sure if that is a HUD ruling. Better than that if they live there 15 years the county will forgive the loan. Now that may change from county to county and state to state making it even better ROI.