Interest FREE, NO Payment Loans to buy & fix Foreclosed Homes.

You heard me.  The US Department of Housing & Urban Development (aka HUD) has put together an INTEREST-FREE, NO PAYMENT loan program for repairs on bank owned homes (aka REO properties).  The Neighborhood Stabilization Program (NSP) was first introduced in 2008 as part of HERA (Housing & Economic Recovery Act) and was later added to under the Recovery Act of 2009.  Essentially NSP is a grant program provided for by the US Congress to get these properties off the market.  



One of the unfortunate side-effects of REO property is the condition scares some buyers.  To alleviate that concern, the NSP program has allocated $19.6M for NSP1 and $6.8M for NSP2 grants to buyers for repairs up to $50,000.  On top of repairs, the NSP would allow for the $50,000 to be used for down payment & closing costs.  In Portland Metro area, Clackamas County officials have been at the forefront of implementing the program.  There are income & educational requirements so please review them carefully.  For more detail on how to navigate this program, contact the Listed2Sold Team at Prudential, 503-770-0707, or take a look at the list of FORECLOSED HOMES in Clackamas County that qualify for this program.