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Buy a Foreclosed Home under $210,000 and get up to $14,900!

If you are a first-time home buyer buying a foreclosed

property, you may qualify for a five-year, deferred

loan up to $14,900 at zero interest.

This second mortgage may be forgiven at 20% per year for each

full year you own and live in the home, as long as you remain

current on your mortgage.

These loans are provided under the federal Neighborhood

Stabilization Program (NSP), authorized in the Housing and

Economic Recovery Act of 2008. Loans are offered by the N.C.

Housing Finance Agency and used with the Agency’s 30-year,

fixed-rate FirstHome Mortgage.

Am I eligible?

To qualify, you must

• be a first-time home buyer (or not have

owned a home in the past three years).

• meet certain income limits.

(See chart, back page.)

• obtain eight hours of HUD-approved home

buyer counseling. (Contact your lender or the Agency for help.)

• contribute $1,000 from your own funds.

What properties are eligible?

Sales prices cannot exceed $210,000. The homes must be

foreclosed properties, built after 1978, and purchased at a

1% discount to the current appraised value. Only single-family

homes, condominiums, and townhomes qualify. Manufactured

homes are not eligible.

Your home must be in one of the 23 counties served by the

NSP: Alamance, Brunswick, Buncombe, Cabarrus, Catawba,

Cumberland, Dare, Davidson, Durham, Edgecombe, Forsyth,

Gaston, Guilford, Iredell, Johnston, Mecklenburg, New Hanover,

Pitt, Randolph, Rowan, Union, Vance, and Wake.

How do I begin?

Since the NSP loan must be used with the Agency’s FirstHome

Mortgage, you should first determine if you qualify for the

mortgage. First, check your income against the chart on the

below to see if you are eligible. Then, call Matt Sarver with Keller

Williams Realty at 704-506-2323 or e-mail to mattsarver@kw.com

and he can refer you to a lender

Counties 1 person 2 persons 3 persons 4 persons

Cabarrus        $55,850         $63,850              $71,800          $75,000

Gaston            $55,850         $63,850              $71,800          $75,000

Iredell             $50,300          $57,500             $64,700           $68,000

Mecklenburg  $55,850         $63,850              $71,800           $75,000

Union               $55,850         $63,850              $71,800           $75,000
Published Friday, September 18, 2009 6:46 PM by Matt Sarver

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