What is the Neighborhood Stabilization Program?

The Neighborhood Stabilization Program is part of HUD’s new Neighborhood Stabilization Program (NSP), offered through the Los Angeles Housing Department (LAHD).  NSP provides down payment assistance to eligible homebuyers in the form of deferred payment second mortgages.

The goal of NSP is to “stabilize” communities that have suffered from foreclosures and abandonment.  The funds loaned by NSP become part of the down payment needed to purchase a foreclosed or abandoned property.  The NSP loan is recorded as a second mortgage on the purchased property.  Payments on this second NSP mortgage are deferred.   

NSP also provides deferred payment loans to repair blighted properties after the property has  been purchased. 

Need more information?  Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.  Northeast Financial is an approved NSP Lender.

August 25, 2009 | Filed Under Especially for First Time Buyers, Neighborhood Stabilization Program NSP  | Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net

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