Have you heard of the Georgia Department of Community Affairs Georgia Dream NSP Purchase Plan?
In effect it can provide $14,000 to qualified buyers of qualified properties that can be used as down payment or for re-hab of the purchased property. And, if the buyer is a First Time Home Buyer, they may also be eligible for the federal tax credit of $8,000.
Here are some of the qualifications (from the DCA website):
- Buyer must recieve 8 hours of HUD approved home buyer counseling/education.
- Eligible income level for Gwinnett County for a family of four is $85,450. Smaller or larger families will have slightly different income limits.
- Buyer must use a participating lender.
- Property must be foreclosed and owned by HUD, VA, USDA, bank, governmental entity or eligible non-profit.
The $14,000 is delivered as a 2nd mortgage with no payment or interest, and is fogiven in stages over a 5 ½ year period.
The money will likely run out before the program's scheduled end in June, 2010.
from LaneBailey.com
Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2012 Lane Bailey.
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