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Washington County NSP2 - Detail Verified 09/03/10 - Last Updated 09/03/10

Program Overview

Washington County NSP2 - Detail Verified 09/03/10 - Last Updated 09/03/10 is a Neighborhood Stabilization program designed to provide financing mechanisms to assist homebuyers in purchasing foreclosed-upon residential properties in targeted areas of Washington County for the purpose of stabilizing property values in the neighborhood. See target areas at: http://www.co.washington.or.us/CommunityDevelopment/HomeBuyer/index.cfm The application fee is $ 0.

Who is eligible for this program?

Loan application, NSP loan application, financial records disclosure, 1 year tax return, 1 month pay stubs, 1 year W-2 and bank statements for all accounts, Certification from Home Buyer class, Sales agreement with all addendum, and Homeowner's Insurance. Borrower must contribute at least 50% of first mortgage lender’s required down payment requirement. Borrower required contribution for the down payment may never be less than $1,000 or 1% of the purchase price whichever is greater. Gift funds are a permitted source of cash to meet this minimum down payment threshold. Household Income cannot exceed 120% median income limit. Can be used as down payment or repairs. May help for closing costs if needed. Maximum % of Sales Price: 20% Is this program for first time buyers only? No

Property Eligibility Requirements

See maps in target area The sales price cannot exceed $304,950. Allowable property types: REO, SFR, Condo, Townhome, Manufactured home (certain restrictions apply)

Benefit Details

Income tax deduction and investment. Buying now with the help down payment to own your own home is better than rent in the long run. You get the property discounted with the lowest interest rate in history plus the NSP loan has no interest. $50,000 or below Benefit: Homebuyers will be able to purchase a home without a down payment, no mortgage insurance payment, and low interest rate with 30 years fix. Sales price at lease 1% lower than the current appraisal price. Loan Term: 30 years Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: Home Repair Loans Deferred/Interest Bearing Loans (DIBL); Home Access & Repair for the Disabled and Elderly (HARDE); and Homebuyer Assistance; Pre-paids and first mortgage reduction.

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