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Clackamas County NSP - Detail Verified 08/20/10 - Last Updated 09/02/10

Program Overview

Clackamas County NSP - Detail Verified 08/20/10 - Last Updated 09/02/10 is a Neighborhood Stabilization Program with 0%, no monthly payment, 2nd Mortgage designed to help stabilize targeted neighborhoods by helping qualified families purchase foreclosed homes at a discount and make needed repairs. Deadline for NSP1 funds is 09/01/10. NSP2 Funds are available now: maps available by request kathy@col.clackamas.or.us and NSP 2 targeted areas are more limited than NSP 1. Must be located in a HUD-designated high-need census block group of Clackamas County. The application fee is $ 0.

Who is eligible for this program?

Max 45% DTI ratio, must comply with credit standards acceptable to 1st mortgage holder, no foreclosures within 5 years and any bankruptcy must have been discharged 2 years prior to closing. Total income must not exceed 120% of the HUD median income. Income limits ranging from a 1 person household allowed a maximum income of $59,700/yr up to a 6 person household allowed a maximum income of $99,120/yr. The maximum income is 120% of the median income for the area. Reasonable closing costs, down payment, pre-paids, 1st mortgage reduction and repairs/rehabilitation of the property. No more than 20% of acquisition cost can be used for down payment. Is this program for first time buyers only? No

Property Eligibility Requirements

Bank owned SFR in HUD-designated high-need census block group of Clackamas County. Not to exceed 45% DTI ratio along with max household income. Allowable property types: SFR & qualified manufactured housing must meet HUD definition of “foreclosed

Benefit Details

Loan Due upon sale, title transfer, change of use or refinance of 1st mortgage. A secured 2nd mortgage with no interest or payments due until the sale, transfer of title, change of use or refinance of the 1st mortgage. Can be used to help pay closing costs, down payment and pay for repairs when purchasing a bank owned home at a discounted sales price. Up to $50,000 (maximum). Benefit: To help stabilize targeted neighborhoods by helping qualified families purchase foreclosed homes at a discount and make needed repairs. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: HUD has expanded the definition of “foreclosed”. As of April 1, 2010, a property may be eligible if any of the following conditions apply: the property is at least 60 days delinquent on its mortgage and the owner has been notified; or the property owner is at least 90 days delinquent on tax payments; or foreclosure proceedings have been initiated or completed; or foreclosure proceedings have been completed and title transferred to an intermediary aggregator or servicer.

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