(Press Release) The Escambia County Neighborhood Stabilization Program (NSP) has two rehabilitated homes available for sale to first time moderate and low income homebuyers. Under the NSP, homebuyers may qualify for up to $50,000 in closing cost and principal mortgage reduction to put them in a move-in ready property.
Each home available is a formally foreclosed property located in target areas of the County that have been fully rehabilitated by partner not-for-profit agencies to bring them up to code. To qualify, homebuyers must have sufficient credit worthiness to qualify for a first mortgage from a participating lender, take a free eight-hour homebuyer education class and have an income that does not exceed 120 percent of the area’s median income. The property must be the primary residence of the new owner.
The County received funds for this program from the U.S. Department of Housing and Urban Development in order to address abandoned and foreclosed properties in target areas of the County. To date, 40 homebuyers have been assisted through the program, putting owners back in properties that were vacant due to foreclosure or code violations. Thirty-six of the properties received some level of repair to make the homes safe and sanitary, bring them up to code and add energy efficient features where feasible.
To receive more information, contact Meredith Nunnari at Neighborhood Enterprise Foundation, Inc., by email at email@example.com or by phone at 458-0466.
Information is also available on the County’s website at http://www.myescambia.com/Bureaus/CommunityServices/Homebuyer_Programs.html.