Foreclosure Info
The NEIGHBORHOOD STABILIZATION PROGRAM
Camden County has a Homebuyer Program to provide downpayment and closing cost assistance for low, moderate, and medium income persons interested in becoming homeowners. Homes purchased must be within Camden County and meet local and state codes adopted by the Camden County for the 2009 NSP Program.
We only recieved enough for 9 loans, if you want this contact me quick to get your application in. The amount is $11,951 and has to be used on a foreclosure. Once you are pre-qualified for this money, you find a regular lender. The money from NSP will be there for you at closing.
To be eligible for assistance your gross annual household income cannot exceed the following Area Medium Income (AMI) limits for Camden County based on family size:
1 Person 2 Persons 3 Persons
Low Income $19,550 Low Income $22,300 Low Income $25,100
Medium Income $46,850 Medium Income $53,550 Medium Income $60,250
4 Persons 5 Persons 6 Persons
Low Income $27,900 Low Income $30,150 Low Income $32,350
Medium Income $66,950 Medium Income $72,300 Medium Income $77,650
7 Persons 8 Persons
Medium Income $83,050 Medium Income $88,400
Closing cost and downpayment assistance will be a 0% interest loan forgiven at the end of the affordability period (5 years). The homebuyer must occupy the home as their principal residence. In the event the property is unoccupied by the homebuyer, foreclosure or sale of the property within the five (5) year period the total amount of the NSP funds must be repaid to Camden County.
Attention!!!! As of April 1st 2009.
Low Income $34,600 Low Income $36,850
Used with VA or FHA
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Purchase price up to VA and FHA maximums
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Home buyer education (classes) required
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Doesn't need to be you first home, however 1st time buyers also qualify for the $8000 tax Credit.
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Down payment loan lien released after 5 years
Call me at 912-882-5194 or email at Jeff@wowzarealty.com lets talk foreclosures.
A few things to know about buying a Bank owned/Short sale
1. The price may be reduced, the repairs may be many.
2. They often take longer to close.
3. There may be more liens to contend with.
4. The banks may not contribute to your closing cost or repairs.
5. VA and bank owned sometimes clash because of costs VA won't allow a buyer to incur.
The better of these deals go fast, it pays to have your financing ready to go before you get involved in trying to make an offer on a bank owned or short sale. Check out my Lenders page to get a head start or give me a call and lets get started. Most of them are approved Ga dream lenders.
Short Sale. This is arranged between the Home Owner and the Bank before it comes to a point of foreclosure. The result is that if your lucky enough to get a bank to play along, you save money because the bank agrees to take less than is owed. The bank usually agrees to forgive part of the loan or will make the seller be liable for the part you don't pay for.
****Just because you see "Approved short sale" on the listing, doesn't mean short sale is a done deal, often it simply means the bank will consider an offer and weigh it against the cost of foreclosure. This consideration can take a long, long time****.
These are often more popular than bank owned, because the properties are usually in very good shape.
Foreclosure- These are a result of the Buyer simply not making payments. These have a process to them, but by the time they hit the MLS you know that its ready for you to buy it. These properties usually have a little more work to them than the short sales. The banks will list them "As is" however, they have been known to make some repairs, especially to have the home meet FHA and VA requirements. Don't rule these out, some very good deals are to be had.
I would love to help you buy a property, I hope to hear from you soon.
Please fill in form below to have me contact you and discuss the areas Bank owned properties.
