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RSSNew Program Offers Up to $75,000 in Assistance To Buyers of Foreclosed Homes
Home buyers can receive up to $75,000 in purchase and rehabilitation assistance through a new homeownership incentive offered through the City of Chicago’s Neighborhood Stabilization Program (NSP).
The incentive, coordinated through NSP’s “Home Buyer Purchase Assistance Program,” provides forgivable loans to help lower the purchase price and make repairs on vacant and foreclosed homes. Initiated earlier this year, the program also offers up to $30,000 in forgivable purchase assistance for foreclosed homes. Home buyers must first qualify for financing from a mortgage lender.
NSP was established under the U.S. Department of Housing and Urban Development (HUD), which provided $169 million to the City of Chicago for the purpose of stabilizing neighborhoods impacted by the foreclosure crisis.
The Homebuyer Purchase Assistance Program is currently active in portions of Auburn Gresham, Belmont Cragin, Chatham, East Garfield Park, North Lawndale and West Pullman.
Information on the program will be presented at a homebuyer fair from 9:30 a.m. to 1:30 p.m. on Saturday, Aug. 10, 2013, at Ray and Joan Kroc Corps Community Center, 1250 W. 119th St., where prospective homebuyers will learn about eligibility requirements.
The fair will include lenders, real estate brokers, and nonprofit housing agencies. It will also feature information on newly rehabilitated NSP properties available for purchase and a homebuyer orientation class. Breakfast will be served and drawings will be held to win one of four $50 gas cards. Admission is free.
To secure a mortgage pre-approval at the fair, borrowers should bring:
- Pay stubs for the last 30 days
- Bank statements for the last two months
- W2 statements for the last two years
- Proof of assets
The homebuyer fair is sponsored by the Department of Housing and Economic Development, Mercy Portfolio Services, Bank of America Home Loans, PNC Bank, Wells Fargo Home Mortgage, Fifth Third Bank, Chase, Citi, Neighborhood Housing Services, Spanish Coalition for Housing and the Northwest Side Housing Center.
Additional information on NSP homes, the homebuyer fair and eligibility requirements is available at www.chicagonsp.org.
