Overview
The Neighborhood Stabilization Program (NSP) Homeownership Assistance Program creates homebuyer opportunities for income eligible households to purchase foreclosed and abandoned homes that could otherwise be sources of blight within the community. The program offers 15 year silent loans at 0% simple interest up to a maximum of $50,000 for income eligible homebuyers. The loans are forgivable after 15 years. The property must be located in a targeted census tract and the purchase price for the property may not exceed $451,250. The sales price must be a minimum of 1% under current appraised value. For more information, please read the NSP Homeownership Assistance/Rehabilitation Program Overview.
Qualifying Income
The total gross annual income of the entire household must not exceed 120% of the San Diego County Area Median Income.
Eligible Areas
The property must be located within the designated NSP Target Areas within the County of Diego’s jurisdiction.
Homebuyer Education Course
It is mandatory that you complete a HUD approved Homebuyer Education course to participate in the program. Please call (619) 961-8750, for a schedule of upcoming courses.
Home Repair Grant
Participants are pre-approved (for a period of three months following close of escrow) for a grant up to $12,500 for energy efficiency/conservation improvements to your newly purchased home.
How to Apply
When you have found an eligible property and your offer has been accepted select a lender and schedule an appointment with the lender. Inform the lender that you are interested in the County NSP loan program and refer the lender to our website. The lender will pre-qualify you and submit your application.
Lenders
Please review the overview for program procedures and to submit an application for your clients. Complete all forms and documents in the Lender Package.
Contact
Please call Bonnie Petrach at (858) 694-4810, for additional information on the County of San Diego NSP Homeownership Assistance Program.
Additional Resources
To learn more about the NSP, visit the federal Department of Housing and Urban Development (HUD) website.
To find the Census Tract/Block Group for a specific property address, visit the American Fact Finder, then click on Address Search
Complimentary Listings
This is a list of homes that have been foreclosed upon. However, the County of San Diego does not endorse these homes nor have we evaluated them for suitability or eligibility for the NSP Program. This list is being provided as a courtesy only. If you are interested in any of the properties please contact a real estate agent.
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