Here’s an update that was just published by Gwinnett County regarding the Gwinnett Neighborhood Stabilization Program. This is pretty big news if you fit the profile.
Gwinnett’s home buying program aims to stabilize neighborhoods.
The Neighborhood Stabilization Program (NSP) is a program of the Gwinnett County Board of Commissioners that assists individuals and families in obtaining affordable housing in Gwinnett. Through this program, the County buys and renovates foreclosed homes in an effort to stabilize hard-hit neighborhoods, help provide affordable housing, and create jobs in the struggling housing and construction industries.
Chief Financial Officer Aaron Bovos said, “The County has already bought 60 homes, ranging from $75,000 to $200,000 and rehab work is underway. So far, we’ve sold 20 of them.” Some of the homes are new and have never been lived in. All have energy saving features, upgraded kitchens, and new flooring. The program is funded by HUD with additional funds from the Georgia Department of Community Affairs.
The program also offers up to $22,500 for eligible home buyers to purchase the rehabilitated homes. Eligible buyers under the program include first-time homebuyers, single parents, surviving spouses of military service persons, and anyone who works in the healthcare, education, or government sectors such as nurses, teachers, police officers, and firefighters. Buyers need a down payment of just one percent of the purchase price and will get a second mortgage that has no interest and no payments to help make the home affordable. As an additional benefit, each homebuyer will receive a two-year home warranty. Maximum income limits range from $60,250 to $113,000, depending on family size. For example, a family of four can have household income up to $86,150 to qualify. All homebuyers in the program must also qualify for a 30-year fixed rate mortgage.
For more information about the Neighborhood Stabilization Program, just call Diamond Dwellings at 678.279.4700.
Comments are closed.