Down Payment Assistance and Home Ownership Opportunity in DuPage County IL
Neighborhood Stabilization Program (NSP)
DuPage County is purchasing bank-owned foreclosed homes and rehabbing them for sale to qualified buyers, who would be willing to
live in the house. This owner-occupied new program includes a special financing plan that can save you money and help you get the home of your dreams.
How does it work?
- Borrower must qualify for a purchase price of at least $100,000
- Tax impound account required
- Term of 15, 20 or 30 years
- Fixed rate, must be reasonable
- Fully amortized
- Renovation loans not allowed (203K)
- Lenders not on the Authorities Participating Lender List will need to submit a copy of the Good Faith Estimate (GFE) and Commitment Letter to the Authority at time of first mortgage loan application for approval & review.
There are income requirements! 1 person is $63,350 gross maximum while a 8 person household is $119,450 maximum income level. (See guidelines sheet).
Buyers need to make a minimum downpayment of $1000 from their own funds (no gifts) plus the required closing costs.
Education requirement - Borrower must complete an 8 hour home buyer education seminar, home maintenance class and budgeting class provided by the Authority.
Credit score minimum's of 660.
2 months reserves for borrower required.
Assistance Amount - 17% of the purchase price with no interest.
You will need a Realtor (me!!!) to show you these homes or to be sure they are still available. This is a tremendous opportunity and when the funds are used up the program is gone.
NSP Guidelines
Properties Available
Frequently Asked Questions
Please call Lyn Sims for this down payment assistance and home ownership opportunity for DuPage County in IL!
Lyn Sims and The Blog Dog © 2007 - 2012 
Lyn: Thought this was extremely valuable information, so re-blogged it. Want as many as possible to be aware of this program ... and your report on it. Hopefully this helps spread the word and you receive some interest. Best of luck .. and thanks for the info ...
Gene
Lyn - Great flyer for the program but I'm curious, what's with the range pricing? Anyway, I really like this program. NSP is a great way for the low-medium income buyer to get a decent home that they don't have to compete with all cash investors for, just other NSP buyers.
We have NSP here in Los Angeles county too and eligible buyers can get between 50k-75k for down payment assistance (depending on income). However, the sales price has to be 1% below the appraised value - so no range pricing here.
P.S. Love your doggy! Is he a Spring Spaniel?
Hi Lyn! Very well voiced. I hope your audience sees and takes you UP on it!