Neighborhood Stabilization Program
Mar 25, 2013
Many state and local housing authorities offer financing programs that can assist you with the down payment and purchase of your new home. The federal government’s Neighborhood Stabilization Program (NSP) provides homebuyer funds through special financing programs.
Fannie Mae supports these public funds programs and offers additional assistance to those homebuyers and public entities (i.e., nonprofit agencies) purchasing a HomePath property (Fannie Mae-owned).
For more information, visit www.homepath.com or call the Fannie Mae Resource Center at 1-800-2FANNIE.
- Fannie Mae waives the $500 earnest money requirement for individuals using NSP funds.Once an offer using NSP funds is accepted, buyers have the opportunity to renegotiate the home purchase price after receiving an NSP required Uniform Residential Appraisal value for the property.
- The standard closing period for a public funds offer is 45 days, which allows time to fulfill the NSP requirements for funding.
- Buyers using public funds to purchase a home can do so without competition from investors during the First Look marketing period (typically the first 15 days that the home is on the market).