WinstonSalemNCForeclosures.com

Foreclosures are still high in our area, and Winston Salem and Forsyth County want to do something to help potential home buyers. City and county housing officials are working with local real-estate agents, financial institutions and the Center for HomeOwnership to help families or individuals buy foreclosed houses for less than their appraised value. This should be a win-win for buyers and the local real estate market. The program will help home owners by allowing them to buy a home under market value, and it should help stabilize the real estate market by lowering the amount of foreclosure (REO) inventory.

Through the Neighborhood Stabilization Program, eligible buyers can receive a deferred forgivable loan of up to $20,000 for a down payment on a foreclosed home if the mortgage holder will sell the home for less than its appraised value. Additional assistance may be available for renovations. The foreclosed home must be in a census tract which has incurred or is projected to incur a high rate of foreclosure. The program is open to first-time home buyers and those who have not owned a home for at least three years. The loan would not have to be repaid if the buyer owns and lives in the house for at least 20 years. Eligible buyers must have a house under contract by July 18, 2010, to participate in the program.

The Neighborhood Stabilization Program, which Congress approved in 2008 to assist communities with high rates of foreclosure, has given Winston-Salem and Forsyth County $2.625 million for the program. This program, , which is being funded by the Department of Housing and Urban Development through the N.C. Department of Commerce.

Read the entire article at DigTriad.com

If you are a first time home buyer looking to buy a foreclosure in the Winston Salem area, give me a call/text (336-287-4423) or email and request my Free Foreclosure HOT List with ALL of the freshest foreclosure listings for sale.  It would be a privilege for me to help you fulfill your dream of owning a home.