$50k for a down payment

How does $50,000 given to you for a down payment on a house sound?

It all sounds too good to be true, doesn’t it? Well, at least it did until now.

Clackamas County has made this possible through their Neighborhood Rehabilitation Program. Like any loan or transaction in purchasing a home there are always stipulations and qualifications. But, if you ask me, the opportunity could be well worth your time to apply. These programs are all in effort to re-stabilize the local economy and lower the number of foreclosures and bank owned homes on the market.

As far as we can tell there are 3 different loan programs. All except 1 apply to 1st time buyers. Funds are on a first-come first serve basis. One common restriction is the applicant can not have a foreclosure within the past 5 years.

Program 1: CHAP Clackamas Homebuyer Assistance Program. CHAP can allow up to $14,000 in helping qualified 1st time homebuyers to pay for down payment and “reasonable” closing costs. This loan is held at 0% interest and on a deferred payment schedule. Other qualifications and guidelines apply.

Program 2: NCRA North Clackamas Revitalization Area Homebuyers Assistance Program. Allows up to $15k on down payment and again, “reasonable” closing costs. Zero % interest and also on deferred payment plans. This loan differs from the CHAP in regard to it’s specifications on a “qualified borrower”. Some qualifications include person of 62 or older; a Police Officer or current or former member of the military. Other qualifications and guidelines apply. (Program 1 and program 2 can be combined and used together!!)

Program 3: NSP Neighborhood Stabilization Program. Up to $50,000 for down payments, closing costs, pre-paid, primary 1st mortgage reduction and REPAIRS after closing. This program applies to Clackamas County HUD-designated high need census block group-see maps on website for clarification.

Each program, while carrying their own stipulations, requires the applicant to attend a Homebuyer class and get pre-approved by a first mortgage lender.

I can appreciate that all of these programs come with an educational requirement. Like they say, knowledge is power! How can we expect to change the mistakes we made in the past without learning how to prevent them in the future? Of course, there have been some choices made out of our control, which inevitably aided in our current economic state. But, if we can all learn the processes and responsibilities of owning a home, maybe and just maybe, a few more foreclosures can be prevented in the future.

Websites for the above programs:
www.clackamas.us/cd/nwp.jsp
www.clackamas.us.cd/downpayment.htm
www.clackamas.us/transportation/renewal/ncraloangrant.htm

We have extensive experience in the above programs and would love to help you become a homeowner. Not only will you be purchasing a bank owned home or a pre foreclosure which are usually 10K to 20K under market value, you will also have up to 50K given to you for your down payment, closings costs, and improvements to the home. This is an absolutely incredible program and an opportunity to take a huge step forward in your financial goals. Contact us today for more detailed information. Each of the above programs requires a real estate agent to attend classes and be trained in handling these programs correctly. We will guide you through the entire process. You can reach Jeremy at 503-209-6183 or catchtrump@yahoo.com. Best wishes and God Bless Clackamas County.