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Frequently Asked Questions

What is the Neighborhood Stabilization Program (NSP)?
NSP is a Federal government program that provides assistance to eligible homebuyers to purchase existing homes that have been fully refurbished based on a first come, first served basis.

Is this a new program?
Yes, the Neighborhood Stabilization Program was developed as part of the United States Housing and Economic Recovery Act of 2008 and is available for a limited time only.

Is there a waiting list?
There are a limited number of homes available through the NSP and a limited time period for the program. Interested buyers should call the information line at 866-996-9754 or register online as soon as possible for the greatest opportunity to obtain a home through the program.

What are the requirements to be eligible for the program?

  1. Complete 8 hours of homebuyer counseling from an approved agency.
  2. Have household income below Federal income limits.
  3. Meet minimum monthly income requirements to be approved by a mortgage lender for a fixed interest rate home mortgage.

Is there assistance with down payment and closing costs available?
Yes, NSP offers eligible homebuyers financial assistance for down payment and closing costs.

What are the income limits?
The Neighborhood Stabilization Program is designed to assist individuals and families with incomes below certain limits to purchase a home. The income limits are based on family size and special programs are available for those with lower household incomes, please click on this link to download our brochure with income details.

How do I find a home that meets the needs of my family?
The Home Renewal Systems home consultants will assist you and your family in the viewing and selection of available homes that are included in the Neighborhood Stabilization Program.

What other services are available to help me own a home?
The Home Renewal Systems home consultants will assist interested homebuyers every step along the way to home ownership, including:

  • Program approval for eligibility and affordability
  • Approved homebuyer counseling classes
  • Credit education
  • Assistance with mortgage financing
  • Down payment and closing cost assistance application
  • Home selection
  • Home closing coordination