Posted by: Larry Stevens | November 18, 2009

Neighborhood Stabilization Program

Looking to make the most of the current real estate market in Idaho by investing in an Idaho Foreclosure property? There may be no better time than now thanks to the Neighborhood Stabilization Program. This program may be the perfect way to gain that little bit of extra footing you need to buy a new home. Add that to the fact that mortgage rates and home prices are at all time lows and that equals prime time to buy real estate!

This is a deferred loan program available for borrowers with less than 120% of Area Median Income. Idaho Housing and Finance Association has available $10 million in NSP2 funding. As part of the American Recovery and Reinvestment Act of 2009, the funds will be used to provide direct homeownership assistance to low-to-moderate income homebuyers who are purchasing foreclosed homes.

These efforts could have a significant impact on stabilizing neighborhoods by increasing home sales and leveling out the number of homes sitting in foreclosure inventory.

Can be used for:

Downpayment, closing costs, and interest buy down.

Maximum of 20% or $40,000 whichever is less.

Based on NEED!

In the form of a silent 2nd against the property in the form of a 0% deferred due on sale loan.

Home must remain as the borrowers primary residence.

Borrower MUST complete 8 classroom hours of the Finally Home Homebuyer Education Class.

1st Mortgage must be an IHFA product by and IHFA approved lender.

No minimum FICO score, but must obtain DU Approve/Eligible Findings.

Home has to be foreclosed on or REO

The qualified properties for Caldwell,Must have a Caldwell address as recognized by the USPS. The homes must have completed the foreclosure process.

The selling institution must certify that at the time they acquired the property, the home was either vacant, or if occupied,was occupied by the homeowner. If they cannot certify to this, the home is not eligible for NSP funds.

The sales price must be at least 1% less than the new appraised value.

Home inspection not required, but if stated on the PSA, will be reviewed.

Other eligibility requirement apply call or email for complete details!

Program subject to change AT ANY TIME!

Want to find out more about buying homes in Boise or making the most of this new program to begin investing in Idaho real estate? Contact Your Meridian Realtor Larry Stevens today!



  1. Hey Larry, thanks for being the expert in Boise real estate. Your information is relevant and can offer great insights for clients and others looking at our market. Thank you for letting me participate in this process.

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