HUD's Amazing Neighborhood Stabilization Program in Albuquerque, NM
Not only can you get an FHA loan here in Albuquerque with 3.5% down, there are some lenders that canÂ doÂ so for you with a credit score significantly lower than 620!Â But, more importantly, there is a new HUD program called the Neighborhood Stabilization Program (NSP), through which you can buy a home with little to nothing down and the City or MFA (outside Abq city limits) will subsidize you up to $50k by providing a soft 0% second mortgage! What does this mean? Well I found one for my daughter's 2nd grade teacher, and it worked like this: the house was purchased by a local contractor for $120k and they spent $50k to remodel it. Then, with my assistance, my daughter's teacher and her husbandÂ put it under contractÂ for a total of $170k.Â However,Â they only qualified for $120k, so the city subsidized the remaining $50k, meaning they are now living in a fully remodeled 1800 sqft 4BR 2Ba home near Eubank and Constitution paying only $862/mo! Now, when the property is within the city limits, like this one was, the soft second moretgage does need to be repaid when they sell the home, whether that is 5 years or 50 years, but they NEVER have to make a payment on it! If this house was in Rio Rancho, it would fall under MFA's administration of the NSP program, and they offer full forgiveness of the soft second mortgage, if you live in the home for 10 years! So, you can see how this can dramatciallyÂ accelerate you toward your financial goals, all while putting you in a much nicer home than you could normally afford! Please contact me any time for a list of these homes, there are only about 15 or so left, not sure if more federal funding will extend the program, so act now. This may in fact be a once in a lifetime opportunity.