Home Buying in Lancaster>Question Details

TiffanyJ, Home Buyer in Palmdale, CA

Lancaster/ Palmdale Neighborhood Stabilization Program

Asked by TiffanyJ, Palmdale, CA Tue Aug 21, 2012

Hello everyone,

I was recently informed about a program called NSP for both Lancaster & Palmdale. I went on their websites to aquire more information, but was left with more confusion. For example, some of the homes listed were for $174,000 but the program is targeting low- moderate income families. How is a home of that price feasible with a moderate income? Thank you in advance for any feedback. -T

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Tamara Stoebe’s answer
BEST ANSWER
Hello TiffanyJ ~

The NSProgram is rather onerous to describe, but with respect to the Palmdale program, my buyer was the first buyer to complete the program in 2011.

The Palmdale program is a down payment assistance plan, allowing a buyer who may qualify for $100k to actually qualify w/the City's downpayment program for a home as high as $160k.

Each of the city programs require the buyer to actually live in the purchased home, for a specific lenght of time, and if they sell, they require the new buyer to be an owner occupant as well.

The city of Lancaster program is different ... all homes do qualify for FHA financing, meaning a 3 1/2% downpayment and some closing costs.

I'd be happy to assist you in your home search, if your ready to move forward.

Thank you,

Tamara Stoebe, REALTOR/Notary
GRI, e-PRO, CHS, QSC
DRE License #01827461
Prudential Troth REALTORS
1801 W. Ave. K
Lancaster, CA 93534
(661) 466-6849
Fax (661) 422-3006
http://www.TamaraStoebe.com
1 vote Thank Flag Link Tue Aug 21, 2012
Hi Tiffany,

There is a lot to discuss about the program, as I have represented a buyer before who purchased one of these homes. When I was younger I participated in a similar program and that is where I learned plenty about these types of programs. It is still a normal transaction with some added requirements and CCR's, as the buyer has to qualify for the program, lending and still have money for some closing costs, inspections and any other items as needed. There are pros and cons and more program information you need to know about, of which they will disclose in the documentation provided. I feel it would inform you faster about the program and benefit you to verbally discuss it with myself or any other agent that can assist you concerning this program, as pages can be written on this topic.

Beat of luck,
TV-Tracy Van De Mark
Keller Williams Realty
(661) 310-4004
Lic. 01487734
Web Reference: http://tvandemark.com
0 votes Thank Flag Link Tue Aug 21, 2012
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