Orlando Real Estate

Neighborhood Stabilization Program

September 8th, 2009 8:02 AM by David W. Welch

One small piece of the stimulus package puzzle from back in February is falling into place here in Orlando. The neighborhood stabilization program accounted for only about two billion dollars of the $780 billion stimulus package, but I think it could have a huge direct impact on individual's lives. The money was divided up among the states and then the states divided it up among the counties, leaving Orange county with about $36 million. I might be off a couple of million, but who's counting? Each county submitted a plan as to how they were going to use the money, and Orange county has been approved to use the money for downpayment assistance. David Holbrook with Waterstone Mortgage shot me an e-mail the other day, that may just get one of my customers into a home. There is a requirement that the home be located in certain target zip codes. These are mainly the areas hardest hit by foreclosures. One of the those zip codes here in Orlando is 32824.

I have a customer looking in that area, because she needs easy access to the Beach Line and the 417 for work. This area just south of the Orlando Internation Airport is perfect. She contacted David and found out that she qualifies for $30,000 in downpayment assistance. Yes, I said $30,000! This is allowing her to make a full price offer on a bank owned property, and keep some money in her pocket to purchase appliances afterward. The other part of this program is that the FHA out of pocket is cut in half to only 1.75%. This is saving her enough cash to be able to buy a  refrigerator, washer and dryer after she closes. With the downpayment help, her payment will probably be less than the rent she is paying right now. To see if you qualify for this program, and to get information on the target areas contact David Holbrook with Waterstone Mortgage at 321-945-1434. After you speak with David Holbrook, call David Welch with Remax 200 Realty and we will get started finding your home.

Orlando Real Estate, David Welch Real Estate Optimist

Posted in:General
Posted by David W. Welch on September 8th, 2009 8:02 AM


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