Buying A Home Just Got Easier in San Jose

City targets lower and moderate income families to purchase former foreclosed homes

By George Kiriyama
|  Thursday, Feb 16, 2012  |  Updated 2:22 AM PDT
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Looking For Mortgage Help?  There is Help....

If you want to buy a home in San Jose, it might be easier now thanks to a federally funded program.

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Looking For Mortgage Help? There is Help....

IN A TIME OF BUDGETS CUTS -- FORECLOSURES AND DOWNSIZING...A BAY AREA CITY IS ACTUALLY PAYING PEOPLE TO UPSIZE...AND BUY A HOME. NO GIMMICKS -- BUT THERE ARE A FEW KEY RULES. IT'S A PROGRAM IN SAN JOSE -- THAT MANY PEOPLE -- DON'T KNOW ABOUT.
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The city of San Jose has purchased houses in neighborhoods hardest hit by foreclosure and is turning them into long-term sustainable homes. The target buyers are lower- to moderate-income families.

The Housing Department's Neighborhood Stabilization Program (NSP) is providing second mortgage assistance (10 to 20%) to these homeowners to help them pay the down payments.

For example: If you are a family of four and earn $79,000 or less, you will receive the full 20%. If you are a family of four and earn $80,000-$124,000, you will receive less than 20%.

You will still have to apply for a conventional first mortgage loan to finance your home long-term. You will also be required to take a homeownership class to learn about your responsibilities.

There are 20 NSP homes left on sale. The federally funded program will expire in February 2013.

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