Harris County’s Neighborhood Stabilization Program will fund projects that create homeownership opportunities and stabilize neighborhoods through the acquisition and rehabilitation of foreclosed and vacant properties across the Harris County area. The unique program will allow qualified buyers, with the assistance of their real estate agents, to identify foreclosed homes in which they would like to reside. Community Services would then buy those properties and resell them to applicants at up to 30% below the purchase price. Please call our NSP Hotline at 713-578-2298.
Eligible homes in Harris County must be located within one of the approved 22 zip code areas.
|
77014 |
|
77050 |
|
77530 |
|
77015 |
|
77066 |
|
77536 |
|
77029 |
|
77067 |
|
77547 |
|
77037 |
|
77073 |
|
77562 |
|
77038 |
|
77093 |
|
77571 |
|
77039 |
|
77338 |
|
77587 |
|
77044 |
|
77396 |
|
|
|
77049 |
|
77521 |
|
|
Assistance with HCCSD approved home repairs up to $10,000 may also be available under NSP.
Property Criteria
- Must be foreclosed and vacant
- Must be no older than 12 years old in age
- Purchase price can not exceed FHA 203(b) limits
- Home repairs must not exceed $10,000.00
- Seller must be willing to sell property at a discount of at least 1% off the appraised value not to exceed the listed price
Buyer Criteria
- Must have completed an 8 hour HUD approved certified homebuyer class
- Must be mortgage pre-qualified for fixed rate loan by one of the CSD approved lenders
- Must be U.S. citizen or a Permanent Resident Alien (documentation required)
- Must have at least one credit score that is a 620
- Must not have owned another home in the U.S. within the last 3 years (except a mobile home)
- Mortgage payment to gross monthly income cannot exceed 30% and total
monthly debt cannot exceed 42%
- Income cannot exceed 120% of Area Median Income
- Must reside in home as primary residence for the term of affordability period