The Georgia Dream NSP (Neighborhood Stabilization Program)Loan is a second mortgage up to $14,000. for qualified buyers who purchase a foreclosed home in certain counties in Georgia. This loan is for all buyers, not just first time home buyers, but you must buy a bank owned, government owned or eligible non-profit owned property.
The home must also be in a designated county that has been identified as an area of greatest need.
Eligible buyers must have a total household income less than 120% of the area median income.
This second mortgage is forgiven if the borrower lives in the home over a 5 1/2 year period. The amount of the second mortgage (the NSP loan) is up to 10 percent of the purchase price and cannot exceed $14,000.
For more information check out the Georgia Dream website http://www.dca.state.ga.us/housing/Homeownership/programs/gadreamnspdownpayment.asp
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