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Kent County: A Great Place to Live, Made Affordable by NSP
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Potential homebuyers in Kent County Michigan might be eligible for the Neighborhood Stabilization Program (NSP.) This program funds certain real estate developers so that they can purchase property which has been foreclosed in particular target areas which have been dedicated to renovation and resale. On the resale level the NSP can also provide financial aid to the homebuyer, to help him with the purchase of home, if he earns up to and not exceeding 120% of the Area Median Income (AMI.)
There are additional homebuyers incentives which can be provide through the NSP program when NSP properties are being purchased. A homebuyer can receive a minimum of $1,000 toward the costs of closing the purchase deal or for assistance for the down payment on the home.
The NSP assistance, generally, will come to about 20%, at least, of the purchase price of the home. The assistance can also include the closing costs over the 20% which will make the home affordable for the buyer. Housing payments are considered as ‘affordable’ if they are no more than 25-30% of their monthly income, including mortgage principal, interest, taxes and insurance.
