New Vista, Stabilization Trust Combine Forces On NSP Auction

Posted by Orb Staff on August 06, 2010 No Comments
Categories : Mortgage Servicing

New Vista and the National Community Stabilization Trust (NCST) have unveiled ‘NSP Open House’ – a program that offers exclusive access for eligible homebuyers to bid on 35 foreclosed properties. Open house previews will be available to eligible buyers on Aug. 8, 14 and 15. The winning bids will be announced Aug. 21. at the NSP Open House Community Fair in Tucson, Ariz.

The program is designed to support the Neighborhood Stabilization Program (NSP) and to enable eligible buyers that have completed required homebuyer education training to use federal down-payment assistance to buy discounted properties in designated communities hardest hit by the housing downturn. Federal assistance available through the State of Arizona's Department of Housing will provide buyers with as much as 22% down-payment assistance to purchase the Freddie Mac HomeSteps properties.

The 35 properties being auctioned have been repaired and inspected to meet the as-is standards that qualify the homes for purchase by owner-occupant NSP buyers.

"NSP-eligible homebuyers have struggled to get their offers considered in the open market, where investors and others have aggressively maneuvered to purchase these homes," says Gary Acosta, co-CEO of New Vista. "Working with Tucson area listing brokers, Arizona Department of Housing and NCST, New Vista created this NSP Open House event that gives NSP buyers an exclusive opportunity to purchase HomeSteps homes.’

SOURCES: New Vista, NCST

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