How Do You Get A Grant To Buy Foreclosed Houses?
The federal department of Housing and Urban Development (HUD) provides tens of millions of dollars in funding to state and local departments of housing to provide grants for the purchase and rehabilitation of foreclosed homes. These grants are made through the Neighborhood Stabilization Program. The purpose of the program, according to HUD, is to “prevent or eliminate slums and blight” and “address urgent community development needs” objectives. Determine if the home you would like to purchase is eligible for a grant under the Neighborhood Stabilization Program in your state. You will need to spend at least 25% of the total grant to purchase a foreclosed home (also known as Real Estate Owned or REO). Exact participant requirements differ depending on local and state regulations. Contact your state department of housing for more information about participation in the program. Not every community has access to the NSP. Only neighborhoods that have been judged by HUD to be significantly a
