Garden Grove/Westminster's NSP Funds are Available

The Neighborhood Stabilization Program (NSP) provides down payment assistance in the amount of up to $40,000 to help qualified buyers purchase bank-owned foreclosure properties (sometimes called "REOs). To qualify for NSP the home purchased must be located in the Cities of Garden Grove or Westminister and they must have been acquired by the home seller through a foreclosure process. The assistance provided by NSP includes up a $40,000 "silent" down payment assistance loan. This loan requires no monthly payments for 30 years. It is repaid in 30 years, when the home is sold, or if the owner does a cash-out refinance of their first mortgage, whichever comes first. There are no interest charges with the NSP loan (0%). Since the NSP loan requires no monthly payments, your lender will be able to treat the loan as additional down payment from you.

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