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Get help paying mortgage from the Neighborhood Stabilization Program.

The United States Housing and Urban Development (HUD) Agency has allocated almost $4 billion to all states, with an emphasis on hard-hit areas, in order to provide those regions and states with additional support and resources so that they can provide mortgage assistance to residents. The money is being provided as part of the Neighborhood Stabilization Program, and the government money can be used for a variety of reasons.

The state and local governments that were giving this aid can use their neighborhood stabilization grants to acquire property and land, to rehabilitate or demolish abandoned properties or homes, and/or to offer down payment or closing cost assistance to lower to moderate-income home buyers. Each local town and city government has some flexibility in how they can use this additional mortgage help.

Grants from the Neighborhood Stabilization Program, when combined with other private and government assistance such as the Hardest Hit Fund, have made a real difference in addressing the nation’s housing crisis. The money has fueled state and county foreclosure prevention efforts and the funds have made a real difference in improving neighborhoods by redeveloping or helping people buy foreclosure or abandoned homes.

Hundreds of thousands of homeowners have received low interest loans, mortgage modifications, counseling, and other help from these government programs. Government grants have been used to help redevelop or purchase residential properties. This has done a lot in addressing the effects of abandoned and foreclosed housing. The number of towns and struggling homeowners benefitting from the Neighborhood Stabilization Programs has continued to increase

Many towns and cities have conditions that need to be met as part of the Neighborhood Stabilization Program. While millions of dollars of federal government funding is available for the purchase of  foreclosures and bank owned homes, applicants will need to meet income guidelines as determined by your state or HUD approved counseling agency. While those will vary, in general applicants must be able to qualify for a traditional fixed-rate mortgage, meet income requirements, and also attend home buyer counseling. If you are found to be qualified, applicants can be eligible for tens of thousands of dollars in financial assistance to purchase a home.





Oftentimes the mortgage will be provided in the form of an interest-free, no monthly payment loan. It can be forgivable and the amount due declines over an extended timeframe. If the owner ends up selling the home, refinances or no longer occupies the residence prior to the period in question, only at that time will the remaining balance be due. So much of the funding from the Neighborhood Stabilization Programs can in fact be thought of as a grant, as the borrower will not need to repay it if they remain living in the home.

Contact information for Neighborhood Stabilization Program

While many states and local municipalities are still putting together their plans in how they will use this assistance to help their residents pay their mortgage and home loans, new uses of the money are continually being found. Your best option at this point is to contact your local county offices, typically a development or HUD office (you can use the search box below) or contact a mortgage counselor, who may be able to provide further details on whether this mortgage assistance program can help you.




By Jon McNamara


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