The government wants lenders to sell off repossessed homes quickly and it’s lowering buying costs to get the deals done.
Nearly $6 billion is available for the Neighborhood Stabilization Program.
“…In the Charleston, S.C., area, the Lowcountry Housing Trust, a non-profit organization, has $7.4 million to acquire and redevelop about 70 properties. The agency will issue affordable mortgages for these homes and also sell them under lease-to-own arrangements. In that scenario, buyers pay regular monthly rents that are applied to their purchase prices once they obtain financing…”
~ Mary A. Sicard
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