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Foreclosed Homes for Sale in Georgia for Eligible Residents

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By : John Cutts    99 or more times read
Discounted foreclosed homes for sale in Cobb County, Georgia are available for eligible workers in the area under a county housing program funded by the U.S. Housing and Urban Development and the Georgia Department of Community Affairs.

A total of $6.8 million was provided to the county by the HUD under its Neighborhood Stabilization Program while a total of $1.9 million was given by the state Community Affairs Department. The federal NSP program was launched by the enactment of the Housing and Economic Recovery Act of 2008 which was aimed among others to redevelop foreclosed residential properties, resell them to lower-income families and help prevent communities from deterioration.

Under the Cobb County home ownership program, the county will use its federal and state funding to purchase foreclosure properties, refurbish them and then resell them to qualified buyers. Every eligible buyer would receive a down payment and closing cost assistance of up to $10,000 and an additional assistance of up to $20,000.

The county program is not exclusive to first time home buyers; other types of buyers can apply for assistance from the county as long as they meet the income requirements and as long as they will stay in the foreclosed homes for sale that they buy for 15 years. This residency requirement is needed to make the program meet its goal of helping stabilize neighborhoods.

Additionally, applicants must be citizens of the U.S., must possess the standard requirements for home loans, must participate in an HUD homeownership class, must commit to stay in the homes that they buy and must meet income requirements.

An individual applicant must not be earning an annual income of $59,800 and a married couple with 4 children must not be earning an annual income of $99,100.

If homebuyers leave their purchased homes before the 15-year limit, they have to repay the financial assistance they received, which could reach $30,000, without penalties or interest. If 15 years pass and the buyers are still in the purchased homes, the money is totally forgiven.

All in all, the county has $8.7 million to spend for the home ownership program and must spend the entire amount within 18 months.

According to Deanna Benson, the real estate specialist for the county program, her time is mostly spent finding foreclosed houses and renovating them. The average price for foreclosed homes for sale in the area is around $115,000 and the average repair cost total for each home is $18,000.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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