Program to Help First Time Homebuyers Purchase Bank Owned (REO) Homes in Roseville, California

  The City of Roseville recently received $1.3 million dollars through the Neighborhood Stabilization Program.  The NSP is intended to help first-time homebuyers purchase (REO) bank owned foreclosures.  Through this program the City of Roseville will assist with a zero percent, shared equity loan, with a maximum of up to $60,000.  The loan doesn’t have any monthly payments and it’s not due and payable until the sale of the home.  Homes purchased under this program are restricted to bank owned homes located within certain areas of Roseville.  To qualify for the program, the city does have income restrictions and other requirements.

  Those who are interested in the Neighborhood Stabilization Program can fill out an interest form on the City of Roseville’s Housing Department’s website.  Then a full application will be mailed out to the hopeful candidate in order to be put on the waiting list.  I spoke to the housing department and was told that those who are currently on the City of Roseville’s down payment assistance waitlist have “first choice” for this program and the wait time for those currently on the wait list for Roseville’s down payment assistance program is 9 months to 1 year.

  For additional information about this program including application process, income qualifications, and what areas are included in the program, please visit the City of Roseville’s Housing Department.