The objective of the Woodbury Foreclosure Purchase Program is to encourage the purchase of foreclosed properties in the City of Woodbury by providing financing to low- and moderate-income purchasers. Low-interest, deferred loans of up to $25,000 are available to qualified families who earn no more than 115 percent of area median income, capped at $90,000 per household. The purchase price of the affected homes may not exceed $256,500. Single-family detached houses, town homes or condo units are eligible for this program. The nature of the financing will help keep a household’s housing costs affordable over the long term due to the principal deferral, the low interest rate and the fact that many lenders view the Woodbury funds as equity allowing borrowers to access conventional financing thereby avoiding costly PMI charges or FHA premiums.
For more information about Woodbury’s housing and redevelopment programs and policies, contact:
Housing Specialist / Associate Planner