September 23, 2009 – (RealEstateRama) — Potential homebuyers may qualify for $15,000 in down payment and closing cost assistance to help buy a foreclosed single family home, townhouse or condominium in the city of Phoenix.
The city of Phoenix Neighborhood Stabilization Program (NSP) Homeownership Assistance Program is offering an information session to outline eligibility criteria. The session, presented in Spanish, will be from 6 to 8 p.m. Wednesday, Sept. 30, at Washington Activity Center, 2240 W. Citrus Way.
The full amount of the loan is repaid to the city when the homebuyer sells the home or refinances. The homes must meet U.S. Department of Housing and Urban Development Housing Quality Standards or FHA standards and funds cannot be used for rehabilitation activities.
Families must be Federal Housing Administration creditworthy and complete the NSP-required eight-hour Homeownership Education and two-hour one-on-one Credit Assessment counseling. The property must be maintained as the principal residence.
More sessions will be offered throughout the city during the next few months. For a list of future sessions and other program updates, call 602-262-6602 or visit phoenix.gov/nsphome.
Marcie Colpas 602-262-6164