March 15, 2010 – (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 presenting an information session to outline eligibility criteria. The session will be from 6 to 7:30 p.m. Thursday, March 25, at Deer Valley Community Center, 2001 W. Wahalla Lane, (north of Union Hills Drive).
The loan is only repaid to the city when the homebuyer sells the home, refinances or moves. The home must pass a Housing Quality Standards or FHA standards inspection and funds cannot be used for rehabilitation activities.
Families must be Federal Housing Administration creditworthy and complete the required eight-hour Homeownership Education and two-hour one-on-one Credit Assessment counseling.
The property must be maintained as the principal residence and the total household income must be below 120 percent of area median income, which is based on family size. Participants must contribute a minimum of $1,000 of their personal funds for down payment and closing costs.
More sessions will be offered throughout the city during the next few months. For more information about the program, a list of future sessions and other homeownership opportunities, call 602-262-6602 or visit phoenix.gov/nsphome.
Marcie Colpas 602-262-6164