Homeownership Assistance Information Sessions Offered to Homebuyers

Phoenix, AZ – March 13, 2009 – (RealEstateRama) — Potential homebuyers may qualify for $15,000 in down payment and closing cost assistance to help buy an affordable 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 two information sessions at 2 p.m. and 5:30 p.m. Monday, March 16, at Phoenix City Council Chambers, 200 W. Jefferson St. to outline eligibility criteria.

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 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 Credit Assessment counseling. The property must be maintained as the principal residence. More sessions will be offered during the next few months.

For more information about the program, call 602-262-6602 or visit phoenix.gov/nsd/fland.html

Contact: Marcie Colpas 602-262-6164