As part of the Housing and Economic Recovery Act (HERA), passed by Congress in July, 2008, $3.92 billion was provided to communities hardest hit by residential foreclosures and mortgage delinquencies. The city of Phoenix received $39,478,000 in Neighborhood Stabilization Program (NSP) funds to help families purchase foreclosed homes at a discount. The funds are available for down payment and closing cost assistance for eligible homebuyers.
The following is a partial listing of the terms. For the full fact sheet see below
· $15,000 loan from the City of Phoenix to cover down payment and closing costs
· Must purchase in the city of Phoenix
· Must purchase a foreclosed home
· Purchase price must be minimum of 15% below appraised value
· Property must pass city inspection prior to closing and must be clear code violations
· Home must have 3 year home warranty at closing
· Buyer must meet income limit requirements
This is a great program for the potential buyer!
Please call us if you have any questions.