Phoenix homebuyers may qualify for financial help in purchasing foreclosure

[Source: City of Phoenix] — 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 two information sessions to outline eligibility criteria.  The first session will be from 6 to 7:30 p.m. Wednesday, April 14, at Devonshire Senior Center, 2802 E. Devonshire Ave. and the other from 6 to 7:30 p.m. Wednesday, April 28, at the Washington Activity Center, 2240 W. Citrus Way.

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.  Funding for this program will end by late summer.  For more information about the program, a list of future sessions and other homeownership opportunities, call 602-262-6602 or click here.

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Posted on April 6, 2010, in Affordable Housing, Finances, Neighborhoods and tagged , , . Bookmark the permalink. Leave a comment.

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