Single Family, townhome and condos all qualify for the program if they are bank owned.
Buyers must be deemed creditworth by the Federal Housing Administration. Contact your favorite lender today for more information on this program.
What's the catch?
- Well, potential home buyers must complete an 8 hour counseling session on home ownership.
- The contract must certain criteria as well. The sales price must be at least 15 percent of the appraised value.
- There is also an income limitation, a buyer can not exceed 120% of the median income in the area of the home.
- There may be tax consequences, consult your tax accountant for more details.
- Buyers HAVE TO REPAY the full amount of the loan if they refinance or sell their home.
- The home buyer must also invest at least $1,000 of their own money when the purchase the home. So, NOT a NO MONEY DOWN deal, but really close.
- City of Phoenix claims they currently have enough money to award the $15,000 dollar loans to 188 families but could expand that number in the near future.
- Neighborhood Stabilization Program (NSP) Information website