If you’re looking to purchase a home in the City of Phoenix but may need some help with the down payment and closing costs, the city’s Neighborhood Stabilization Program may be a viable option for you.
Through the NSP, eligible buyers may receive up to $15,000 when they purchase designated move-in ready properties.
Now, there are some minor hoops to jump through:
- Buyers need to contribute at least 50 percent of the down payment or a minimum of $1,000, whichever is greater
- Buyers cannot have their name on the title of any other property
- Buyers must be permanent, legal U.S. residents
- Income limits also apply (table below provided via the Phoenix NSP website)
120% AMI Income
In addition, buyers need to talk to an NSP housing counseling agency to conduct a one-on-one budget and credit assessment and later attend a Homebuyer Education class. And buyers also need to make sure they’re working with a lender familiar with the program.
Now, about the homes … these aren’t the shredded bank owned homes to which many people have become accustomed. All of these NSP homes have been renovated by a program contractor and, in a word, are dang nice. I’ve posted a few examples below for you to check out.
Oh, and by the way … there is a mass open house of these homes this weekend along with a Homebuyer Information Session.
If you’d like the details on the NSP Open House, have questions about the program or just want to get started, call me today at 602-502-9693 or use the contact link above.
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