The City of Phoenix is now offering a $15,000 loan towards closing costs and down payment to purchase a newly renovated “Move-in Ready” homes through their Neighborhood Stabilization Program.
The Neighborhood Stabilization Program is an effort in response to the number of vacant foreclosures in Phoenix neighborhoods. Housing programs are popping up all over the Southwest in hopes of turning foreclosures into affordable, refurbished homes and enhancing neighborhood curb appeal.
NSP is offering an extensive catalog of renovated properties in established neighborhoods as well as providing guidance through the entire process.
To qualify, home buyers must meet these requirements:
- Applicants must meet the income guidelines for household Family size. For Example, A family of 4 must have an income at or below $78,600 annually to receive the loan.
- Candidate should be able to qualify for a 15 or 30 year fixed mortgage
- Though you don’t have to be a first time home owner, you can’t currently be on title on any residential property.
- Applicants must be able to contribute one half of the home’s required cash down payment for a min. $1,000. For example, a $100,000 home would require a $1750 down payment.
- All loan hopefuls have to take a two hour one-on-one credit counseling and an 8 hour home buyer education class
A word of caution: I have helped buyers through this program. Half of the time it went smoothly and relatively quickly. The other half of the time it took longer and everybody was pulling their hair out. Now, to be fair, that was mostly because the listing agent’s contractors were not doing the basic things that the city inspectors asked of them.
Further, that was in 2010. Now NSP has homes that are already renovated. So, this is a whole new world from when the program just got started.
Regardless, families state-wide are in a great position to be homeowners in great phoenix neighborhoods. My friend Jeannie Bolger, of Nova Home Loans let me know all about this program and, as a mentioned a few weeks ago, she is experienced in these loans and could be a huge help in the process.
You can visit www.phoenix.gov/nsphome to view the Move In Ready list of available homes or give me a call today at 602-456-9388.