Many home buyers are interested in buying a home in Phoenix, yet they lack the funds necessary for the down payment and closing costs. However, the City of Phoenix may have a solution under the Neighborhood Stabilization Program.
The city of Phoenix Neighborhood Stabilization Program (NSP) offers a home ownership assistance program providing $15,000 for down payment and closing cost assistance. Eligible buyers must be
- Buyers must be able to qualify for an FHA loan.
- Have completed the NSP-required eight-hour Home Ownership Education Class and Credit/Budget Assessment counseling course.
There are a few other notable requirements as well:
- Buyers must maintain the property as their principal residence.
- The total household income must be below 120% of area median income.
- Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.
- The $15,000 is paid back to the city when the home buyer sells the home or refinances.
The program targets foreclosed single-family homes, town-homes and condominiums (condominium conversions are not eligible) that meet HUD Housing Quality Standards (HQS). The purchased home must be a foreclosed home anywhere within the city of Phoenix limits and meet other eligibility requirements.
Many mortgage lenders can assist you with this program. We’ve had good results with:
Judy Giel
MetLife Home Loans
602-494-6000 x222
jgiel@metlife.com
Ron Hall
BNC National Bank
623-293-6970
rhall@bncnationalbank.com