City of Phoenix Offers a Window to Homeownership
City of Phoenix Offers a Window to Homeownership
Potential homebuyers who qualify can receive $15,000 in down payment and closing cost assistance to purchase a newly rehabilitated home in targeted zip codes in the city under a new “move-in-ready” program.
Money from the Neighborhood Stabilization Program comes in the form of an interest-free loan that is paid back to the city when the homeowner sells or refinances the home.
Buyers must be Federal Housing Administration credit worthy and be below 120 percent of area median income (a family of four can make up to $79,100 and qualify). Investors are not eligible.
An eight-hour homeownership education class is required and homebuyers must live in their newly purchased homes as their primary residence. Homes will include a three-year warranty.
Posted at 02:55PM Jun 01, 2010 by Louisa Ward & Robyn Viktor in General | Comments[0]
