I just got the news on this one this morning, and though it sounds like a decent program, it may not help all that many people in the Valley. First of all, the home needs to be within Phoenix city limits; it must be a bank-owned home; the buyer must qualify for the loan according to FHA guidelines; they must take an 8 hour credit counseling class; and the home must be more than 15% below appraised value of the home. In addition to the above requirements, there are income restrictions, inspection, and disclosure requirements among other things.
You can find the fact sheet that we’ve posted on our website here (just click on the NSP Homeownership Fact Sheet – opens in a new window), but if there are any additional questions, please feel free to email or call us, or you can visit our website to find out not just about the best deals in Phoenix real estate, but how to get the most out of living in Arizona.
I hope you found this information helpful, and if you think someone else might benefit from this information, please pass it on.
Filed under: For Buyers, Phoenix Real Estate, Real Estate Market Watch, Real Estate Opinions Tagged: | 15000 loan program, abc news, arizona premiere living, arizona real estate, bank owned home, foreclosure, homeownership assistance, living in arizona, moving to arizona, neighborhood stability program, phoenix real estate, phoenix real estate blog, relocating to phoenix
