City of Phoenix Homebuyer Incentive

As taken from : http://phoenix.gov/residents/stabilization/nsp/index.html


Buying a foreclosed home within the city of Phoenix has its advantages.

The city of Phoenix Neighborhood Stabilization Program (NSP) offers a homeownership assistance program providing $15,000 for down payment and closing cost assistance. Eligible buyers must be FHA creditworthy and have completed the NSP-required eight-hour Homeownership Education Class and Credit/Budget Assessment counseling course.

Buyers must maintain the property as their principal residence and the total household income must be below 120% of area median income. For example, a household of four earning $79,100 or less has the potential to become eligible to participate. Program participants must contribute a minimum of $1,000 of personal funds for down payment or closing costs.

The program targets foreclosed single-family homes, townhomes 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.

The $15,000 is paid back to the city when the homebuyer sells the home or refinances.

Funds are still available.

For more information visit www.phoenix.gov/nsphome  or call 602-262-6602.









City of Phoenix Neighborhood Services Department: 200 W. Washington Street, 4th Floor, Phoenix, AZ 85003