15K Down Payment Assistance for Phoenix Area First-Time Home Buyers

October 22, 2010 By

15K Down Payment Assistance for Phoenix Area First-Time Home Buyers15K down payment assistance is available for Phoenix area first-time home buyers via a second Neighborhood Stabilization Program (NSP2) awarded by HUD to Chicanos Por La Causa, a statewide community development corporation (CDC) whose goal has been to promote the well being of Arizona’s socially and economically deprived communities.

Other perks of the program include buyers can receive a free home warranty and security system as well as the homes in many cases are already rehabbed and move-in ready as well as energy efficient.

The program is available to every ethnicity and in qualifying areas. There are some eligibility requirements for borrowers that must be met such as an income verification and borrowers must still come up with the required FHA down payment amount of 3.5% of the purchase price.

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Fill out the form below to receive information on how to receive 15K down payment assistance on the purchase of your first Phoenix area home.


Filed Under: Buyer Programs, Financing, First Time Home Buyers, Neighborhood Stabilization Program (NSP), Phoenix Foreclosure Homes, Phoenix Housing Market, Primary Feature Tagged With: , , , , , ,

Buy A Foreclosure Home in Phoenix For Less Than $800 Per Month!

September 16, 2010 By

Buy a Phoenix foreclosure home for less than $800 a monthPhoenix ranks as one of the “10 Great Places to Buy a Home For Less Than $800 a Month”, according to a recent article by Luke Mullins, On Friday September 10, 2010 in U.S. News & World Report.

Lower property values and dirt-cheap mortgage rates have combined to restore affordability to many real estate markets that were once wildly overpriced. “Right now, housing is about as affordable as it has been since at least the 1970s,” says Patrick Newport, a U.S. economist for IHS Global Insight.

Mullins writes… 

“Phoenix, Ariz.: After appreciating substantially during the real estate boom, the median home price in the Phoenix area has dropped nearly 44 percent since 2007. Despite the recent turmoil, the area’s sunny climate and abundance of outdoor activities continue to offer a wonderful quality of life for retirees or growing families. The median home price in the Phoenix area was nearly $145,000 in the second quarter of this year. After putting 20 percent–or $29,000–down, monthly payments for mortgage principal and interest on a median-priced home in the Phoenix area total about $575.”

Most first time home buyers are not putting 20% down but more often the required 3.5% down required for FHA loans which would equate to only $5075 down for the same median priced home example above. 

Also, there are many Neighborhood Stabilization Programs available in Phoenix as well as $0 down or low down home loan programs. For example Phoenix HUD governement foreclosures require only $100 down and rural communities such as Queen Creek, San Tan Valley, Apache Junction and Maricopa are eligible for the very popular Phoenix USDA $o Down Home Loan Program.  Veterans, active duty personnel, as well as some members of the National Guard and military reserves can qualify for zero-down-payment mortgages through the U.S. Department of Veterans Affairs.

Here is an example of a home in Queen Creek that qualifies for the USDA $0 down loan;

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Filed Under: First Time Home Buyers, HUD Homes, Neighborhood Stabilization Program (NSP), Phoenix Foreclosure Homes, Phoenix Foreclosures, Phoenix Housing Market, USDA $0 Down Home Loans

24 Days Left Until Phoenix Home Foreclosure Auction Event!

July 14, 2010 By

Phoenix foreclosue auction, Phoenix foreclosure homes for saleThis is NOT your ordinary foreclosure home auction event!

Freddie Mac, New Vista (first time home buyer focused firm) and REDC (largest real estate auction firm in the U.S.) have teamed up to create this awesome opportunity for Phoenix area home buyers. 

With up to 150 or more pre-selected foreclosure homes on the auction block and no investor being allowed, this event will prove to be a windfall for owner occupant buyers who have been unable to get their offers accepted in the active buyers market we’re in now.

This event is for home buyers planning on owner occupying the property and/or first-time home buyers ONLY!

Some highlights below:

No investor competition

Up to 22% down payment assistance available for qualified buyers via the Neighborhood Stabilization Program (NSP)

3% closing cost incentive

2 year home warranty

Homes will not be pre-sold so they are guaranteed available.

We have received the list of foreclosure auction homes that will be sold at auction on August 7th. Please contact us to schedule a preview.

Filed Under: Auctions, Buyer Programs, First Time Home Buyers, Neighborhood Stabilization Program (NSP), Phoenix Foreclosures, Phoenix Housing Market Tagged With: , , , ,

Arizona Foreclosure Auction Event for First Time Home Buyers ONLY!

June 29, 2010 By

Freddie Mac is rolling out the red carpet for home buyers in Arizona via The NSP (Neighborhood Stablization Program) Auction on Saturday, August 7th for owner occupants and First Time Home Buyers only! No investors will be permitted at this event.

As an “owner occupant” bidder, this is great news as this will mean less competition, less overbidding and a much higher chance of getting a great home bought at an outstanding value due to the slower auction style.

Open houses for this exclusive auction event start in late July.  Be prepared and register now for the required home buyer counseling course in order to take advantage of NSP funds.

Pre-registered qualified Buyers at this auction can receive…

  • Up to 22% down payment assistance from the state
  • 3% closing cost incentive plus refrigerator
  • 2 year home warranty

    • **Participants must take a home buyer counseling course in order to take advantage of NSP funds so preparation is key for this event!**

    Call 480.270.5201 or email us for details.

    Filed Under: Auctions, Buyer Programs, First Time Home Buyers, Neighborhood Stabilization Program (NSP), Phoenix Foreclosures Tagged With: , , , , , ,