24 Days Left Until Phoenix Home Foreclosure Auction Event!

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.

Arizona Foreclosure Auction Event for First Time Home Buyers ONLY!

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.

    New National Stabilization Program (NSP) could mean free money for your home purchase

    Free money for your new home purchase? If you are buying a Phoenix foreclosure property there could be free money for you as long as you qualify. Under the new National Stabilization Program, if you combine it with an FHA loan not only could you get into the home with less money down, you could save tens of thousands off your mortgage.

    You may also hear this called a 1% down FHA loan. FHA guidelines still require 3.5% down, but when combining the FHA and NSP program, you could indeed get into the home for only 1% down up front.

    So what are the details and qualifications of the National Stabilization Program?

    • You must use a qualified lender.
    • You must attend an eight-hour class which will counsel you on purchasing a home.
    • You must be purchasing a bank owned foreclosure.
    • The property must be used as a primary residence. If you already own a home that home must have been leased for at least 12 months before applying for this program.
    • You must meet FHA debt-to-income ratios.
    • You can purchase the home with cash, which means you would get up to 22% off the purchase price as a silent second.
    • You must be approved for the program prior to submitting an offer on a house.
    • Maximum purchase price in Maricopa County is $346,250.
    • You must meet income requirements (see below).

    Maximum income to qualify in Maricopa County

    Family of 1   $55,350
    Family of 2   $63,250
    Family of 3   $71,750
    Family of 4   $79,100
    Family of 5   $85,400
    Family of 6   $91,750
    Family of 7   $98,050
    Family of 8+  $104,400

    How the NSP works:

    • You can receive free money for up to 22 percent of the purchase price.
    • All loans are zero percent interest with no monthly payments.
    • The balance of the loan is forgivable at compete of the the term.
    • All loans are forgivable after a period
      • 5 years for assistance of $15,000 or less
      • 10 years for assistance between $15,000 and $40,000
      • 15 years for assistance of more than $40,000

    The program acts as a silent second mortgage on your home and once you meet the timetables above the loan is forgiven. If you do sell early the loan needs to be paid off, but is interest free.

    For more details contact a lender or visit YourWayHomeAZ.com