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: , , , , , ,

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

    July 17, 2009 By

    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

    Filed Under: Buyer Programs Tagged With: , , ,

    Phoenix $15,000 down payment assistance program aimed to help Phoenix foreclosure houses

    March 17, 2009 By

    Phoenix_foreclosure_sign  The city of Phoenix has launched a new program using federal money that is aimed at trying to reduce the number of Phoenix foreclosure houses on the market. The new program will allow buyers to qualify for up to $15,000 in down payment assistance.

    To qualify for the assistance the following criteria must be met:

    • House must be located in the city of Phoenix
    • Phoenix home must be a foreclosure property
    • The owner must live in the home as a primary residence
    • The family cannot earn more than 120% of the area median income
    • Buyers must be able creditworthy as determined by FHA
    • Property must have a sales price below 15% of appraised value
    • Property must be clear of the city’s top eight neighborhood code violations
    • Home must be able to pass HUD home inspection

    The home buyers must also attend a homeownership counseling through one of the four HUD approved counseling agencies.  The cost for this program is $50.

    For more information you can

    • call the City of Phoenix Housing Department hotline- (602) 262-6602,
    • visit the City of Phoenix Neighborhood Housing Services web site www.phoenix.gov/NSD/nspa
    Filed Under: Uncategorized Tagged With: , ,