Dee,

The most accurate information on City of Phoenix Neighborhood Stabilization Program (NSP) is at
http://www.phoenix.gov/NSD/nspa.html.

This site contains the up-to-date facts from the people who run the program.

After you have read, the facts about the Neighborhood Stabilization Program give me a call at 602.743.1410 or contact me at preston@buyhomeinphoenix.com to discuss your specific housing needs.

Hello

send me an email we an important business to talk about.

Dr.Thomas
Governor of BOG Bank.

Dee,
There are some other opportunities that make good sense besides the $15K program.

There's a good selection of HUD homes Valleywide and you can get into those homes for a total down payment of only $100.00. You must use a HUD approved broker to place you bid - I am one. Search for HUD homes here:
http://www.mcbreo.com/st_azmain.htm

There's also a USDA financing program in the outlying areas (Queen Creek and Maricopa) that allows for a $0 downpayment and the seller can pay your closing costs. Contact me for details.

Also, find out how you can receive 50% of the real estate commission by using a rebate broker to help you buy your home. Please visit my website for details.

We hit the bottom of the real estate market in December and since then, there's stiff competition on the lower end of the housing market - homes priced from $30K to $150K. You can expect multiple offers on the more desirable properties. Home sales are going to continue to improve so it's important for buyers to get into the market now, rather than wait for more positive news in the media.

Dee -

First, it's not a grant. It's an interest free loan that will have to be repaid if you ever sell, or refinance.

There are many restrictions, primarily that only foreclosed homes in the Phoenix city limits are eligible, and the real issues with this program is that the purchase price can not be more than 85% of appraised value. Good luck finding a lender willing to sell you a home at 15% below appraised value.

Yes, it has to be applied to the down payment/costs, and you have to qualify for a 30 year fixed loan, and you have to take a course, and you have to bring some of your own funds.

It is a seriously flawed program, as the 85% requirement will be very difficult to meet.

I wrote an article on the program, with links to more information. You can read it via the link below.

Dee, this is a great program but it comes with specific guidelines. You will need to contribute some of your own money to the purchase of the home. The $15,000 will be applied directly to the purchase price and closing costs. It only applies to foreclosures and their are income guidelines. I would be happy to email more information to you or you could call me. Good luck.

Rick Dobbles