Yes , you can purchase a home and get money for doing...The City of Phoenix is offering this program... This is true but not as easy as it may seem.
The $15,000 is a loan that must be repaid when the home is sold or refinanced. So...yes,you can purchase that home and pay the money back later.
The money only can be used toward down payments and closing costs. The home needs to be within Phoenix city limits, it must be a bank-owned home, the buyer must qualify for the loan according to FHA guidelines and you must take an 8 hour credit counseling class. The home must be more than 15% below appraised value of the home and then there are income restrictions, inspection, and disclosure requirements among other things.
At first I thought it sounded pretty darn good and then I started thinking about it... I am in trouble NOW!!! Thats what I have been doing all year. I have sold all Bank Owned and all were 10%-17% below list price and appraisal .. asking for closing cost no brainier, was no big deal at all..MMMMM
I dont know where I am going with this yet...BUT... If you would like more information about this 15,000 program give me a jingle Linda 602-391-8246
I do need to do a little more research...
NSP Homeownership Fact Sheet
