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As part of the Housing and Economic Recovery Act (HERA), passed by Congress in July, 2008, $3.92 billion was provided to communities hardest hit by residential foreclosures and mortgage delinquencies. The city of Phoenix received $39,478,000 in Neighborhood Stabilization Program (NSP) funds to help families purchase foreclosed homes at a discount. The funds are available for down payment and closing cost assistance for eligible homebuyers. The following is a partial listing of the terms. For the full fact sheet see below · $15,000 loan from the City of Phoenix to cover down payment and closing costs · Must purchase in the city of Phoenix · Must purchase a foreclosed home · Purchase price must be minimum of 15% below appraised value · Property must pass city inspection prior to closing and must be clear code violations · Home must have 3 year home warranty at closing · Buyer must meet income limit requirements This is a great program for the potential buyer! Please call us if you have any questions.
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