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Neighborhood Stabilization Program in Arizona: Free Money

August 18, 2009

If you are a local Realtor or someone who is thinking about buying a bank-owned home, you really can’t afford not to know about the Neighborhood Stabilization Program.

The federal Government gave about $120 million to this program and it is designed to help people who are buying a bank owned home live in the home for a period of time and in return, the government will give you money to do so.

How much money?

22% of the purchase price of the home.

Yes, you read that right – the Neighborhood Stabilization Program will give you 22% of the purchase price of your new home as long as it is currently owned by the bank no matter whether the house is a foreclosure near the light rail or in Buckeye or Tucson. And that is on top of the $ 8000 tax credit.

arizona bank owned house

Some of the highlights of the Neighborhood Stabilization Program include:

  • You must occupy the property as your primary residence.
  • You must attend a Homebuyer Education Class prior to writing an offer for your home.
  • You must have a maximum debt‐to‐income ratio of 31/43.
  • You must be AUS approved eligible.
  • You must have two months PITI reserves.
  • You must be approved and have your paperwork completed for the program prior to submitting an offer on a house.

The NSP program is not a loan program – it is a grant program. This means that you can use any type of loan with the NSP program (FHA, VA, USDA, etc.) and still get a grant of 22% of the sales price of your home.

Sound too good to be true?

It isn’t.

Call us anytime with questions.

Filed Under: National Stabilization Program Tagged With: Arizona NSP Program, Neighborhood Stabilization Program, NSP Program

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