Federal Funds Aid Foreclosure-Home Purchases

If you are a thinking about buying home in the near future you may wanna check this out! You can get money towards your downpayment!!!! Check out this site....www.yourhomeaz.com!!!!!!! You could possibly get up to $15,000 towards your downpayment and closing costs!! WOW!!!

Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP). The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts.

FIND OUT IF YOU ARE ELIGIBLE!!!

New programs, backed by federal funds, now are available to help people buy foreclosure homes across metropolitan Phoenix.

Money for the programs, which include down-payment and closing-costs assistance, is coming from the $121 million in Neighborhood Stabilization funds Arizona is receiving.

The money must go toward helping the state's neighborhoods hardest hit by foreclosure, and most of those areas are in the Valley.
Neighborhood Stabilization programs are being offered by the state, Maricopa and Pima counties and the cities of Avondale, Chandler, Glendale, Mesa, Phoenix, Surprise and Tucson. Information on most of the programs is on the Arizona Department of Housing's new Web site, YourWayHome Az.com. Go to the site to see if you qualify. In some cases, buyers could qualify for more than one program.

Most cities are offering qualifying buyers help in purchasing and even renovating foreclosure homes. Phoenix received the biggest share of the federal funds, $39.5 million. It is offering eligible buyers as much as $15,000 in down payment and closing costs.

The state is using more than half of the $38 million it is getting to help people with down payments on foreclosure homes. Borrowers who earn 120 percent or less of an area's average median income are eligible.

Arizona's Neighborhood Stabilization funding was approved in December, but the money wasn't available until April. Not all of the programs are fully operational yet, but prospective buyers can put their names on waiting lists.

Most programs require home-buyer counseling.

Also, watch out for company Web sites with similar names that ask for money.

All information on the state's Web site is free, said Donald Cardon, who took over as director of the Housing Department in March. He said the Neighborhood Stabilization programs will help some people afford homes who couldn't just a year ago.

The YourWayHomeAz Web site will be updated as new programs are available. Neighborhood Stabilization funds must be spent by 2011. One concern is that in some of the neighborhoods, the supply of foreclosure homes is falling as more investors purchase the properties. The recent drop in Valley foreclosures could also impact the programs.