Phoenix to offer $15K to those who buy a foreclosed home
Mar 16th, 2009 by Vinny
The City of Phoenix will begin offering homebuyers thousands of dollars towards the purchase of a foreclosed home.
The new program will award homebuyers $15,000 dollars if they buy a foreclosed single family home, townhouse or condominium within Phoenix city limits.
“We have a lot of foreclosures. If it (prompts) people to buy, why not?” said Central Phoenix homeowner Gina Curtis.
To qualify, homebuyers must be deemed creditworthy by the Federal Housing Administration.
Potential buyers must also complete a mandatory eight-hour counseling session on home ownership.
“For the buyers buying under 200k, it probably means a lot to their taxes,” said real estate broker Chris Campbell. “They probably file short form and don’t have any tax credits at all.”
Homebuyers have to repay the full amount of the loan if they ever sell the home or refinance.
Two informational meetings about the new program will be held Monday at the Phoenix City Council Chambers located at 200 W Jefferson St. The meetings get underway at 2 p.m. and 5:30 p.m.
