The Neighborhood Stabilization Program is a federally funded program which allows applicants to become homeowners through monetary incentives that help with down payment and closing costs. The incentives can be used in the purchase of a newly built or remodeled home in an established local neighborhood.
Neighborhood Stabilization PROGRAM DETAILS
Eligible buyers are required to complete the NSP eight-hour homebuying counseling course, which is taught by a HUD-approved agency.
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Areas served: Arizona State, Avondale, Chandler, Glendale, Maricopa County, Mesa, Phoenix, Pima County, Surprise, Tucson
Contribute 50 percent of the down payment
Cannot be on the title of any other residential property
Must be a permanent legal U.S. resident
Must live in the home as the primary residence
Earn within the program's income requirements (see below)
INCOME LIMITS FOR ELIGIBLE BORROWER
Funds from this program must benefit low-, moderate-, and middle-income individuals and families who do not make more than 120% of the area’s median income (AMI).
PURCHASE PRICE LIMIT
Consult a NSP lender to determine your eligibility. Grants available in each qualifying area:
Arizona State: $38,370,206
Avondale City: $2,466,039
Maricopa County: $9,974,267
DOWN PAYMENT ASSISTANCE
Homebuyers who qualify and earn between 50-120% AMI will receive up to $5000 in closing cost assistance and a $20,000 homebuyer subsidy. Homebuyers below 50% AMI qualify for $5000 in closing cost assistance and a $40,000 homebuyer subsidy. The subsidy is a forgivable loan with no-interest that exists as long as the buyer stays in the home for 15 years from the date of closing. If the buyer wants to leave before the 15 year period expires, they must sell the home and the subsidy must be returned as outlined in loan documents. Homebuyers may not rent the property during the 15 year period and must use it as their primary residence.