Economic Stimulus Package? (Phoenix: sales, mortgage, loan)

[thedreamteam]

Where will Phoenix spend it's share of the economic stimulus package?

[Ponderosa]

Originally Posted by thedreamteam

Where will Phoenix spend it's share of the economic stimulus package?

welfare for illegals.

[YAZ]

Phoenix will give more money to folks that couldn't afford homes that they moved into in the first place. Then these same folks will reneg again.

The cycle continues....

[PoliticallyNuetral]

You are all ill-informed. You should do some research before making smarmy coments. The city of Phoenix will be using the money to help people afford to buy a home. Since a down payment is needed, they have come up with a special FHA loan that gives the home buyer an opportunity to use $15,000.00 toward the closing costs and the down payment of a home. There is more detailed information about it that you can find out from your local bank branches. Their mortgage departments have been well informed about this Stimulus plan.

[PoliticallyNuetral]

Here is the link that goes over the news. On that page is also a fact sheet that helps break down the details. Hope this helps.
[url=http://www.phoenix.gov/news/031209homeinfo.html]Official Site of the City of Phoenix[/url]

[musicforme]

Originally Posted by PoliticallyNuetral

Here is the link that goes over the news. On that page is also a fact sheet that helps break down the details. Hope this helps.
Official Site of the City of Phoenix

If I'm reading the contents of the PDF correctly, I don't qualify for the $15,000 loan from the City of Phoenix. We have a family of four and my base salary is above the $77,050 given in the document's table.

Based on the requirements to get the loan from the city, it sounds like offers to the banks listing REO properties could make a more competitive offer saying it was not dependent on this loan program from the city.

Purchase contract must contain four contingencies:
- Sales price at least 15 percent below appraised value
- Property clear of the city’s top eight neighborhood code violations
(see phoenix.gov/CLEANPHX/topseng.pdf)
- Pass inspection according to HQS before close of escrow
- Signed “Lead Disclosure Form” from seller for properties built pre-Jan.1, 1978