Recently, Pinal County – including Casa Grande – received federal money to redevelop abandoned and foreclosed homes through the National Stabilization Program. What’s significant about this program is that will allow someone, who normally has little chance when it comes to buying a home, to take advantage of very low VA rates and low FHA interest rates, if they qualify, to become a homeowner.
The NSP program has been around for a few years and is designed to provide federal funding to residential areas of greatest economic need – areas that have been and continue to suffer from economic forces stemming from abandoned or foreclosed (vacant) properties.
Why this program is especially good is that it is designed for those folks who are working but make less than 80% of the median income for Pinal County. This program is also inherently designed for FHA and VA because neither of these programs require a home buyer to have their own funds.
The program itself provides home buying assistance in 3 different ways:
- Down Payment Assistance – you can get up to 20% of the sales price of the home for down payment. You will have to come up with $1000 of your own money to qualify. You will also have to work with a NSP approved mortgage lender.
- Closing Cost Assistance – under the NSP program for Casa Grande you can get up to $5000 to assist with your closing costs. The one item you won’t be able to use this money for is if you are going to want a home warranty. If you want a home warranty and don’t have enough cash to pay for one, you’ll have to negotiate that with the seller to see if they’ll pay for as part of the deal.
- If you want to purchase a home that needs rehabbed then you’ll be able to get up to $25,000 to make those necessary approvements. Of course there stipulations and a process to go through to get this money released to you and the contractor doing the work.
In order to receive any of these options you’ll have to qualify for your mortgage financing. Lenders must be approved so you’ll need to find an approved lender.
To learn more about the specific income and financing prerequisites or find a lender, please contact the Pinal County Housing & Community Development Department office, Monday through Friday from 8:00 AM to Noon or by phone at 520-866-7203. The office is located at 970 North Eleven Mile Corner Road, Casa Grande, AZ.
If you have any other questions please contact me at: 602.790.2804
or complete the form below: