Non Profits are now offering First time home buyers and those individuals that have not owned a home in the last 2 years special down payment assistance. Purchasers can get into a property with as low as $1000 down payment! Certain conditions apply including passing a credit test , and income qualifications.
Family Housing Resources is one non-profit in Tucson Az that offers such a program. In Rio Rico and Nogales first time buyers have access to a select group of homes in the NSP 11 Neighborhood Stabilization Program. Chicano Por La Causa, a non profit has been purchasing homes in Rio Rico and Nogales and then renovating the homes . The fully renovated homes are then offered to the public with up to $15,000 subsidy to the purchaser. Combined with the low down payment offered by USDA loans a home buyer can get into one of these homes with as low as $1000.
Its in the news, prices have crashed in Bank owned properties in Tucson Rio Rico and Nogales. Newer homes are now priced in many cases 50% below replacement cost. Its not uncommon to find a home that would cost $180,000 to replace in today’s construction cost for as lows $90,000. Individuals that plan on owning a home over 5 years would be wise to take advantage of home buyer assistance programs.
The increase of foreclosures and a short moratorium on foreclosures insures there will be a steady stream of opportunities for Home buyers in the near future. CPLC a non profit in Nogales expects to offer many homes with up to a $15,000 subsidy for home owners that currently do not own a home.
Home buyers can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes. Smart home buyers may be able to use down payment assistance to buy homes with subsidy also. The Biel Team tracks Bank owned properties that may be excellent candidates for first time buyers.
In addition Buyers that live in Rio Rico or Nogales may be interested in getting a list of NSP homes. To obtain such a list send us email at bielreo@gmail.com
By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.
