The City of Phoenix will begin offering home buyers thousands of dollars toward the purchase of a foreclosed home.  If you are a home buyer searching for a foreclosed single family home, townhouse or condominium within the Phoenix city limits then you could qualify for a new program that will award home buyers $15,000 dollars.

One of the criteria's is to be able to qualify and be deemed creditworthy by FHA (Federal Housing Administration). Potential buyers must also complete a mandatory eight hour counseling session on home ownership.

There are a few catches currently known, one is that home buyers have to repay the full amount of the loan if they ever sell the home or refinance. The second catch is that there are two informational meetings about the new program that will be held this Monday, March 16, 2009 at the Phoenix City Council Chambers at 200 W Jefferson St.  The two meetings will be at 2:00 p.m. and 5:30 p.m.

Some questions are left unanswered like can you buy a second home, investment home? All the answers no doubt will be answered if you attend the meetings. If you are searching for a foreclosure within the City of Phoenix and would like more information about this program, stay tuned as I find out more information as it becomes available.