Profile picture for MORTGAGE OPERATOR

Get Paid to BUY a Home in AZ

This is great news! I love to the government finally doing something right !

The City of Peoria, AZ in the Phoenix area is giving towards Down Payment $10,000 to buy a home....and $15,000 if it's a Foreclosure listing for families of 4 making up to $51,000 a year....what an example for all cities to follow and END the housing crisis allowing people to own a home.
  • July 17 2008 - US
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Answers (20)

Profile picture for 80smusicrox

And how about that $8000 tax credit for first time homebuyers?  Did that pass?

  • July 17 2008
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Profile picture for MORTGAGE OPERATOR
I'm checking that out too...this is awesome ...the Fed helping people to buy a home when otherwise they wouldn't be able to...nothing wrong with owning a home same or less than rent if one has long term plans....
  • July 17 2008
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so now all I have to do is

 

A. get my income cut more than in half

B. suddenly find a desire to live way the hell out in Peoria...

  • July 17 2008
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Profile picture for MORTGAGE OPERATOR
this can help the other 75% of the population with lower incomes while the 25% bracket can have other options...
  • July 17 2008
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i know; I don't think govt should put money into this as opposed to say education, but if they do it, I'll use it!

  • July 17 2008
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Hey Roberto, Is Peoria by dunlop area?

  • July 17 2008
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Profile picture for MORTGAGE OPERATOR
The money that the USA spends with NASA alone they could buy free homes to every american citizen!
  • July 17 2008
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Profile picture for YumYums

The money that the USA spends with IRAQ alone they could buy a freaking moon town.  Not a base...a town...  Think I'm joking?  NASA is a drop in the bucket.  Don't be so disingenuous.

  • July 18 2008
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Profile picture for Mr Caveat

that would be cool, but you know the way things like that work:

 

50B in planning

 

50M in materials

  • July 18 2008
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Profile picture for digiphaze

The government should absolutely not be doing this.  I didn't give my money to them so they could give it to people who are going to default on their loans later.  how does this benefit me? Is this going to help my kids get a better education?  Is this going to improve the crapy road systems in my area?

  • July 18 2008
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Profile picture for MORTGAGE OPERATOR

putting families to live in those empty homes next to yours is better than let it decay or becoming crack houses...

  • July 18 2008
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Profile picture for wait n c

Azrob, you forgot something:

 

C. Oficially include your dogs in your "family of 4"

  • July 18 2008
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Profile picture for 80smusicrox

With the tightening of lending standards, there should be a less likelihood that new buyers will default on their loans...if the town has the money and the gov't can offer incentives to buyers who are just waiting in the wings, then I think it is a good thing to encourage/reward able buyers to get in homes. 

 

Amerisave's right on in that having subdivisions filled with vacant foreclosures is not good for the neighborhood or locale. Or the local economy.  Which could affect you on many levels.

  • July 18 2008
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Profile picture for J Az
  • J Az
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Peoria is actually a great place to live.  I lived there for several years before moving out to Surprise and really wish we had stayed in Peoria.  The school districts are rated pretty high.  I believe Glendale, which is just East of Peoria, is offering a $10,000 incentive for homebuyers under a certain income level.

  • July 18 2008
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kind of funny, now the cities are starting bidding wars...

  • July 18 2008
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Profile picture for randy321

... and where is that money coming from? I'd only assume from the increased property taxes... So, you may get something up front, but you'll still have to pay for it over time...

  • July 18 2008
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Profile picture for digiphaze

These government incentives are workarounds to tougher lending standards.  So I don't see it reducing chances of people default if someone else is doing the downpayment for them.  Someone not able to make 10% or 20% downpayment on a 180 or 200k house means they probably arn't ready for it yet.

  • July 18 2008
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well, in peoria or glendale I could perhaps find them a 110K home... 10k is 9% off, if this works for condos we might be able to find something a hell of alot cheaper...

  • July 18 2008
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Profile picture for whitetower67

Let me get this straight: the taxpayers are subsidizing demand for housing, thereby making houses more expensive than they otherwise would be if there were fewer buyers?

 

 

  • July 18 2008
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yep! we have had something here in arizona, called the maricopa bond program. The county 'loans' 5% down to buyers that meet certain criteria, and depending on how long they live in the house, they may never have to pay it back.  Now the cities are jumping in on the act.

  • July 18 2008
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