Owning a home is a big part of the American Dream and the City of Avondale wants to help make that dream a reality.
Most potential homeowners do not realize that they can purchase a home with as little as 1% down. The Federal Government recently provided funding to Avondale through the Neighborhood Stabilization Program that can be used for the down payment and closing costs on the purchase of foreclosed homes in Avondale.
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Up to $25,000 in down payment and closing cost assistance is available to purchase homes in targeted neighborhoods. Money is also available to conduct minor repairs up to approximately $10,000.
The program is available to persons who are able to qualify for a mortgage and whose household income does not exceed the following, adjusted for family size.
Income Limits
1
2
3
4
5
6
7
8
$55,350
$63,250
$71,150
$79,100
$85,400
$91,750
$98,050
$104,400
Very low interest rates and home prices make this a perfect time to buy. There is an abundance of newer homes in Avondale in the $100,000 to $230,000. The following chart compares some possible income to home price scenarios. Actual individual circumstances will vary from these estimates.
House Cost
Buyer Funds Required
House Payment
Income Required
$130,000
$1,300
$ 833
$33,332
$150,000
$1,500
$1,019
$40,777
$170,000
$1,700
$1,206
$48,221
$200,000
$2,000
$1,485
$59,387
$230,000
$2,300
$1,715
$68,590
$250,000
$2,500
$1,868
$74,725
$260,000
$2,600
$1,943
$77,714
Interested buyers must enroll in an 8-hour homebuyer education class which will be followed-up by one-on-one counseling designed to help you through the home buying process. The City has a complete listing of all foreclosed homes in Avondale. The following sample scenarios assume a 30 year, 6% fixed rate mortgage with standardized tax and insurance amounts. Eligibility requirements vary by family size and income. YOUR situation will vary. To sign up for a homebuyer class and get started in the program contact Housing Our Communities, an independent non-profit organization at 480-649-1335 and/or
For general information about this program contact the City of Avondale at 623-333-2700, or email us at
CONTACT THE CITY AT 623-333-2715 OR TDD 623-333-0010 TO MAKE SPECIAL ARRANGEMENTS
