New Homes for Sale Under $250,000 South Phoenix Village (Sold Out)
The City of Phoenix Neighborhood Services Department, in partnership with FSL Real Estate, is constructing 126 new, energy-efficient, single family homes in the South Phoenix Village (SPV) neighborhood (24th Street east to 32nd Street / Broadway Road south to Roeser Road) in Phoenix zip code 85040. South Phoenix Village neighborhood offers proximity to the airport, several freeways, and outdoor recreational amenities such as South Mountain and the Rio Salado Trail. These home also come with $15,000 in home buyer assistance in the form of a zero percent interest, deferred loan that is fully forgivable after 15 years.
Homes in South Phoenix Village
There are four models in South Phoenix Village. All homes in South Phoenix Village are single story homes. Home size in South Phoenix Village are ranging from about 1,314 square feet to 1,690 square feet. All home plans in South Phoenix Village are with standard 2 car garage.
How does the Buyer Assistance work?
A portion of the $15,000 will reduce the buyer’s out-of-pocket closing costs. The remainder will go toward principal reduction. Assistance consists of a 0% interest, $0 monthly payment, deferred loan that is forgiven in the following increments: $5,000 on the 5th year and $1,000 per year thereafter.
Qualification
In Order To Purchase A New Home In South Phoenix Village, homebuyers must meet the following requirements:
- Buyer must purchase the home as their primary residence. No investors or 2nd home buyers
- Buyer cannot be on title to any other residential property
- Buyer must be a permanent legal resident of the U.S.
- Household income must be at or below 120% AMI (Area Median Income) with adjustments for family size as determined by HUD (the Department of Housing and Urban Development). Households with incomes below 80% of Area Median Income (AMI) may qualify for additional home buyer assistance
- Buyer must be eligible for a first mortgage with qualifying debt-to-income ratios of no more than 31% for mortgage debt and 43% for total debt. If lender has an Energy-Efficient Mortgage (EEM) product, the ratios may be increased to 33% / 45%
- Buyer shall contribute fifty percent of the required down payment or a minimum of $1,000 of his/her own funds
- Buyer must complete an 8-hour Home Buyer Education (HBE) class and attend a one-on-one session at a HUD-approved housing counseling agency
Home Design and Floor Plan in South Phoenix Village
Sunset – 1,314 sq/ft |
Summit – 1,470 sq/ft |
Saguaro – 1,594 sq/ft |
Skyline – 1,690 sq/ft |
Wondering how much house you can afford?
Click here to access the Mortgage House Payment Calculator. Simply add in the price of the home you are considering and the calculator will return your estimated house payment. Change length of loan and interest rates to adjust results.
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