Am I Ready for Homeownership? 

Prospective homebuyers interested in purchasing a home using financial assistance through a Neighborhood Stabilization Program (NSP) can learn all about the steps to the homebuying process by contacting an NSP HUD housing counselor listed below. 

The Housing Counselor provides a valuable service to homebuyers as they: 

• provide awareness of the homebuying process
• prepare buyers for the financial responsibilities that come with owning a home
• determine if the buyer is ready for homeownership

All interested buyers must enroll in and complete an eight-hour homebuyer education class and a one-on-one household budget/credit assessment conducted by a HUD Certified Housing Counseling Agency as listed below. This represents the first step toward successful homeownership.

The housing counselor helps buyers become ready for homeownership by providing:

• an overview (in a class style setting) of a real estate transaction, how to select a real estate agent, a lender, and a home and budgeting for the expenses associated with owning a home. 

The one-on-one assessment will consist of:

• evaluating the household income to determine if the buyer meets the NSP income guidelines
• evaluating the buyer's expenses, debt and income, the credit report, conditional loan approval and the lender's fees to determine the buyers readiness for successful homeownership.

When making your appointment for the one-on-one assessment, make sure to ask the housing counseling agency to identify the documents you will need to bring to your first appointment. For example, proof of income for all members of the household will be needed. 

Please note: The buyer has not yet been deemed eligible for NSP funding at this point.

When the buyer has completed the eight-hour homebuyer education class and the assessment and if the housing counselor deems the buyer ready for homeownership, a pre-qualification referral packet will be prepared for review by the down payment loan administrator, Community Housing Resources of Arizona (CHRA), for NSP eligibility consideration.

All participating NSP housing counseling partners offer classes and appointments at a variety of locations. To find out when and where classes are held, buyers can call:

• Phoenix NSP Customer Advisory Services at 602-262-6602 or e-mail at nsphome@phoenix.gov, or 
• HUD certified housing counseling agencies directly (see below).

The agencies are located throughout Phoenix and may be contacted at:  

* contact the agency offering the course or a Phoenix NSP Customer Advisory Services representative at 602-262-6602 to verify the class is scheduled and to register

**must attend both sessions

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