Click the play button on the video window to the right to see the storyPHOENIX -- Consider it the little known government loan program.
The Neighborhood Stabilization Program (NSP) was designed to help communities find stable ground during the foreclosure crisis.
Phoenix has one of the highest foreclosure rates in the nation and received nearly $40 million for the loan program in April.
NSP provides potential home buyers with a loan of up to $15,000 to cover the down payment and closing costs of foreclosed homes.
"I didn't even know about it," said Phoenix resident James DiMartino.
"Never heard of it," said Nick Calos, who also lives in Phoenix.
DiMartino and Calos both say they're in the market to buy a home and have an interest in the program.
It seems many people don't know about the program or are discouraged with the requirements to get the loan.
According to reports, those who apply must complete eight hours of financial counseling in budgeting and home ownership. Applicants must also invest $1,000 of their own money and repay the loan if they sell the home or refinance.
It's estimated a few hundred people have applied for NSP loans in Phoenix, but not one house has been sold in Phoenix using the program.
To learn more about how the program works, visit the
U.S. Department of Housing & Urban Development's website here, which outlines the program and the communities involved.
According to the department, applicants must have an income between $55,350 and $104,400, depending on the size of the family.
