This program is designed to assist first-time homebuyers in the purchase of single family homes throughout the city of Phoenix. Buyer may receive up to $10,000 of available funding to assist with down payment and closing costs in the form of a loan for first-time homebuyers who have completed homeownership counseling provided by one of the nonprofit agencies partnering with the city of Phoenix. The loan is interest free and must be repaid upon sale or transfer of the property. Eligibility Criteria Applicants must be first-time homebuyers: Someone who has not owned a home for at least the last three years. - Families must occupy the home as their principal residence.
- Buyers are required to participate in pre-purchase homeownership counseling provided by one of the partnering non-profit agencies.
- Annual gross income cannot exceed 80 percent of the Area Median. Maximum annual income (before taxes) for a household is based on the number of people who will live in the household. (See median income table)
Housing Purchase Information - Purchase Price Limit: The FHA Mortgage Limit for one (1) unit established for the city of Phoenix
- Buyer is required to pay $1,000 toward the down payment.
- The interest rate of the loan will be determined by the lender who finances the mortgage to buy the home.
- The down payment assistance is in the form of a $10,000 loan to the homebuyer.
- Homes must be purchased within the city of Phoenix
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