UP TO $15,000 IN HOME LOAN DOWN PAYMENT ASSISTANCE
The City of Phoenix Open Doors Homeownership down payment assistance program offers up to a maximum of $15,000 towards your down payment and/or closing costs in the City of Phoenix jurisdictional area. Income limitations and debt ratio limitations apply. You must be a first-time homebuyer for this program.
Open Doors Homeownership PROGRAM DETAILS
City of Phoenix has created this program for individuals or families that need down payment assistance. The grant is combined with a FHA 30-year-fixed-rate mortgage. Financing for these loans are available on existing homes, condos (condo conversions not allowed), or townhouses.
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Minimum investment from buyer of $1,000 or meet primary lender’s requirements, if greater. FHA loans require 3.5% of purchase price as a down payment, which half must come from the homebuyer’s own funds and cannot be a gift.
Standard loan guidelines exist for qualification (i.e.: adequate income, acceptable credit, and down payment requirement).
All buyers must attend a homebuyer education course, obtain a certificate of completion, and receive a home inspection. Homebuyers may find a list of HUD approved Housing Counseling agencies who offer the Pre-purchase Homebuyer Education course and meet with a housing counselor through one of two housing agencies that are approved through this program.
You must be a first-time homebuyer for this program (no ownership within the last 36 months is the definition of a first time homebuyer).
Homebuyers may purchase a home in the City of Phoenix jurisdiction.
Buyers must occupy the home as their principal residence within 60 days of closing.
The program may only be used to purchase a home (i.e.: no refinancing).
INCOME LIMITS FOR ELIGIBLE BORROWER
Maximum credit qualifying income may not exceed 80% of AMI based on household size.
PURCHASE PRICE LIMIT
Maximum purchase price limit of $180,000.
DOWN PAYMENT ASSISTANCE
All homebuyers qualifying for down payment assistance will receive a grant on an as needed basis. Not all candidates will qualify for the full grant amount.
THIS ASSISTANCE IS A SECOND MORTGAGE WITH A 0% RATE fully forgivable after 15 years.