Home Loan Help For First Time Home Buyers

The Mesa HOME Homeownership Housing Loan Program was created to promote the creation and retention of affordable housing units for low-income individuals and families throughout the City of Mesa and encourage the stability of neighborhoods.

Mesa HOME Loan Program Details

Must be a first time homebuyer (Borrower cannot currently own or have owned a home for at least the last three years). Must be willing to occupy the home as their principal and primary residence.

Has completed 8 hours pre-purchase counseling and homebuyer education through a HUD-certified counseling agency as evidenced by a Certificate/Letter of Completion.

Complete credit assessment counseling session with the contracting agency.

The maximum subsidy amount any homebuyer can receive is limited to $30,000. Every homebuyer who meets the HOME requirements is eligible for a minimum of $1,500. The subsidy is a deferred loan based upon the Period of Affordability.

Borrower must contribute a minimum of $1,500 of their own funds towards the down payment and have funds available. In the case of an FHA loan requiring 3.5% down payment, 50% of the down payment must be from the borrower’s funds.

The homebuyer will receive a grant in the amount of $1000 to assist in the cost of closing.