Home Loan Help For First Time Home Buyers In Phoenix

The Matthew Henson Project is designed to assist eligible first-time homebuyers with the purchase of an affordable home in Phoenix. This program provides a deferred payment loan of $8,500 to assist with down payment and typical buyer closing costs. Buyers must complete 8 hours of Homebuyer Education from a U.S. Department of Housing and Urban Development certified housing counseling agency. The down payment assistance program is administered by Community Housing Resources of Arizona.

Matthew Henson Projects Phoenix Funds are offered as a deferred payment loan that:

  • has an interest rate of 0% with no monthly principal payments
  • is $8,500 with payment due on sale or refinance within the first 5 years of homeownership
  • is forgiven after 5 years

Properties must:

  • be a single family home or condominium (condo conversions are not eligible)
  • be located within the City of Phoenix and, if applicable, within NSP target areas
  • pass a Housing Quality Standards inspection
  • pass an Environmental Impact Assessment (provided by the city)

Participants must:

  • be first-time homebuyers or have a minimum period of 36 months between the dates of the current closing and any previous ownership
  • own and occupy the property as a primary residence for the term of the loan and maintain the property in compliance with the City of Phoenix Neighborhood Preservation and Zoning Ordinances
  • participate in pre-purchase and post-purchase counseling and schedule an appointment to apply for the assistance with Community Housing Resources of Arizona, 4020 N. 20th St., Suite 220, Phoenix, AZ 85016 602.631.9780 ext. 100.
  • have a total annual household income that does not exceed 80% of the Area Median Income (AMI)
  • qualify for a 15-year or 30-year, fixed rate, fully-amortizing mortgage with debt ratios that meet current FHA guidelines
  • be a legal United States resident
  • married couples must both qualify for the first mortgage; disclaiming spouses are not allowed
  • meet minimum investment requirements of the greater of $1,000 or 1% of the purchase (or half of the required down payment if combined with the NSP Move-In-Ready or NSP Homeownership Assistance Program),
  • obtain a one to three year home warranty contract, not to exceed $500 per year
  • receive no cash back at closing

Contact a licensed housing specialist now! 602-429-6789