The Neighborhood LIFT Program is administered by Neighborhood Housing Services of Phoenix, NHS Phoenix, and can be used to purchase a home in the City of Phoenix. Up to $7,500 can be awarded to the participant in this program to be used towards down payment and closing costs. Borrowers must meet Area Median Income (AMI) requirements and apply for a 30 Year Fixed mortgage home loan only.
Additional Neighborhood Lift Program Details Below
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Steps to Access Down Payment Assistance Funds for Phoenix Home Loans
Contact NHS Phoenix to enroll in the required 8 hour homebuyer education. No income determination or fund reservation is made at this time, but a signed purchase agreement and loan pre-approval is required.
Get pre-approved with a mortgage loan officer for a Phoenix home loan and determine DPA income eligibility, property location requirements, time requirements, etc. and that NeighborhoodLIFT funding remains available.
Take the 8 hour Homebuyer Education course from an approved provider.
Search for your new house within the City of Phoenix.
Sign the purchase contract and bring it to your loan officer. Then you will need to sign a consent form allowing information to be shared with NHS Phoenix.
Once you have accepted a purchase contract and have been pre-approved by a mortgage lender, you will review the DPA with an NHS pre-purchase counselor.
The lender will send the completed home loan package to NHS Phoenix and NHS Phoenix will process the secondary financing.