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 a 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 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 a 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.