New $15,000 Grant for First Time Homebuyers
The City of Phoenix Housing Department recently announced a new down payment assistance program for 2017. This Open Doors Program is designed to assist eligible first-time home buyers with the purchase of an affordable home in the City of Phoenix jurisdictional area.
Based on need, the program provides up to $15,000 to assist with down payment and closing costs. Buyers must complete eight hours of Home buyer Education from a U.S. Department of Housing and Urban Development (HUD) certified housing counseling agency.
This $15,000 forgivable loan is designed to help first time home buyers in the City's jurisdictional area hardest hit by the recent foreclosure crisis.***
The $15,000 loan is 100% forgiven after the new homeowner lives in the house for 15 years. If the new homeowner sells within the first 15 years of ownership there is a prorated recapture that would need to be paid at the time of closing.***
Homeownership Assistance funds are offered as a deferred payment loan that:
- Has an interest rate of 0% with no monthly principal payments.
- ***Is up to $15,000 with repayment due on sale, change in residency, or refinancing within the first 15 years of homeownership.
- Is forgiven after 15 years.
- Can be layered with other homeownership assistance programs.
Here are some more details on the qualifications:
- ***The xyz communities included are : & .
- Must be a 1st Time Home buyer since the last 36 months.
- ***Purchasing 1-4 Family property.
- Income Limits are $42,400 for 2 people, $47,700 for 3+ people in family.
- Must take eight hours of a home buyer education class.
- ***Must use a participating lender - Contact our featured lender Reggie Joyner at Supreme Lending for more information.
- Use the property as primary residence.