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New $15,000 Grant for First Time Homebuyers

N'Marie Crumbie, Team Lead

N'Marie has spent the last twenty-plus years learning everything there is to know about the real estate industry - from marketing to negotiation. ...

N'Marie has spent the last twenty-plus years learning everything there is to know about the real estate industry - from marketing to negotiation. ...

Feb 5 2 minutes read

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.

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