Open Doors Initiative Loan Program
Eligibility Requirements for the Buyer
This city-wide, federally-funded, down-payment assistance program has several requirements to determine a family’s eligibility to receive assistance:
- buyer must be a “first-time homebuyer” in that they have not owned a home during the past three years
- buyer's family income must be within the appropriate Area Median Income (AMI) table below
- buyer must occupy the home as the family’s principal residence
- buyer must be "credit worthy" and able to obtain a mortgage
Additionally, the homebuyer must complete a HUD certified homeownership education and credit counseling session and obtain a Certificate of Completion. They must also contribute, minimally, $1,000 of their own funds as the family’s investment in the property.
Loan Terms
Down-payment assistance loans are made at a 0 percent interest. The principle is paid back to the city upon sale of the home, transfer of title or refinancing of the primary mortgage. This program is available to Phoenix residents, citywide.This program is administered by the homeownership counseling agencies listed below. First-time home buyers interested in buying a Phoenix home should contact one of these agencies for more information and to determine whether or not they are eligible to participate in the loan program.
- Community Housing Resources of Arizona - 602-631-9780
- Housing Our Communities – 480- 649-1335
- Desert Mission Neighborhood Renewal – 602-331-5833
Neighborhood Stabilization Program (Stimulus Funds)
The city’s Neighborhood Stabilization Program (NSP) also provides three different opportunities for the purchase of foreclosed homes within the city of Phoenix. These options are available for families up to 120 percent of AMI as determined by family size (see income chart below). Buyers do not have to be “first-time homebuyers.”
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