Am I Eligible?

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Homebuyer Qualifications

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All activities funded by NSP must benefit low- to moderate-income persons whose incomes do not exceed 120 percent of the area's median income (AMI). A household of four can make $79,700 or less and still qualify. 

Household Size

1

2

3

4

5

6

7

8

120% AMI Income

$55,800

$63,750

$71,700

$79,700

$86,050

$92,450

$98,800

$105,200

Other eligibility criteria for the homebuyer includes:

    • Contribute 50% of the required down payment or a minimum of $1,000 (whichever is greater) from personal funds
    • Cannot be on the title of any residential property
    • Must be a legal U.S. resident

 

Requirements for the property include:

    • Chosen home must be located within city of Phoenix boundaries
    • Foreclosed and has changed title
    • Must pass a Housing Quality Standards (HQS) inspection before close of escrow or at the completion of any rehabilitation activities
    • Lead-based paint inspection required for homes built before January 1978


Cost-related requirements:

    • 31 percent / 43 percent first mortgage ratio (aligned with Federal Housing Administration (FHA) standard guidelines)
    • 15- to 30-year fixed rate, fully amortizing mortgage terms
    • Purchase price cannot exceed 99 percent of the “as is” appraised value of the property as determined by an appraisal conducted within 60 days prior to closing

 

When it's time for you to apply for a mortgage loan, you'll receive guidance from your lender, housing counselor and NSP down payment loan administrator to ensure that your financial arrangements meet NSP loan criteria. 

An NSP customer advisory services representative can assist you with full details and explanations about how these requirements apply to you and the property you are considering. This representative can also help you register for the required homebuyer education class, one-on-one household budget and credit assessment. 

A complete list of resources is available to assist you through the home buying process.

NSP customer advisory service representatives are available to answer your calls from 8 a.m. to 5 p.m. Monday through Friday. 

Call  602-262-6602 or e-mail at nsphome@phoenix.gov.