Matthew Henson Home Ownership Program
Phoenix Program Overview
Designed to assist eligible first-time homebuyers with the purchase of an affordable home in Phoenix, this program provides a deferred payment loan of $8,500 to assist with down payment and typical buyer closing costs. Buyers must complete 8 hours of Homebuyer Education from a U.S. Department of Housing and Urban Development certified housing counseling agency. The down payment assistance program is administered by Community Housing Resources of Arizona.
Down Payment Assistance funds are offered as a deferred payment loan that:
*has an interest rate of 0% with no monthly principal payments.
*is $8,500 with payment due on sale or refinance within the first 5 years of homeownership
*is forgiven after 5 years.
*can be layered with City of Phoenix Neighborhood Stabilization Program (NSP) Move-In-Ready or NSP
Homeownership Assistance loan when NSP eligible property is purchased.
In order to be eligible for Down Payment Assistance funds, properties must:
*be a single family home or condominium (condo conversions are not eligible).
*be located within the City of Phoenix and, if applicable, within NSP target areas.
*pass a Housing Quality Standards inspection.
*pass an Environmental Impact Assessment (provided by the city).
Eligible Homebuyer Participants must:
*be first-time homebuyers or have a minimum period of 36 months between the dates of the current closing and any previous ownership.
*own and occupy the property as a primary residence for the term of the loan and maintain the property in compliance with the City of Phoenix Neighborhood Preservation and Zoning Ordinances.
*participate in pre-purchase and post-purchase counseling and schedule an appointment to apply for the assistance with Community Housing Resources of Arizona, 4020 N. 20th St., Suite 220, Phoenix, AZ 85016, 602.631.9780 ext. 100.
*have a total annual household income that does not exceed 80% of the Area Median Income (AMI).
*Family Size 1 ($37,200) 2 ($42,500) 3 ($47,800) 4($53,100) 5v($57,350) 6 ($61,600) 7 ($65,850) 8 ($70,100), $Annual income to be 80% AMI
*December 2012, U.S. Department of Housing and Urban Development
*qualify for a 15-year or 30-year, fixed rate, fully-amortizing mortgage with debt ratios that meet current FHA guidelines.
*be a legal United States resident.
*married couples must both qualify for the first mortgage; disclaiming spouses are not allowed.
*meet minimum investment requirements of the greater of $1,000 or 1% of the purchase (or half of the required
*down payment if combined with the NSP Move-In-Ready or NSP Homeownership Assistance Program),
*obtain a one to three year home warranty contract, not to exceed $500 per year.
*receive no cash back at closing.
Reservations for funding are limited. Contact Community Housing Resources of Arizona at 602-631-9780 ext. 100 to set up an appointment