Home Loan Help For Home Buyers In Phoenix
The NeighborhoodLIFT Program is administered by Neighborhood Housing Services of Phoenix, NHS Phoenix, and can be used to purchase a home in the City of Phoenix. Up to $7,500 can be awarded to the participant in this program to be used towards down payment and closing costs. Borrowers must meet Area Median Income (AMI) requirements and apply for a 30 Year Fixed mortgage home loan only.
Steps to Access Down Payment Assistance Funds for Phoenix Home Loans:
- Contact NHS Phoenix to enroll in the required 8 hour homebuyer education. No income determination or fund reservation is made at this time, but a signed purchase agreement and loan pre-approval is required.
- Get pre-approved with a mortgage loan officer for a Phoenix home loan and determine DPA income eligibility, property location requirements, time requirements, etc. and that NeighborhoodLIFT funding remains available.
- Take the 8 hour Homebuyer Education course from an approved provider.
- Search for your new house within the City of Phoenix.
- Sign the purchase contract and bring it to your loan officer. Then you will need to sign a consent form allowing information to be shared with NHS Phoenix.
- Once you have accepted a purchase contract and have been pre-approved by a mortgage lender, you will review the DPA with an NHS pre-purchase counselor.
- The lender will send the completed home loan package to NHS Phoenix and NHS Phoenix will process the secondary financing.
Please contact us if you have any questions – we’re here to help!