Helping hardworking families become financially-stable homeowners for over 35-years.
First Time Homebuyer Mortgage Loan Program
NHS Phoenix General Guidelines
*Definition of first time home buyer: (from hud.gov)
NHS Phoenix General Guidelines
- 30 year fixed interest rates
- Must be a first time home buyer*
- Borrower income cannot exceed 80% of HUD Area Median Income (Include link)
- Borrower must agree to occupy subject property
- Maximum loan to value for first mortgage is 99%
- Borrower must have completed all portions of NHSP home buyer education (link to HBE)
- Borrower must be a U.S. citizen, permanent resident alien, or non-permanent resident alien with work visa
- 1 to 4-Unit single family residence and PUD
- Minimum down payment is $1,000 or 1% (whichever is greater) from borrowerís own funds
- Front end ratios shall not exceed 33%
- Total debt to income ratios shall not exceed 45%
- All loan subject to final approval by NHS Phoenix Loan Committee
*Definition of first time home buyer: (from hud.gov)
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property.
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with state, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
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NHS Phoenix, Inc. · 1405 East McDowell, Suite 100 · Phoenix AZ 85006
E-Mail: programs@nhsphoenix.org · Phone: 602.258.1659 · TDD 800.367.8939 · Fax: 602.258.1666
