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Down Payment Assistance Programs
(as of 08/01/08)

Loans, grants, and bonds are subject to approval. Funds are available until further notice. Please contact us for specific guidelines and requirements. Rates are subject to change.

South Phoenix Village Down Payment Assistance and NHSP Infill – New Construction (City of Phoenix – CDBG/HOME)

· Up to $40,000 deferred loan, junior lien down payment assistance

· Property located in South Phoenix Village or specific infill sites

· First time home buyer

· Borrower income no to exceed 80% of HUD Area Median Income

· NSHP General Underwriting Guidelines used to determine income

· Borrower must agree to occupy subject property for duration of loan

· Maximum loan to value for first mortgage is 100% (first mortgage must meet underwriting criteria in accordance with policies as outlined by City of Phoenix)

· Borrower must have completed all portions of NHSP home buyer education

· Borrower must be a U.S. citizen or permanent resident alien

· 1-Unit single family residence, PUD, condo, or townhouse (other requirements may exist) may qualify as eligible property

· No minimum cash reserves requirement

· Minimum down payment from borrower is $1,000 of his/her own money

· Borrower shall sign agreement to allow NHSP to provide delinquency counseling or refer borrower to an outside agency for said counseling if the loan becomes more than 30 days past due.

· Payment to income ratio shall be at least 28% and not to exceed 33%

· Total debt to income ratio shall not exceed 43%

· City of Phoenix underwriting guidelines prevail.

American Dream Down Payment Initiative (City of Phoenix)

· Up to $10,000 deferred loan, junior lien down payment assistance

· Property located in City of Phoenix

· First time home buyer

· Borrower income no to exceed 80% of HUD Area Median Income

· NSHP General Underwriting Guidelines used to determine income

· Borrower must agree to occupy subject property for duration of loan

· Maximum loan to value for first mortgage is 100% (first mortgage must meet underwriting criteria in accordance with policies as outlined by City of Phoenix)

· Borrower must have completed all portions of NHSP home buyer education

· Borrower must be a U.S. citizen or permanent resident alien

· 1-Unit single family residence, PUD, condo, or townhouse (other requirements may exist) may qualify as eligible property

· No minimum cash reserves requirement

· Minimum down payment from borrower is 1% of sales price from borrower’s own funds

· Borrower shall sign agreement to allow NHSP to provide delinquency counseling or refer borrower to an outside agency for said counseling if the loan becomes more than 30 days past due.

· Payment to income ratio shall be at least 28% and not to exceed 33%

· Total debt to income ratio shall not exceed 43%

· City of Phoenix underwriting guidelines prevail.

Navajo Housing Authority Down Payment and Closing Cost Assistance (Limited Funds)

· Up to $10,000 deferred loan, junior lien, due on sale

· Property located in Maricopa or Coconino County

· First time home buyer

· Borrower income no to exceed 80% of HUD Area Median Income

· NSHP General Underwriting Guidelines used to determine income

· Borrower must agree to occupy subject property for duration of loan

· Maximum loan to value for first mortgage is 100% (first mortgage must meet underwriting criteria in accordance with policies as outlined by NAV)

· Borrower must have completed all portions of NHSP home buyer education

· Borrower must be Navajo individual with proof of tribal membership

· 1-Unit single family residence, PUD, condo, or townhouse (other requirements may exist) may qualify as eligible property

· Must have 1-2 month cash reserves

· Minimum down payment from borrower is $1,000 from borrower’s own funds

· Borrower shall sign agreement to allow NHSP to provide delinquency counseling or refer borrower to an outside agency for said counseling if the loan becomes more than 30 days past due.

· Ratios based on loan product and requirements by NAV

· NAV underwriting guidelines prevail.

Flexible Mortgage Programs

Loans are subject to approval. Rates are subject to change.

Flex – Purchase First Mortgage Loan Program

· 30 year fixed interest rates of 6.250% or 7.500% depending on credit score

· Property must be located in Maricopa County

· First time home buyer

· Borrower income no to exceed 80% of HUD Area Median Income

· NSHP General Underwriting Guidelines used to determine income

· Borrower must agree to occupy subject property for duration of loan

· Maximum loan to value for first mortgage is 100% (first mortgage must meet underwriting criteria in accordance with policies as outlined by NHSP)

· Borrower must have completed all portions of NHSP home buyer education

· Borrower must be a U.S. citizen or permanent resident alien

· 1-Unit single family residence, PUD, condo, or townhouse (other requirements may exist) may qualify as eligible property

· Cash reserves may be required depending on loan to value and other underwriting factors

· Minimum down payment is $1,000 from borrower’s own funds

· Borrower shall sign agreement to allow NHSP to provide delinquency counseling or refer borrower to an outside agency for said counseling if the loan becomes more than 30 days past due.

· Payment to income ratio shall not exceed 33%

· Total debt to income ratio shall not exceed 43%

· All requirements contained in the NHSP General Guidelines for Loan Funds and Underwriting and Processing Procedures, as amended, and in effect at the time loan decisions are made, shall determine a borrower’s qualification for a loan requested under this program.

Flex – Streamline Refinance Loan Program

· 30 year fixed interest rates of 6.250% or 7.500% depending on credit score

· Property must be located in Maricopa County

· Borrower income no to exceed 80% of HUD Area Median Income

· NSHP General Underwriting Guidelines used to determine income

· Borrower must agree to occupy subject property for duration of loan

· Maximum loan to value for first mortgage is 80%

· Borrower must have completed all portions of NHSP home buyer education

· Borrower must be a U.S. citizen or permanent resident alien

· 1-Unit single family residence, PUD, condo, or townhouse (other requirements may exist) may qualify as eligible property

· No minimum cash reserves required

· Borrower shall sign agreement to allow NHSP to provide delinquency counseling or refer borrower to an outside agency for said counseling if the loan becomes more than 30 days past due.

· Payment to income ratio shall not exceed 33%

· Total debt to income ratio shall not exceed 43%

· All requirements contained in the NHSP General Guidelines for Loan Funds and Underwriting and Processing Procedures, as amended, and in effect at the time loan decisions are made, shall determine a borrower’s qualification for a loan requested under this program.

NHS Phoenix offers first and second mortgages at market interest rates. Call 602.258.1659 for lending details.

Properties may be located throughout MARICOPA COUNTY.

Homebuyer Education is required; provided by NHS Phoenix.

Generally, borrowers income must be 80% of the median income or below for Maricopa County. However, in certain areas, income may be 100% of the median income or below.

Family Size	1	2	3	4	5	6	7	8
80% Income	$35,950	$41,100	$46,200	$51,350	$55,450	$59,550	$63,650	$67,800

To apply, call (602) 258-1659

BK-0018281