Neighborhood Housing Services of Phoenix - flexible_mortgage_pas.html - 8B0F08

Helping hardworking families become financially-stable homeowners for over 35-years.

We Lend

Flexible Mortgage Programs

General Guidelines and Details

30 year fixed rate mortgages
Must be a first time home buyer*
Borrower income cannot exceed 80% of HUD Area Median Income (PDF)
Home must be owner occupied
Maximum loan to value for first mortgage is 99%
Borrower must have completed all portions of NHSP homebuyer education
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 borrower's own funds
Front end ratios shall not exceed 33%
Total debt to income ratios shall not exceed 45%
All loans subject to final approval by NHS Phoenix Loan Committee

To qualify you must:

Attend Homebuyer Education

Meet income guidelines (PDF)

Be a first-time homebuyer*

*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.

Call 602.258.1659 for more information

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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

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