About the Program

The Open Doors Down Payment Assistance (DPA) Program provides down payment and closing costs assistance. Homebuyers can earn at or below 80% of the Area Median Income (AMI), must purchase a home in the city of Phoenix and the purchase price cannot exceed $447,000. Eligible homebuyers must complete both an eight-hour pre-purchase homebuyer education course and housing counseling (one-on-one) from a U.S. Department of Housing and Urban Development (HUD) approved housing counseling agency and certified housing counselor. Reference additional program details below:

• Funds are provided as a deferred payment loan.
• Interest rate of 0% with no monthly principal payments.
• Maximum assistance of up to 10% of the home purchase price.
• Repayment is due on sale, change in residency, or refinancing within the period of affordability.
• Period of affordability can be up to 15 years depending on the amount of the loan.
• Loan is fully forgiven after the period of affordability.

Loan can be layered with other homeownership assistance programs (except the Section 32 Homeownership Program).

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AM I ELIGIBLE?

Participants must:
- Be a first-time homebuyer as defined by FHA.

• Own and occupy the property as their 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 homebuyer education and counseling.
• Have a total annual household income that does not exceed 80% of the Area Median Income (AMI).
• Qualify for a fixed rate, fully-amortizing mortgage not to exceed 30 years with debt ratios that meet underwriting requirements.
• Minimum investment from buyer of $1,000 or meet primary lender’s requirements, if greater.
• Obtain a minimum two-year home warranty. • Receive no cash back at closing.

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Section 32 Homeownership Program

Section 32 Homeownership is offered to first-time homebuyers who are at or below 80% Area Median Income (AMI), and who will use the home as their primary residence. The purchase price will be the current appraised value of the home. Eligible properties must pass a Housing Quality Standards (HQS) Inspection. Homeownership counseling, homebuyer education course, and financial fitness (if needed) are also required. Some program benefits may include:

• 20% discount off home appraisal value
• Guidance through the homeownership process
• Possible assistance with down payment and closing costs
• One-year home warranty

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Section 18  Program

Section 18 properties are being offered to the public for sale. There is no income limit to qualify, and the properties are sold "as-is". Please note these homes may require repairs.

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