Section 32Homeownership

Program

Become a Section 32 Participant

Call: 602-534-4584

Or visit:Scattered Sites Office

9856 N. 19th Dr.Phoenix, AZ 85021

Learn more at phoenix.gov/housing

Section 32Homeownership

© City of Phoenix Housing Dept. January 2016

Keys To Opportunity|Stability|Freedom

BENEFITS Of HomeownershipBeing a homeowner is more than just a roof over your head. Homeownership instills feelings of comfort, security, stability and pride. In addition to these important benefits are substantial social benefits for families, communities and the country as a whole. A few of these benefits are:

• Higher Academic Achievement• More Cohesive Communities• Better Connected Families• Improved Health and Safety• Stronger Economy

National Association of Realtors

WHAT IS THE SECTION 32 Homeownership Program?Section 32 is a program through the City of Phoenix that provides low-income families and individuals an opportunity to purchase their first home with a 20% discount off of the appraised value of the home.

The City of Phoenix Section 32 Homeownership Program provides free homebuyer education through partnerships with local entities. These workshops provide a closer look at the homebuying process and the responsibilities of being a homeowner. Participants of the Section 32 program are required to attend these workshops.

Session topics can include: Determining how much home you can affordThe mortgage you can afford depends on factors such as interest rates, your current income and debt payments, along with your current credit score.

Determining your credit worthiness Using credit wisely is another part of the homebuying process. Learn the importance of maintaining good credit and get tips on improving your credit rating. Most lenders require a minimum credit score of 580.

Qualifying for a mortgage loan Get a better understanding of what a mortgage is and what a house payment includes, as well as the steps involved in obtaining a mortgage loan.

TAKE THE STEPS To Becoming A HomeownerPlanning and preparation are essential to successful homebuying. As a participant in the Section 32 program, we will guide you through each phase of the process:

1. Contact Homeownership Coordinator

2. Complete application

3. Complete required workshops

4. Complete credit counseling

5. Select a Lender

6. Shop for available homes

it can become a reality if you set realistic goals, get sound advice, plan carefully and clearly understand the costs. The more you know about homeownership, the better able you will be to reach your goals.

CITY OF PHOENIX SECTION 32 PROGRAMHOMEOWNERSHIP

SECTION 32 REQUIREMENTS Homebuyer Education Workshops

can guide you through the home buying process and help you overcome barriers to successfully achieving homeownership.

ADDITIONAL ADVANTAGES of The Section 32 ProgramThe Section 32 Program provides a variety of benefits to participants including:

• Some individuals may receive additional grants and subsidies to assist with down payment and/or closing costs. Programs such as Wish or IDA Funds provide up to $15,000 for each participating household, matching up to $3 for each $1 contributed by the homebuyer(s). If the homebuyer remains in the home for 5 years, then no repayment is required.

• Lower monthly payments when compared to traditional FHA or VA loans.

• No mortgage insurance

• No landlords

• Free 1 year home warranty

If you dream of owning your own home,

A Homeownership C oordinator