Phoenix HomeChoice Program
HomeChoice is a partnership between Fannie Mae, the City of Phoenix, ABIL, CHRA, participating lenders and Realtors to provide homeownership opportunities for persons with disabilities. Downpayment assistance deferred payment loans of up to $25,000 are available to eligible low-income persons with disabilities, or households with a disabled family member, to assist with the downpayment, closing costs or accessibility modifications of an affordable home in the City of Phoenix. The loan’s outstanding principal balance will be reduced $1,500 each year the borrower maintains the property as their principal residence, making it possible for the entire principal balance to be forgiven. CHRA provides the required pre-purchase counseling and administers the loan program. Program participants must contribute a minimum of $1,000 from personal funds for downpayment or closing costs. Applicants must be first-time homebuyers with acceptable credit who qualify for a fixed-rate mortgage.