Since 1993, CHRA has worked with the City of Phoenix Housing Department to provide prepurchase counseling and administer a closing cost assistance grant program for participants in this rehab/ purchase program. This program helps very low income families purchase homes in the city of Phoenix. Among other qualifying factors, the home must require at least $5,000 in rehabilitation. The selling price, plus rehab costs, cannot exceed the maximum loan amount. Mortgages are offered at 4% interest; home buyers must pay $1,000 downpayment and applicable closing and program costs. Eligibility: first time home buyer, gross annual income can’t exceed 65% of Phoenix area median income by family size; house must be principal residence.