Habitat for Humanity of Northern Arizona Starter Home Homeownership Program

What is Habitat for Humanity of Northern Arizona Starter Home Homeownership Program?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program is a first mortgage for homebuyers in Flagstaff, Arizona, administered by Habitat for Humanity of Northern Arizona.

• $100,000 home price.
• $1,000 down payment only.
• 0% interest mortgage.
• Novel equity savings model ($10K/year on exit).
• Income 50-80% AMI.
• Sweat equity 200 hours.
• Flagstaff residency builds community stability.

Do you have to pay it back?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Northern Arizona.

• Repayment is triggered by On sale or exit; equity savings program pays homeowner $10,000/year lived in home.
• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income between 50% and 80% of Flagstaff Area Median Income; income limits change annually per HUD.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program caps the purchase price at $100,000.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity of Northern Arizona Starter Home Homeownership Program serves buyers purchasing in Flagstaff, Arizona.

• Targeted neighborhoods: Timber Sky development, Flagstaff, AZ.

How do you apply?

Applications for Habitat for Humanity of Northern Arizona Starter Home Homeownership Program go through Habitat for Humanity of Northern Arizona, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Habitat for Humanity of Northern Arizona orientation and education requirements.

2. 2

   Contact Habitat for Humanity of Northern Arizona to reserve funds

   Funds are reserved through Pre-qualification survey; ongoing enrollment, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.