FREQUENTLY ASKED QUESTIONS

Questions and Answers to the most commonly asked questions.

 

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About applications

How do I apply?
It is very simple: go to our Application Forms page here, download and fill out the form and send it to us at the address indicated.
Who can apply?
Anybody can apply, but to qualify you must meet certain income and credit worthiness criteria. You must fill out the Application Form and we will scedule a meeting to talk with you about your situation.
Do I have to live in Arizona or the Phoenix area to apply?
No, you can apply even if you live outside the Phoenix area or even if you live in another state. You will have to come to Arizona to meet with us, and of course, you will have to live in Maricopa County where our homes are located.

How long does it take to process my application, get qualified and move into a house?

What if I have bad credit, can I apply?

What are the “Homebuyer Education” classes all about?
The home buyer education and counseling classes provide useful consumer information and tips to help you be a successful homeowner
Do I have to complete the education and counseling even if I’ve owned a home before?
Yes – it’s a federal requirement.
I have completed the application form, so when will I know if I qualify? How long will this process take?
The upfront qualification, including review of your documents, the home buyer education class, and obtaining preapproval, can be completed in a few weeks.
Explain what you mean by “Mediun Income” and why do some people need 50% of mediun income and others 120% to buy a house?

About money and payments

How much do I have to earn to buy a house?

How much down payment is required?

Is down-payment assistance available?

So how much cash do I really have to have to buy a house?

What kind of mortgage will I have?

Can you tell me how much home I can afford with my income?

I get a monthly allowance from my father. What if part of my income is not on my tax return?

How do I find a bank or lender for my loan?

About how much can I save on utilities with the green features in my home?

What is PITI?
It's the components of your monthly mortgage payment: Principal to repay the amount you borrowed, Interest on that money, real estate taxes, and home owners insurance premium (your lender collects 1/12 of your tax and insurance bills each month, holds those amounts in escrow and pays the bills for you when they come due).


About our homes

Where are your homes?

What features do they have?

What is a ‘green’ home?

What are the benefits of a green house?

Can I choose my home?

I want a home that is still being worked on. When can I move in? How much say do I have in the rehab process?
This will depend on the home you choose and how much work is being done. We will talk with you about what is being done so that you are making a fully informed decision.

Can I buy a home for my son, daughter or mother?
No, the buyer must live in the house. It is a federal requirement.
Can I rent out the home?
The goal of H2O is to have owners occupy these houses as their homes. This is not a program for real estate investors.

What if my situation changes in the future and I lose my job or have to move to another place because of my job?
Just like any other homeowner, you will need to pay your mortage. You can sell the house but if you stay less than 15 years there is a penalty. You will need to repay H2O a portion of the loan. After 15 years you can sell the home and keep all the money.
What is covered by the 2-year warranty?

After I buy my home, can I sell it without penalty if I have to move?

How do you determine the price of a home?

About other things

What is NSP?

Do you rent homes? (like Section 8 and public housing)

Is the H2O Program part of the Housing Authority of Maricopa County?

Are there other NSP-type programs in other cities in the Phoenix area?