Arizona Down Payment Assistance Programs
Arizona First Time Home Buyer Programs
Arizona First Time Home Buyer
Where can Arizona First Time Home Buyers find Down Payment Assistance? The following is a list of many of the Arizona Down Payment Assistance Programs that are available. Current legislation prohibits seller-funded downpayment assistance, or assistance from someone who financially benefits from the transaction. However, other forms of Arizona down payment assistance such as government-sponsored programs or gifts from non-profits is still permitted.
Arizona First Time Home Buyers looking to buy a home in Arizona who need down payment assistance can refer to the following list of Arizona Down Payment Assistance for first time home buyers that work in conjuction with FHA financing.
Homes for Arizonans Initiative Down Payment and Closing Cost Program
For Arizona First Time Home Buyers in Arizona outside of Maricopa County and Pima County, this program offers up to $20,000 in Arizona Down Payment and Closing Costs assistance in the form of a 0% Interest and $0.00 monthly payment purchase money second loan on the home that is paid back when the home is sold in the future.
American Dream Downpayment Initiative (ADDI)
ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.
For more information on ADDI, please refer to Title I of the American Dream Downpayment Act (Public Law 108-186, approved December 16, 2003) and the ADDI interim rule at 24 CFR §92.600.
What is ADDI?
The American Dream Downpayment Initiative (ADDI) was signed into law by President Bush on December 16, 2003 under the American Dream Downpayment Act (Public Law 108-186) (ADDI statute). Funds made available under the ADDI statute will be allocated to eligible HOME program participating jurisdictions (PJ) to assist low-income families become first-time homebuyers.
How can Arizona First Time Home Buyers apply for ADDI funds?
ADDI will be administered as part of the HOME Investment Partnerships Program (HOME) by state and local participating jurisdictions. For more information on ADDI or the HOME program, contact your state or local participating jurisdiction by searching the contact information found at:www.hud.gov/addi/.
Can ADDI funds be used in conjunction with the homeownership option of the Housing Choice Voucher Program (Section 8 homeownership program)?
Yes. ADDI funds can be used for downpayment assistance, or for rehabilitation in conjunction with downpayment assistance, for low-income first-time homebuyers participating in the homeownership option of the Housing Choice Voucher Program. When combining funds from ADDI and the homeownership option of the Housing Choice Voucher Program, the requirements of both programs must be met.
Please call the Participating Jurisdiction to confirm available funds and time required to close.
Local Participating Jurisdictions
Maricopa County | City of Phoenix | Pima County / Tucson | All Other Arizona Areas
City Housing Departments
Avondale | Chandler | Gilbert | Glendale | Mesa | Peoria | Scottsdale | Tempe
Non Profit Organizations
Arizona ACORN | Arizona Department of Housing | Chicanos Por La Causa (CPLC)
Community Housing Resources of Arizona | Community Services of Arizona
Family Housing Resources, Inc. | Housing Our Communities | NewTown CDC
Northern Arizona Council of Governments | South Eastern Arizona Governments
Over the past year, Academy Mortgage in Mesa Arizona has increasing demonstrated why we are the best mortgage company in Arizona. Many have found us to be an oasis in the desert when considering the difficulties that AZ home buyers and mortgage loan officers have been facing.
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