Housing Our Communities has a down payment assistance program they are currently running in Avondale, Chandler and Mesa. While the program is available the organizers of the program said the current money available is limited and on a first come first serve basis.
The American Dream Down Payment Initiative (ADDI) aims to increase the home ownership rate, especially among lower income households. They also aim to help revitalize and stabilize the communities they are involved in.
How much is available?
- Loan will not exceed six percent of purchase price up to a maximum of $10,000
- Funds are limited and will be issued on a first-come first-served basis
Who qualifies?
- Applicants must earn below 80% of area median income. Maricopa County family of four that would be a family income below $48,100.
- First time home buyer – must not have owned a house in the last three years
Mortgage
- Purchase price of home cannot exceed 95% of current FHA mortgage limit ($328,937 in Maricopa County)
- Cannot be interest only or negative amortizing loans
- Closing costs cannot exceed 3% of purchase price
House
- Home must be located in Avoldale, Chandler or Mesa
- No manufactured housing
- Housing Our Communities will do a home inspection you will be charged for home must pass their inspection.
- Must be primary residence of purchaser.
Other conditions
- The funds will be treated as a 0 interest loan you will be required to repay when house is refinanced or sold
- If you hold the house for ten years the loan will be forgiven
- You must attend their classes and be approved by their counselors
How do I get started?
Before you look for a house and before you have a contract you need to contact the program for an evaluation and to set up a time to attend their class. If in Mesa there are two classes.
- Contact HOC at 480-649-1335 attain an application
- Set a time to take their 8-hour class, attain an application to be approved
- Attend one-on-one financial counseling session
