Family Housing Resources Launches Down Payment Assistance Program
Family Housing Resources (FHR) of Arizona has developed the HOME Down Payment Assistance Program, a crucial initiative designed to make the home-buying process more accessible and affordable. Recognizing that the upfront costs associated with a mortgage transaction can be a significant barrier, this program is tailored to assist individuals in overcoming the financial challenges that often lead to being trapped in a cycle of renting.
Available Assistance: The HOME Down Payment Assistance Program offers substantial financial support to homebuyers. Specifically, it provides 3.5 percent of the purchase price for properties located in Pima County, Tucson, with a maximum assistance amount of $3,700. This assistance can be applied towards the down payment, closing costs, or prepaid items associated with purchasing a home. By doing so, the program significantly reduces the initial financial burden on homebuyers.
Eligibility Requirements: To qualify for this program, applicants must meet several criteria set by FHR. Key requirements include:
- A debt-to-income ratio that does not exceed 45 percent.
- Liquid assets must not be more than $10,000 after contributing to the home purchase.
- A minimum personal contribution of $1,000 towards the down payment.
- Completion of FHR’s Homebuyer Education Class.
- Disclosure of annual household income.
- Applicants must not have any outstanding debts to the City of Tucson related to Section 8 or Public Housing.
- Proof of at least one month’s mortgage payment in reserve at the time of closing.
Property Guidelines: The program has specific guidelines for eligible properties. Purchased properties must be either owner-occupied or vacant at the time of purchase and must serve as the applicant’s primary residence. The purchase price of the property should not exceed its appraised value. Homebuyers are required to arrange and pay for a home inspection conducted by an approved inspection company. Additionally, the property must meet both HUD and Local Code standards to ensure safety and habitability.
Other Terms and Conditions: The HOME Down Payment Assistance Program has additional terms and conditions that applicants should be aware of. These can be found in detail on the Family Housing Resources website. Potential applicants need to familiarize themselves with all the program requirements to ensure they can fully benefit from the assistance offered.
In summary, the HOME Down Payment Assistance Program by Family Housing Resources is a vital tool for individuals in Arizona looking to transition from renting to homeownership. By providing financial assistance and setting clear eligibility and property guidelines, the program aims to make homeownership more attainable and sustainable for a wider range of people in the community.
