Homebuyer & Owner
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Home Repair and Rehabilitation Programs
Community Services of Arizona
Gilbert Emergency Repairs and Minor Rehabilitation Program www.csainc.org 480-963-6276, ext. 215CSA assists Gilbert low and moderate-income owner occupied households with emergency home repairs and minor rehabilitation including health, safety and accessibility problems.
Other Homeownership Resources
** Note: The programs below may not have any funding to assist homebuyers in the metro Phoenix area (June, 2009). **
Industrial Development Authorities of the City of Phoenix and Maricopa County
City of Phoenix Information Line at (602) 262-6602
Maricopa County Information Line at (602) 506-7294
The Industrial Development Authorities of the City of Phoenix and Maricopa County have joined together to create a down payment assistance program that is turning renters into homeowners. The program is for first-time homebuyers purchasing a home within Maricopa County whose incomes do not exceed:
• $64,524 for one or two person households
• $74,203 for three or more person householdsThe maximum purchase price for a home is $311,625 and buyers must be able to qualify for credit. The 30 year fixed rate mortgage offered by the program includes assistance of five percent of the full loan amount to be used toward down payment and closing costs. Often the down payment is the key for many first time homebuyers who have difficulty saving.
Family Housing Resources www.familyhousingresources.com 602-956-3008
Family Housing Resources - Arizona Homebuyer Solutions (AHS) offers a mortgage loan that allows a homebuyer to borrow funds - up to 7% of the sales price - in the form of a second mortgage loan. The second loan can finance all or a portion of the required downpayment, closing costs and/or prepaid costs associated with the purchase of a home. The mortgage loan program is available for homebuyers in all cities and counties in Arizona who meet income guidelines. In Maricopa County, homebuyers with an income of $67,965 or less are eligible for FHA Loans, with no income limit for conventional loans. Participants do not have to be first time homebuyers.
The interest rate of the second mortgage loan is fixed at 7% (subject to change) and is amortized over 20 years. Borrowers are required to make a minimum contribution of $500. First and second loan payments are combined into a single payment.
Arizona Homebuyer Solutions is a partnership between Family Housing Resources and CitiMortgage, Inc. to offer up to $300 million in first and second mortgages.