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Scottsdale First Time Homebuyer's Program: This federally-funded program offers home purchase counseling, down payment and closing cost assistance, as well as post-purchase counseling for low and moderate income first-time homebuyers. Annual income for this program cannot exceed $51,350 for a family of four, $46,200 for a family of three, $41,100 for a family of two, and $35,950 for a family of one. Down payment and closing cost assistance are available for up to $35,000, depending on need. For more information and an application packet, contact Scottsdale's non-profit partner, Community Services of Arizona Inc. at (623) 435-2255 or visit the website at http://www.csainc.org/homeownership-assistance.html
Low-Interest Loans Available for First-Time Homebuyers: Scottsdale renters interested in becoming first-time homeowners are invited to apply for below-market rate mortgage loans and down payment assistance grants. The "Home in Five" bond program, administered by the Phoenix and Maricopa County Industrial Development authorities, have made funds available for first-time homebuyers purchasing a home in Scottsdale or other communities in Maricopa County. The program offers below market interest, 30-year fixed rate mortgages and grants equal to 5 percent of the loan amount to be used toward down payment and closing costs. The lack of a down payment is often the chief impediment to home ownership. To qualify, first-time home buyers must meet annual income limitations and normal FHA, VA, RHS or conventional underwriting requirements that show credit worthiness. There are maximum purchase prices for a home. For additional information, including a list of participating lenders, visit www.mcida.com or call (602) 506-7294.
Family Housing Resources, Arizona Homebuyer Solutions: This program is offered to first-time homebuyers across the State of Arizona. This program offers a competitive interest rate combined with down payment and closing cost assistance of up to 7% of the purchase price. There are maximum income and maximum purchase price limits under this program. To participate, potential buyers need to go through one of the participating lenders. Contact Family Housing Resources for more details at (800) 622-7462 or visit http://www.familyhousingresources.com/whichprogram.html