Down Payment Assistance for Low-Income Homebuyers

^*Must qualify. Subject to credit approval, program availability, terms and conditions. Restrictions apply. Limited time and while supplies last. Down payment percentage is calculated as the difference between the lesser of the purchase price or appraised value of the home and loan amount. Grant amount dependent on borrower contribution. “Low-income Borrowers” will receive a maximum match amount of $36,806. “Middle-Income Borrowers” will receive a maximum amount of $50,000 with a minimum down payment of $10,000.00. Enrollment in the Down Payment Assistance Program is not a guarantee to the homebuyer of receipt of funds. The grant recipients must sign a Promissory Note, Deed of Trust and Rider to the Deed of Trust.
There will be a lien placed against the subject property for the amount of the grant that will remain on the property for five years. The amount owed will decrease by 20% for each year the borrower retains homeownership of the property as their primary residence. No payments toward the grant are due as long as the homebuyer resides in the property and abides by the terms of the grant and the loan. After five 5 years, the grant is forgiven and the lien is released from the property. The grant must be paid back if the property is sold or refinanced.
Must be 18 years of age or older and earning a wage. Property must be located in Arizona. Restrictions and further qualifications apply. Contact Credit Union West for full first-time homebuyer qualifications.
Annual income limit is combined household annual income. Annual income is determined at the time of enrollment in the Down Payment Assistance Program and based on income eligibility guidelines published by Federal Home Loan Bank of San Francisco. “Low-income Borrowers” is at or below 80% of the HUD area median income. “Middle-income Borrowers” is between 80%-140% of the HUD area median income.
Loans subject to program, credit, and collateral approval. Must qualify as a Credit Union West member. Restrictions may apply. Programs, rates, restrictions, terms and conditions are subject to change without notice.