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(ADDI)
Service Available in Pima County
Family Housing Resources is administering the President’s American Dream Downpayment Assistance (ADDI) program which provides homebuyer counseling/education and downpayment assistance in the amounts of $7,500 or $20,000 depending on the location of the home.
$7,500 in assistance is available to homebuyers purchasing in the City/County’s designated ADDI area (download pdf of map). $20,000 in assistance is available to homebuyers purchasing in the City/County’s designated ADDI Plus area (download pdf of map). An additional $5,000 may be available for repairs once the home is purchased.
2005 Income Guidelines (80% of Median Income) |
|||
1 Person |
$28,200 |
5 Persons |
$43,550 |
2 Persons |
$32,250 |
6 Persons |
$46,750 |
3 Persons |
$36,300 |
7 Persons | $50,000 |
4 Persons |
$40,300 |
8 Persons | $53,200 |
To Apply
Homebuyers interested in purchasing a home in these areas should contact FHR at 318-0993 to arrange a meeting with a housing counselor to begin planning for their home purchase. FHR provides counseling in English and Spanish.
Homebuyers already with Loan and Purchase Contract
Homebuyers who have already obtained a loan and/or a purchase contract will be evaluated using the same program specifications. To begin the evaluation process, lenders should fax the loan application, Good Faith Estimate, Truth-in-Lending, Purchase Contract and property MLS listing to FHR at 323-3788.
Program Specifications
| :: | The ADDI ($7,500) assistance is in the form of a second lien, forgivable after five years |
| :: | The ADDI PLUS ($20,000) assistance must be re-paid in full upon sale of the home. If the home is sold during years 1-19, 2% interest will be added. Subordinations require approval. |
| :: | The assistance may not be used with other HOME funded down payment/closing costs assistance |
| :: | The program is approved by HUD-FHA as a down payment assistance provider – County of Pima or City of Tucson is the lien holder and the approved entity on the HUD-FHA approval list located at www.hud.gov/offices/hsg/sfh/np/sfhdap01.cfm then click on “list of secondary financing DAP providers” under the Related Information heading. |
Homebuyer Education & Counseling
| :: | Homebuyers will meet with a housing counselor to review their affordable housing package |
| :: | Homebuyers will take the class offered by Family Housing Resources |
| :: | All borrowers and their spouses/partners are required to attend the class |
Homebuyer Responsibilities
| :: | The homebuyer is required to contribute at least $1,000 (can be gifted, not seller) |
| :: | The homebuyer must not owe any amounts to the City of Tucson for Section 8 or Public Housing |
| :: | The assisted homebuyer must occupy the home as current residence during the lien period |
Loan Parameters
| :: | The loan can be with any lender |
| :: | The interest rate on the loan must reflect market rate par pricing; no sub prime loans |
| :: | A 1% origination will be allowed |
| :: | No discount fees will be allowed (exception State/local MRB programs & Arizona Homebuyer Solutions) |
| :: | Lender fees may not exceed $800 |
| :: | Back-end ratios should not exceed 45% |
Home Parameters
| :: | The home must be located within the ADDI or ADDI Plus mapped areas (download map pdfs above) |
| :: | The purchase price must at or below $172,632 |
| :: | The home must be owner-occupied or vacant |
Home Inspection
| :: | Homes must be inspected by a State of Arizona licensed property inspector |
| :: | Inspector must be willing to certify that the home meets all “Housing Quality Standards” as defined by HUD (see: www.hud.gov Handbook 7420.8 Form 52580-A) Inspector to complete full home inspection and document that the home meets HQS on the inspection report. |
| :: | Homes must meet required environmental standards involving lead-based paid, flood plane and airport runway zone |
Title Company
| :: | Title Company may be any First American Title office. First American Title is offering discounted escrow and title insurance fees for the buyer |
| :: | Other title companies that want to participate must offer same or lower discounted rates |
Realtors
| :: | Realtors are requested to assist the homebuyer with the process and arrange for the time necessary to close the transaction |
| :: | Realtors are encouraged to offer discounted fees and/or contribute to the closing costs |
Funds are made available by HUD, the City of Tucson and Pima County.
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