Complexity In Assistance Programs

COMMENTARY

• Open Doors program limited to Phoenix residents with income below 80% of area median income
  • Emphasizing the importance of household size in eligibility
• Discussion of complexities of these programs
  • Professional guidance is paramount in researching these programs
  • Interest rates, down payments and mortgage payments vary with each program
• Despite the complexities and costs, owning a home builds equity and wealth long term

Newtown CDC Program

COMMENTARY

• Newtown CDC operates a community land trust renovating homes for income eligible first-time buyers
• Housing counseling includes soft credit pulls and mandatory eight-hour homebuyer education classes
• Some non profits like Newtown offer significant down payment assistance
• Strict debt to income limits are key to financial health and reduced foreclosure risk

CALLER

• Jim says Newtown was a great program for him when he purchased his home. It highlights the importance of accessible housing programs that helped own his home and build equity

Benefits Of Early Preparation

COMMENTARY

• Importance of early preparation and leveraging housing counseling agencies for objective advice
• Housing counseling agencies offer unbiased guidance unlike lenders or realtors with commission motives
• Think of cash as a tool. Not a commodity
• New homes are now priced closer to existing homes improving affordability and financing options

RESOURCE

• Az Big Media Article – New homes now priced closer to existing homes than ever