Thinking about Buying Your First Home?

The American Dream Downpayment Initiative (ADDI), launched under the Department of Housing and Urban Development's (HUD) new interim regulations, was set up to help first-time homebuyers with downpayment and closing costs. ADDI will enable many first-time homebuyers earning less than 80% of their community's median income to purchase their first home. This new federal program will give first-time homebuyers grants worth up to $10,000 or 6% of the home's purchase price, whichever is greater. These grants help to defray the upfront costs of purchasing a first home and can also be used to offset the costs of rehabilitating the property.

To be eligible for this assistance, individuals must be first-time homebuyers interested in purchasing a one- to four-family home, condominium unit, cooperative unit, or manufactured housing. If you are interested in obtaining downpayment assistance through this program, please contact me at 602-628-3077 or visit HUD's website for more information.