Home Loan Assistance For First Time Home Buyers
Newtown Community Development Corporation: Individual Development Account for first time home buyers
Eligible first time home buyers may receive IDA funds, a down payment assistance (DPA) grant up to $15,000 toward the purchase of a primary residence in Maricopa County.
IDA funds are only available to homebuyers who are also using one or more of the following programs:
- Newtown Community Land Trust program (Chandler, Glendale, Scottsdale or Tempe)
- Other Newtown sponsored down payment assistance (DPA) programs; (i.e., NSP-DPA, HOME-DPA, ADDI)
IDA funds are a 3-to-1 matching program with a maximum match of $15,000 (for example, homebuyer saves $5,000 to receive the maximum amount of $15,000). Funds may be used toward down payment and/or reasonable and customary closing costs.
The grant funds are provided by the Federal Home Loan Bank of San Francisco, through a member bank, and are secured by a 5-year Retention Agreement (not mortgage lien) that is recorded against the property; and whereby the homebuyer agrees to remain an owner-occupant of the property for a period of five (5) years. If the homebuyer does not remain the owner-occupant, the homebuyer must repay a pro-rata portion of the grant assistance.