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Section
8 Downpayment Assistance Program
Steps to Homeownership
Thank you for your interest in the City of Tempe’s Section 8
Downpayment Assistance Program. The
funds that are currently available to you for downpayment assistance are
from the Community Assisted Mortgage Program (CAMP) and the American Dream
Downpayment Initiative (ADDI). Both
CAMP and ADDI are designed to assist low-income households purchase a home
in the City of Tempe while assisting in the revitalization of neighborhood
housing.
Applications
are accepted on a first-come, first-served basis.
A waiting list may be established due to funding limitations and/or
administrative capacity. Submission
of an application or placement on a waiting list is not a guarantee of
assistance.
There are several steps that you, the potential homebuyer, must
complete in order to apply for the Section 8 Downpayment Assistance
Program. These steps are
outlined below:
Step 1:
Attend a Section 8 Downpayment Assistance Program
Application and Information Briefing
You
must contact our office to schedule a Section 8 Downpayment Assistance
Program briefing. At this briefing you will receive a Section 8
Downpayment Assistance Program application, as well as a CAMP/ADDI
Application and Information Packet with instructions and eligibility
requirements for the CAMP/ADDI program.
To schedule this briefing, please contact Craig Hittie at
480-350-8950, TDD 480-350-8913.
Step
2:
Complete
Homebuyer Education Course
To be eligible to receive a Section 8 Downpayment Assistance Grant
and CAMP/ADDI funds, you must graduate from a homebuyer education
program approved by the U.S. Department of Housing & Urban Development
and the City of Tempe. Therefore, upon submittal of your applications and
supporting documentation, , you should register for a homebuyer education
class as soon as possible using one of the approved agencies listed below.
The following agencies are contracted with the City of Tempe to
provide homebuyer education classes to CAMP applicants:
Neighborhood
Housing Services of Phoenix
320 E. McDowell,
Suite 120, Phoenix, AZ 85004
Phone: 602-258-1659
TDD: 1-800-367-8939
NewTowN,
CDC
Phone: 480-517-1589
511 West University
Drive, Suite 4, Tempe, AZ
85281
All three organizations offer classes at a variety of times.
You are encouraged to choose the class that best suits your needs
(based on availability, location, etc.).
Step
3:
Contact
A Lender
The Section 8 Downpayment Assistance Program, CAMP and ADDI
provide down payment assistance only.
You will still need to secure a mortgage for the purchase of your
home. Upon completion of your
homebuyer education class, you must contact a lender.
A list of lenders offering affordable housing products is included
with this letter.
Please
note: you are not limited to lenders on this list. You are encouraged to
select the lender and mortgage product that best suits your needs.
You must request a pre-qualification letter from your lender.
This letter must also be submitted with certificate of completion
from a homebuyer education class before your application for assistance
can proceed.
Step
4:
Submit Applications
Bring
your completed Section 8 Downpayment Assistance Application, completed
CAMP/ADDI Application, a copy of certificate of completion from a
Homebuyer Education class, a Conditional Loan Approval letter from your
lender and a signed Release of Information to our office and submit your
completed application for assistance.
Applications are accepted during normal business hours; 7:00 a.m.
to 5:00 p.m., Monday through Friday.
Step
5:
Eligibility Verification
Once your application packet is received in this office, you will be
contacted by mail by a Housing Services Staff member requesting you
contact our office and schedule an eligibility appointment.
During this appointment, you will provide documentation of your
income and assets. In
addition, you will sign your Section
8 Downpayment Assistance Program Family Obligations. Upon completion
of this process and if you are determined “eligible” for assistance,
you will receive a “Reservation” letter stating the type and amount of
assistance for which you qualify.
Step
6:
Finding a Home
Once you receive your “Reservation” letter, you should begin
looking for a home immediately. The
reservation is only valid for 90 days.
When you locate a home and enter into a Sales Agreement, you must
provide our office with a copy of this agreement as soon as possible.
After receipt of the agreement, Housing Service’s staff will
complete the necessary paperwork for the funds to be disbursed.
Please
Note: The time it takes from application to approval is dependent upon a
number of factors (verification process, waiting list, funding
availability, etc.); therefore, you are encouraged not to select a home
until you have received a funding reservation from this office.
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