The Arizona American Dream Downpayment Initiative (ADDI) is a down payment assistance program created to aid first-time buyers (those who have not owned a home during the preceding 36 months before purchasing a home) in specific jurisdictions in Arizona, namely Maricopa County, the City of Phoenix, and Pima County/Tucson.
Originally signed into law by George W. Bush on December 16, 2003, the ADDI was initiated to give funds available under the American Dream Downpayment Act (Public Law 108-186) to participating state and local areas, or approximately “40,000 families per year,” according to a speech Bush delivered on June 18, 2002. The aim is to help low-income families achieve the American dream of becoming a homeowner.
Qualifying applicants can receive up to $10,000 or 6% of the home’s purchase price (whichever is greater) to be used for down payment, closing costs, and— unlike the Home in Five, Home Plus, Arizona HFA Preferred, Pima Tucson Homebuyer’s Solution, and Open Doors programs— rehabilitation expenses. Buyers may use to purchase one-to-four family housing, condos, a cooperative unit, or manufactured housing.
The ADDI grant can be combined with an FHA, VA, or USDA 30-year fixed-rate mortgage, though individuals who are eligible must have income(s) not exceeding 80% of the area median income (or AMI, which is a statistic by HUD for the purposes of determining the eligibility of applicants for certain federal housing programs).
To learn more about the Arizona American Dream Downpayment Initiative down payment assistance program and determine your eligibility, contact your local licensed loan officer to determine if this path toward buying your first home is the right for you and your family.
Furthermore, contacting your local or prospective city licensed loan officer may yield even more useful details, confirm available funds, and learn roughly how long it will take to close on your home: Chandler, Gilbert, Glendale, Mesa, Peoria, Scottsdale, Tempe, Phoenix.