A Guide to Disability Benefits. Family Assistance Programs. Visit Affordable & Accessible Housing in Arizona.Arizona Affordable Housing Government Assistance Programs. Home ownership stabilizes families and neighborhoods. The past few years have held many challenges for the citizens of Arizona. The state’s economy continues to struggle as the rising unemployment rate and significant depreciation in home values continues to exacerbate the foreclosure problem in Arizona. Current economic conditions have put more individuals and families into distress than at any other time in recent history, requiring Arizona to serve a growing population with ever- dwindling resource. Families and individuals are struggling to survive during this very difficult economic time, and to ensure services are available for low- income families on an ongoing basis, leaders have an opportunity to demonstrate their innovation and collaboration. Home ownership stabilizes families and neighborhoods, is a source of personal pride and self- worth, and increases and focuses a family's emotional investment in the surrounding community. A smart community supports its residents in all their economic diversity and insures the availability of decent, affordable housing throughout the community to perpetuate the ongoing individual and community benefits stemming from home ownership. However, unemployment rates are still high and confidence remains relatively low. In addition, the persistent decline in home prices, the ongoing foreclosure crisis, the large shares of underwater homeowners, and tight lending standards are all holding back homebuyer demand. Maricopa County offers three distinct housing programs that provide a wide range of housing related services to eligible homeowners in the County. Arizona HFA Preferred The HFA Preferred program offers up to 5% of the loan amount towards your down payment in any county except for Pima. With an unusually large number of households leaving homeownership and a small number of renter households buying homes, the national homeownership rate has dipped to levels not seen in a decade. The potential for first- timers to drive growth is clear from the lift in both home sales and prices that came with the expiration of the tax credit programs in 2. While many households aspire to homeownership, underwriting standards may stand in their way. Low downpayment loans, a common means of entry for many moderate- income homebuyers, are largely unavailable outside of FHA- insured mortgage programs. The combination of higher income, downpayment, and credit score requirements in today’s broader mortgage market will prevent many borrowers from getting the loans today that they would have qualified for in the 1. While a return to more stringent standards is clearly warranted, there is concern that overly rigid guidelines may restrict access of low- and moderate- income households to the benefits of homeownership.
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