You can get into a new townhome for as little as 1% of sales price
Affordable housing just became even more accessible. The new, modern townhomes of Trellis@Colter are already zoned as “workforce housing,” making them available to those in lower income brackets. Now, with the addition of two down payment assistance (DPA) programs, the out-of-pocket costs can be reduced dramatically for those who qualify.
DPA Programs Offered by Trellis@Colter
The Trellis@Colter townhomes start at $279,000. The minimum down payment for these townhomes is 3.5% of the sales price for FHA loans and 3% of the sales price for conventional loans. Thus, the minimum down payment will be $9,765 and $8,370, respectively. DPA programs are a way for qualified borrowers to get help paying for the down payment and closing costs.
First, NeighborWorks America has provided Arboles Home Mortgage, LLC (the preferred lender for Trellis@Colter) with funds to provide six home buyers with $7,500 in down payment assistance. Another DPA program is the Arizona IDA’s Home Plus Mortgage, which provides embedded down payment assistance of up to five percent of the loan amount to be used toward the down payment and closing costs. The funds from this embedded DPA can not only cover the required down payment, but some of the other remaining closing costs, too.
By using DPA programs, purchasers can pay as little as 1% of the sales price out-of-pocket. This frees up money to buy down the mortgage interest rate, thus making monthly payments more affordable and living in the Trellis@Colter townhomes even more sustainable.
Who Qualifies for the DPA?
The maximum annual income is $93,350 for the Trellis@Colter DPA program and $109,965 for the Arizona IDA’s Home Plus program. All borrowers must have a minimum representative credit score of 640.
Learn More About DPA Programs
Daniel Thompson, Loan Officer
Arboles Home Mortgage
1405 E. McDowell Road, Phoenix, AZ 85006
NMLS 149133 Lic. LO-1002211
Learn More About Trellis@Colter
Beth Jo Zeitzer, Listing Broker
R.O.I. Properties, LLC