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Successful Homeowners Use
A very deserving woman named Joann worked extremely hard over the course of a year to obtain homeownership. In 2007, with the assistance of HUD funding, a HUD Certified Housing Counseling Agency helped make the dream of homeownership a reality. |
![]() Joann and her family |
![]() Earning just 25% of median income, Rachel moved into her home just before the holidays. She was provided $5,000 in homebuyer assistance. |
![]() Mr. and Mrs. Lopez enjoyed decorating their newly built home in Pima County. They received $7,000 in homebuyer assistance. |
![]() Mr. and Mrs. Hoover obtained a loan with $5,000 in homebuyer assistance. They are excited to enjoy their retirement in their new manufactured home. |
Family Housing Resources was able to provide Joann with a total of $20,000 in down payment assistance. It came from two different sources of funds. The first program is called HAP (funded by HUD's HOME program) for $5,000 in assistance. The second program is called WISH (from the Federal Home Loan Bank.) Joann contributed $5,000 out of her own money to receive a match of $15,000 in downpayment assistance.
The affordability of a three-bedroom home would have been out of reach if it was not for the downpayment assistance from HUD and funds Joann worked hard to save. These programs have made the dream of homeownership come true for many first-time homebuyers. The programs provide FHR and other counseling agencies with the resources to accomplish their missions. They assist individuals and families obtain decent affordable housing. HUD Community Development Block Grant (CDBG) and HOME program funding is critical to assisting low-income first time homebuyers. With the high cost of housing, it can be difficult for low-income families to afford to purchase a home. HUD funds assist with the down-payment and closing costs. They often assist with reducing the loan amount resulting in a lower monthly payment as well.
Families who receive counseling and education services are also less likely to encounter a mortgage delinquency. They are better prepared for homeownership and to stay in their home.
During Fiscal Year 2006-2007, FHR provided down payment assistance to 66 families utilizing $12,000 in CDBG funding and $490,000 in HOME funding. In addition, FHR received $18,000 in CDBG funds and $64,000 in HOME funding for counseling services. And, they are only one of the many HUD approved Housing Counseling Agencies available to help you.