The Middle-Income Downpayment Assistance (MDPA) Grant Program provides funds to eligible first-time homebuyers.
PHOENIX (July 7, 2023) — OneAZ Credit Union is proud to be named the credit union winner in Best of Business 2022 for Flagstaff Business News. With two branches in Flagstaff, OneAZ has served this community since 1970. The award was voted on by Flagstaff residents.
“With rising home prices and interest rates, the dream of homeownership is getting more difficult for everyday Arizonans. OneAZ is acting to change that,” said Brandon Michaels, OneAZ President & CEO. “This down payment assistance program embodies our commitment to building strong neighborhoods and communities across Arizona. It will unlock the dream of homeownership for more Arizonans and serve as a catalyst for greater prosperity in our state.”
OneAZ’s participation with the MDPA Grant Program serves as part of the credit union’s mission to improve the lives of our members. With home prices and interest rates on the rise, the dream of home ownership is becoming more of a challenge for middle-income households. By participating in the MDPA Grant Program, OneAZ aims to help more members attain their ideal home.
MDPA Grant Program Features:
Applicants who meet eligibility requirements and provide a minimum of $10,000 toward their down payment on a purchase of a home may qualify for up to $50,000 to be used for a down payment and closing costs. Homebuyers can qualify for down payment assistance by meeting the following requirements:
- Successful completion of a homebuyer counseling program
- Be a first-time homebuyer, as defined by the Federal Home Loan Bank (FHLBank) in its AHP Implementation Plan
- Meet income eligibility guidelines, as published by the FHLBank at the time of enrollment in MDAP; income eligibility requirements will at minimum require the homebuyer household to have earnings between 80.01% and 140% of the HUD defined AMI based on purchase property address and adjusted for household size.
- Make a minimum contribution of $10,000, which may come from savings or gifted funds
- Closing must be scheduled within 60 days of submitting the application
Note: Funds are limited on this program and available on a “First Come, First Served” basis. Enrollment in the MDPA Grant Program does not guarantee the homebuyer receipt of funds.
OneAZ is now accepting applications for the MDPA Grant Program. Click here for more information about Down Payment Assistance offered by OneAZ.
About OneAZ Credit Union
Serving Arizona since 1951, OneAZ Credit Union is a financial powerhouse managing over $3.4 billion in assets and serving over 200,000 member-owners and 12,000 business owners across 20 branches statewide. We are committed to inspiring dreams and driving prosperity and community growth through innovative and high-quality personal and business banking solutions. At OneAZ, it’s all about banking for the people, not for profit. Discover more at OneAZcu.com. Insured by NCUA. Join us in driving prosperity and building a brighter tomorrow for Arizona.
###
