Trellis is administering the NeighborhoodLIFT® program in Maricopa County, AZ. NeighborhoodLIFT®
borrower contribution matching Down Payment Assistance program (see grid below for borrower contribution levels and matching down payment assistance) sponsored by Wells Fargo in partnership with NeighborWorks® America. The program provides up to $7,500 in down payment assistance for eligible homebuyers who are purchasing a home within Maricopa County, AZ.
NeighborhoodLIFT® down payment assistance funds may be used for any eligible purpose including closing costs assistance, down payment assistance or borrower minimum out-of-pocket investment if allowed by the first mortgage loan program or other layers of financing. NeighborhoodLIFT® not necessarily cover the closing costs or out-of-pocket requirements of an FHA first mortgage or other type of first mortgage loan.
The NeighborhoodLIFT® down payment assistance funds will be disbursed at closing. These funds will be in the form of a mortgage secured by the property being purchased. NeighborhoodLIFT® grant and if its conditions are satisfied it will be forgiven. The rate it is forgiven is in equal parts each year over a three (3) year time period. The grant will cease and the prorated balance will become due, payable upon demand, if the property is sold, refinanced, transfer of title, foreclosure or other default occurs within the first three (3) years.
In order to be eligible for NeighborhoodLIFT® down payment assistance, the homebuyer(s) must meet
the following requirements:
- Borrower(s)’s income, adjusted for household size, should not exceed 80% of the Area Median for Maricopa County, AZ (see income chart)
- Complete an eight (8) hour Homebuyer Education Course in the last 12 months
- Purchase a home within Maricopa County, AZ
- Agree to maintain the home as a primary owner occupant residence for the three (3) year period
- Obtain a first mortgage loan from an approved NeighborhoodLIFT® lender