Bothands, Inc.

Homebuyer Assistance

BOTHANDS has programs to help first-time homebuyers reach their home ownership goals. In addition to providing homebuyer education and one-on-one counseling to prospective homebuyers, BOTHANDS provides financial assistance to low- and moderate-income homebuyers through our programs.

Community Homebuyers Assistance Program

The Community Homebuyers Assistance Program, or CHAP, is funded by the City of Flagstaff and administered by BOTHANDS. The 2009 contract allowed BOTHANDS to distribute a total of $260,000 to first-time Flagstaff homebuyers earning less than 125% of the Area Median Income for down payment and closing cost assistance. $80,000 of that amount is reserved for clients earing less than 80% of the Area Median Income purchasing an affordable unit in a City of Flagstaff development like RIO Homes or Izabel Homes. A maximum of $20,000 for down payment and a maximum of $5,000 for closing cost assistance will be awarded to qualified household to assist them in purchasing their first home.

Availability of CHAP Funds:

Approximately $60,000 of funds set aside for first-time home buyers earning less than 80% of the area median income purchasing city-run affordable homes remains unreserved. City-run affordable homes include RIO Homes and Izabel Homes.

Individual Development Accounts

Offered to clients earning less than 80% of the AMI, the Individual Development Account, or IDA, Program is designed to help low-income households achieve economic self-sufficiency through goal savings. Qualified clients open a special IDA Savings account at one of our partner banks, Wells Fargo, First State Bank and National Bank of Arizona, and must make a monthly contribution of $25 - $500 over a period not shorter than 10 months and not longer than 3 years. Clients who reach their savings goal (maximum $5,000) and use their savings for down payment on their first home will have their savings matched 3 to 1 (maximum $15,000), increasing their down payment and purchasing power. This match is provided by the Federal Home Loan Bank through National Bank of Arizona. If clients meet the AFI requirement on the income guidelines, they are eligible for an additional $4,000 from Assets for Independence, United Way of Northern Arizona and the City of Flagstaff.

Signing up for the IDA Program:

Call our office to make an appointment with Carmen Johnson to discuss the IDA program, determine eligibility and sign up.

Availability of IDA Funds:

Funds are currently available.

Workforce Initiative Subsidy for Homeownership

Similar to the IDA Program, Workforce Initiative Subsidy for Homeownership, or WISH, is available for clients under 80% AMI and provides a 3 to 1 match, maximum of $15,000 from the Federal Home Loan Bank through National Bank of Arizona, for clients using their savings for down payment on a first home purchase. WISH clients, however, do not need to save their contribution, up to $5,000, over any specific period of time or in a special account.

Utilizing WISH funds:

Call our office to make an appointment with Carmen Johnson to discuss the WISH program, determine eligibility and sign up.

Availability of WISH Funds:

Funds are currently available.

BOTHANDS Financial Assistance Program

Referred to as BFAP, this program makes available a maximum of $15,000 for down payment assistance to clients under 80% AMI. This money is available from the City of Flagstaff's Community Development Block Grant and is only available for use on purchase of homes withing the Flagstaff City limits.

Utilizing BFAP funds:

Call our office to make an appointment with Carmen Johnson to discuss the BFAP program, determine eligibility and sign up.

Availability of BFAP Funds:

Funds are currently available.

Housing Subsidy Grants

HSG Funds make available a maximum of $15,000 for down payment assistance to clients under 80% AMI. This money is available from the City of Flagstaff's Community Development Block Grant and is only available for use on purchase of homes withing the Flagstaff City limits.

Utilizing HSG funds:

Call our office to make an appointment with Carmen Johnson to discuss the program, determine eligibility and sign up.

Availability of HSG Funds:

Funds are currently available.

BOTHANDS Process

Clients are advised to attend Forst-Time Homebuyer Orientation first. This program, offered on the first and third Tuesdays of each month, covers all current programs and their requirements. Clients will also leave with an understanding of approximately how much mortgage they can responsibly afford. After orientation, clients will meet with our Homebuyer Counselor to complete their application and eligibility paperwork. Clients must also complete eight hours of pre-purchase education (offered one Saturday per month) prior to signing a purchase contract on their new home. Once the client presents the Good Faith Estimate and Purchase Contract to BOTHANDS, counselors will verify that requirements have been met and advise the client of next steps. All down payment assistance clients and loans must be approved through BOTHANDS Underwriting committee. Once a client has met all requirements, their file will be taken to committee for approval. Only after committee approval will BOTHANDS present the client with an award letter with a commitment of funds.

More than 1,100 households have received counseling and education through BOTHANDS in the ten years since the program first began. We have also provided financial assistance to more than 200 families, helping them to open the door to homeownership.

Area Media Income Guidelines

Homebuyers Assistance Programs Matrix - Coming Soon!

Homeownership Success Stories