Sonji Muhammad

DRE: SA681198000

(602) 740-3145
(602) 230-7600 (Office)

UMB's first-time homebuyer grant or our down payment assistance program

I am working with a UMB community lender in getting more people into homes. This program is not advertised and is a program under the Community Reinvestment Act for financial institutions to help all communities with home ownership.

Two Approaches that can be used separately or together:

Grant: Qualifying borrowers can receive a one-time grant of up to 3% or 5% of the purchase price of their home to be used as a down payment and an additional 2% to be used towards closing costs;


Down Payment Assistance: Qualifying borrowers can finance up to 100% of the purchase price of their new home (this means no down payment needed).


Key benefits of these programs

• If you qualify for a grant, there is no need to repay the grant - ever.
• No application or origination fee.
• No private mortgage insurance ('PMI') to pay.
• Only fixed-rate loans with fixed monthly principal and interest payments are available under these programs.


• Must be a first-time homebuyer. You are considered a first-time homebuyer if you have not owned a home in the prior three years.
• Income limits apply.
• Properties must be located where UMB operates and are limited to designated counties within Phoenix Metro area and may be limited to designated census tracts.
• Properties must be single-family properties used as a primary residence and owner-occupied (this includes townhouses).
• Borrower must provide proof of $600 in verified funds.
• Borrowers must successfully complete a homeownership education course from a UMB-approved source before loan approval and funding.