AZBigMedia
FirstBank, one of the nation’s largest privately held banks with numerous locations in Arizona, is teaming up with Trellis, a 501(c)(3), to help low income families secure a mortgage with as little as $1,000 down (less than the average tax refund of $3,120).
FirstBank made this possible with a $1 million investment administered through Trellis, Arizona’s only nonprofit mortgage banker which provides home ownership counselling, affordable loans and down payment assistance.
FirstBank’s contribution funds the Community Second Mortgage program, designed to help qualified families achieve homeownership with a 1 percent down payment. This solves one of the biggest challenges for new homebuyers, who often struggle to come up with the 3 percent down payment minimum required for a mortgage. It may also help consumers avoid paying private mortgage insurance (PMI) and gain equity in their homes much faster.
