Nine months after implementing a pilot program to make home ownership a reality to Arizona residents who earn less than 60% of the areas median income, First Interstate Bank of Arizona has made 104 loans averaging $42,000 each and sold the package to Fannie Mae.

Now the $6 billion bank will offer another financing alternative for borrowers under this program Home to Own that will increase their ability to build equity over a short time. For just a few dollars more a month, this new 80/20 option, which the bank plans to unveil in December, will allow borrowers to realize a 30% equity based on the original sale price at the end of 10 years.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.